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1、毕业论文（设计）外文翻译一、外文原文DOESLOCALFINANCIALDEVELOPMENTMATTER?Westudytheeffectsofdifferencesinlocalfinancialdevelopmentwithinanintegratedfinancialmarket.Weconstructanewindicatoroffinancialdevelopmentbyestimatingaregionaleffectontheprobabilitythat,ceterisparibus,ahouseholdisshutofffromthecreditm
2、arket.Byusingthisindicatorwefindthatfinancialdevelopmentenhancestheprobabilityanindividualstartshisownbusiness,favorsentry,increasescompetition,andpromotesgrowthoffirms.Aspredictedbytheory,theseeffectsareweakerforlargerfirms,whichcanmoreeasilyraisefundsoutsideofthelocalarea.Theseeffects
3、arepresentevenwhenweinstrumentourindicatorwiththestructureofthelocalbankingmarketsin1936,which,becauseofregulatoryreasons,affectedthesupplyofcreditinthefollowing50years.Overall,theresultssuggestlocalfinancialdevelopmentisanimportantdeterminantoftheeconomicsuccessofanareaeveninanenvironm
4、entwheretherearenofrictionstocapitalmovements.SincetheseminalworkofKingandLevine(1993),alargebodyofempiricalevidencehasshownthatacountry’sleveloffinancialdevelopmentimpactsitsabilitytogrow.1Muchofthisevidence,however,comesfromaperiodwhencross-bordercapitalmovementswereverylimited.Inthel
5、astdecade,internationalcapitalmobilityhasexploded.Privatecapitalflowtoemergingmarketeconomieshavegrownfromclosetonothinginthe1970s,to170billioninthe1980s,to1.3trillionsinthe1990s.2DuringthesameperiodtheamountofU.S.privateequitymoneyinvestedabroadandthenumberofforeignfirmslistedintheUnit
6、edStateshasexperiencedasimilargrowthrate.ThephenomenonissodramaticthatmanycountrieshavestartedwonderingwhethertheyneedanationalstockmarketoncetheirfirmscanlistonNASDAQ.Inlightofthesechanges,thequestionofwhethernationalfinancialinstitutionsandmarketsstillmatterforgrowthoncedomesticagents
7、haveaccesstoforeignmarketshasbecomeveryimportantfromapolicyperspective.Unfortunately,itisadifficultquestiontoanswerempirically.Theintegrationofnationalfinancialmarketsissorecentthatwelackasufficientlylongtimeseriestoestimateitsimpactinthedata.Atthesametime,thepaceofintegrationi
