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1、外文翻译原文TheImpactofBankandNon-BankFinancialInstitutionsonLocalEconomicGrowthinChinaMaterialSource:Springerlink.comAuthor:XiaoqiangCheng&HansDegryseRecentdebateonfinanceandgrowthinChinaboilsdowntothequestiononhowChinesefirmsarefinancedandmonitored.Onestrandofliteraturereas
2、onsthattheChineselegalsystemandformalfinancialsectoraretooweaktoenforcesoundgovernanceandthusthelaw,financeandgrowthnexusdoesnotholdinChina(e.g.,Allenetal.(2005)andBoyreau-Debray(2003)).Chinesegrowththenstemsfrominformalfinancingchannelsandinstitutions.Theotherstrandrea
3、sonsthatformalfinanceinChinacontributestogrowth,despitetherelativeweaknessofthelegalsystem(e.g.Hasanetal.(2006),Ayyagarietal.(2007),RousseauandXiao(2007),or(Demitriadesetal.2008)).1Informalfinanceservesfirmswhocannottapformalfinance.However,informalfinancecannotservethe
4、needsofthehigherendofthemarketsincetheirmonitoringandenforcementmechanismsareinsufficientlydeveloped(Ayyagarietal.(2007)).WefindthatbankingdevelopmentplaysanimportantroleinChineseeconomicgrowth.Ourevidencetakentogetherwiththatfromotherrecentpapers(e.g.Hasanetal.(2006),A
5、yyagarietal.(2007),RousseauandXiao(2007),andDemetriadesetal.(2008)),whoalsosupporttheroleofformalfinanceinChinausingdifferentdatasetsandmethods,showthattheAllenetal.(2005)conjecturesarebecomingverymuchaminorityview.Ourpaperthereforeshiftsthebalanceofevidenceawayfromthev
6、iewthatformalfinanceplayedlittleroleinfinancingChineseeconomicgrowth.InChina,mostnon-bankfinancialinstitutionsonlyoperatewithinaprovince.Whilebanks,especiallystate-ownedbanks,havetheirnational-levelheadquarters,cross-provincebanklendingseldomhappensduetotherestrictionim
7、posedbythecentralbankofChina.Thereforeitissafeforustocomparetheperformanceofthosetwotypesoffinancialinstitutionsatprovinciallevel.Financialdevelopmentofthosefinancialinstitutionsineachprovinceismeasured,inaconventionalway,bytheratiosoflocalsavingsandloanstoGDP.Thepaneld
8、atasetweemploycoverstheperiod1995–2003,rightafterthemid-1990sfinancialreformstookplace.Choosingsuchaperiodalso
