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1、外文文献翻译原文及译文标题：Revisitingstockmarketdevelopmentandeconomicgrowthnexus:Themoderatingroleofforeigncapitalinflowsandexchangerates作者：MohammadEnamulHoqueandNoorAzuddinYakob期刊：CogentEconomics&Finance,第5卷年份：2017字数：译文4652字原文Revisitingstockmarketdevelopmentandeconomicgrowthnexus:Themoder
2、atingroleofforeigncapitalinflowsandexchangeratesMohammadEnamulHoqueandNoorAzuddinYakobAbstractThisstudyre-examinesthestockmarketdevelopmentandeconomicgrowthnexus・Also,examinethemoderatingroleofforeigncapitalinflowsandex-changerateontherelationshipbetweenstockmarketdevelopmentan
3、deconomicgrowthofMalaysiaduring1981-2016・ThisstudyappliesGrangertest,ARDL(withboundtesting)approach,andmultivariateregressionapproachtoexamineextentanddirectionoftherelationshipsamongvariabels,empirically.Grangercausalitytestsuggeststhatthereareunidirectionaleffectsofstockmarke
4、tdevelopmenttoMalaysianeconomicgrowth.Usingtheboundtestforco-integration,thisstudyfindsthereisalongrunassociationbetweenstockmarketdevelopmentandeconomicgrowth.However,ARDLmodelreportsthat,intheshortrunandlongrun,stockmarketpromotestheeconomicgrowthofMalaysiawhichisconsistentwi
5、thGrangercausalitytest.Additionally,foreigncapitalinflowsandexchangeratehassignificantpositiveandnegativemoderatingeffects,respectively,ontherelationshipbetweenstockmarketdevelopmentandeconomicgrowth.Nevertheless,whenbothforeigncapitalinflowsandexchangerateinteractwitheachother
6、,thereisajointpositiveeffectontherelationshipbetweenstockmarketdevelopmentandeconomicgrowth.Therefore,Malaysianpolicy-makersshouldconsiderbothforeigncapitalinflowsandexchangerateinformulatingtheeconomicpolicy.Moreover,specialattentionshouldbegivenontheexternaldebt,whichconstitu
7、tesasignificantproportionofforeigncapitalinflows,becauseofitsnegativeimpactoneconomicgrowth.Atthesametime，foreigndirectinvestmentswithflexibleexchangerateshouldbeencouragedtofosterbothstockmarketandeconomicgrowth.Keywords:economicgrowth;foreigncapitalinflows;stockmarketdevelopm
8、ent;moderation;Malaysia;ARDLapproach1IntroductionForei
