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1、外文题目：FinancialDeepeningandEconomicGrowthLinkages:APanelDataAnalysis出处：KielInstitute2007作者：NicholasApergls,IoannisFilippidis,andClaireEconomidou原文：FinancialDeepeningandEconomicGrowthLinkages:APanelDataAnalysis1.IntroductionAcademicresearchonthefinance-growthnexusda
2、tesbackatleasttoSchumpeter(1911)whoemphasizedthepositiveroleoffinancialdevelopmentoneconomicgrowth.Thecontributionofthefinancialmarketstogrowthhasreceivedconsiderableattentionwiththeemergenceoftheendogenousgrowththeory,however,therelatedliteraturestartedexpandingv
3、igorouslyespeciallyaftertheseminalstudyofKingandLevine(1993a,1993b),whichrevivedtheinterestandgaveaboosttoaplethoraofresearch.Broadlyspeaking,therearefourviewsexpressedforthefinance-growthnexus.Thefirstoneisthesupply-leadingview,whichsupportsapositiveimpactoffinan
4、cialdevelopmentoneconomicgrowth.Thedemandfollowingview,whichstatesthatfinanceactuallyresponsestochangesthathappenintherealsectoror“whereenterpriseleads,financefollows”Robinson(1952).Somewherebetweenthesetwoviewsistheonethatclaimsmutualimpactoffinanceandgrowth.Fina
5、lly,therearesomestudiesarguingthatthereisnorelationshipatall.Despitethegreatdealofeffortdevotedempiricallyindisentanglingtheimpactoffinancialdevelopmentongrowthasaccuratelyaspossible,thereisstillnoconsensusastotheexistence,thelevel,orthedirectionofsuchrelationship
6、.Cross-countryand,morerecently,paneldatastudiesshowevidenceofapositiveimpactoffinancialdevelopmentongrowthwhiletimeseriesstudies,ontheotherhand,offercontradictoryresults.Whenitcomestotimeseriesstudies,althoughoneisabletoidentifythedirectionofcausalityandthenatureo
7、ftheI(1)variablesistakenintoaccountintheestimationtechniques,thereisalwaysthepossibilityofmisleadingstandardtestsandunreliableresultsduetoshortlengthofdatasets(PierseandShell1995).Finally,paneldatastudiesmakeaseriousattempttocontrolforpossibleshortcomingsoftheprev
8、ioustwomethodologiesbyaccountingforotherdeterminantsofgrowthtoavoidpotentialbiasesinducedbyomittedvariables,correctingforsimultaneityusinginstrumentalva
