论文的英文 The Impact Of Financial Development On Economic Growth
近年来，金融业发展问题已引起各国政策制定者的关注，以确保经济稳步增长。因此，一些研究人员集中强调金融发展的重要性，以适当的经济增长。因此，对金融发展与经济增长的研究，进行了大量的研究。
大多数的实证研究表明，有正相关关系，金融发展与经济增长（Dermihan等人。，2011，Masih和可汗，2011，Christopoulos和茨奥纳斯，2004，Bittencourt，2012），。除此之外，卡尔德隆和刘（2003）支持金融发展对经济增长的积极影响。金融发展通过快速资本积累和生产率增长（卡尔德隆和刘，2003）刺激经济增长。另一方面，金融发展通过对外商直接投资吸引力的增加对经济增长的贡献（Anwar巴塞洛缪，2012）。和（2008）研究连接金融发展和经济增长的机制，马来西亚金融发展的目的是促进经济增长，促进私人储蓄和私人投资。它支持内生金融发展和经济增长模型的假设，金融部门通过提高投资效率促进更高的经济增长（昂，2008）。
虽然金融发展的积极作用是明确的，它也可能会对经济增长产生负面影响。金德尔伯格（1978）提出的不稳定预期和资产的过度杠杆化的情况可以对经济有严重的负面后果的猜测。根据明斯基（1991）的“金融不稳定假说”，在一个经济繁荣，它会鼓励高风险行为的采用。这将改变经济向繁荣阶段的投机性经济活动火上加油，导致企业拖欠贷款的偿还。因此，更高的财务成本和较低的收入都会导致更高的拖欠率。当破产发生时，经济会经历经济衰退。根据Eichengreen和阿尔特塔实证结果（2000）75个新兴市场的样本期间为1975年至1997年，调查结果表明，国内信贷快速增长是一个新兴市场的银行危机的关键因素。同样，Borio和Lowe（2002）使用年度数据的34个国家从1960到1999，他们的发现表明，在持续快速的信用与资产价格的大幅上涨，金融不稳定的概率似乎增加。
Recently, the issues of the development of financial sector have captured the attention of all countries policies maker to ensure a steadily economic growth. Hence, some of the researchers have focused to emphasize the importance of financial developing would to proper economic growth. Therefore many researches were being conducted to examine the financial development and the economic growth.
Most of the empirical studies suggest that there are positive relationship between the financial development and economic growth (Dermihan et al. , 2011, Masih and Khan, 2011, Christopoulos and Tsionas,2004, Bittencourt, 2012,),. Besides that, Calderon and Liu (2003) supports the positive impact of financial development on the economic growth. Financial development is stimulating the economic growth through rapid capital accumulation and productivity growth (Calderon and Liu, 2003). On the other hand, financial development has contributed to the economic growth through the increase of the attraction for foreign direct investment ( Anwar and Cooray, 2012). Ang (2008) that study about the mechanism linking the financial development and economic growth for Malaysia purpose the financial development is promoting the economic growth by promoting the private saving and private investment. It supports the hypothesis of endogenous financial development and growth models that financial sector is promoting higher economic growth through improved efficiency of investment (Ang, 2008).
Although the positive role of financial development is clear, it can also negatively affect economic growth. Kindleberger (1978) put forward that the instability of expectation and asset speculation regarding overleveraged situations can have severe negative consequences for an economy. According to Minsky’s (1991) “financial instability hypothesis”, during an economic boom, it will encourage the adoption of a riskier behavior. This will transform the economy to a boom phase fuelled by speculative economic activities and induce firms to default on their loan repayments. Consequently, higher financial costs and lower income can both lead to higher delinquency rates. When bankruptcies occur, the economy can experience economic recession. According to the empirical results of Eichengreen & Arteta (2000) using a sample of 75 emerging markets for the period 1975-1997, the finding indicate that rapid domestic credit growth is one of the key determinants of emerging market banking crises. Similarly, Borio & Lowe (2002) using annual data for 34 countries from 1960 to 1999, their finding show that when sustained rapid credit together with a large increases in asset prices, the probability of financial instability seem to be increase.
McKinnon (1973) and Shaw (1973) proposes that government restrictions on the operation of the financial system such as interest rate ceiling, direct credit programs and high reserve requirements may hinder financial deepening. This may in turn affects the quality and quantity of investments and retards the development in the financial systems. This implies that a poorly functioning financial system may negatively influence economic growth. Similarly, the financial endogenous growth developed by King & Levine (1993) also shows that financial repression may have a negative impact on financial development. During financial repression, financial development is less likely to be effective in stimulating economic growth in the presence of a repressed financial system. Rossi (1999) suggests that financial restraints can hamper financial development, implying that economic growth would be retarded if financial restraints imposed on the financial system are relaxed. Some extent of financial repression helps promote stable economic growth in Malaysia. However, an increase in the extent of financial liberalization seems to be harmful for development of the Malaysian financial system. (Ang, 2008)
Besides the result of positive and negative effect of financial development on economic growth, there is the research stated that financial development is not a important explanatory variable for explaining the economic growth ( Anwar and Sun, 2011).
Interestingly, there are also the mixed results from empirical studies for finance led growth. The results of Campos and Tan (2011) indicate that financial development is negatively affecting the economic growth in the short run and the positive effect of financial development contributing on economic growth is at the long-run relation. The most interesting result from this research is the financial development affects the growth is directly but not through growth volatility. On the other hand, Hassan et al. (2011) found out that the financial development is positively affecting the economic growth for the developing countries but for the developed countries financial development seems to have negative effect on the economic growth.
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