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1、毕业论文（设计）外文翻译题 目： 浙江区域金融差异研究 一、外文原文DOESLOCALFINANCIALDEVELOPMENTMATTER?Westudytheeffectsofdifferencesinlocalfinancialdevelopmentwithinanintegratedfinancialmarket.Weconstructanewindicatoroffinancialdevelopmentbyestimatingaregionaleffectontheprobabilitythat,ceterisp
2、aribus,ahouseholdisshutofffromthecreditmarket.Byusingthisindicatorwefindthatfinancialdevelopmentenhancestheprobabilityanindividualstartshisownbusiness,favorsentry,increasescompetition,andpromotesgrowthoffirms.Aspredictedbytheory,theseeffectsareweakerforlargerfirms,whichcanmoreeasilyrais
3、efundsoutsideofthelocalarea.Theseeffectsarepresentevenwhenweinstrumentourindicatorwiththestructureofthelocalbankingmarketsin1936,which,becauseofregulatoryreasons,affectedthesupplyofcreditinthefollowing50years.Overall,theresultssuggestlocalfinancialdevelopmentisanimportantdeterminantofth
4、eeconomicsuccessofanareaeveninanenvironmentwheretherearenofrictionstocapitalmovements.SincetheseminalworkofKingandLevine(1993),alargebodyofempiricalevidencehasshownthatacountry’sleveloffinancialdevelopmentimpactsitsabilitytogrow.1Muchofthisevidence,however,comesfromaperiodwhencross-bord
5、ercapitalmovementswereverylimited.Inthelastdecade,internationalcapitalmobilityhasexploded.Privatecapitalflowtoemergingmarketeconomieshavegrownfromclosetonothinginthe1970s,to170billioninthe1980s,to1.3trillionsinthe1990s.2DuringthesameperiodtheamountofU.S.privateequitymoneyinvestedabroada
6、ndthenumberofforeignfirmslistedintheUnitedStateshasexperiencedasimilargrowthrate.ThephenomenonissodramaticthatmanycountrieshavestartedwonderingwhethertheyneedanationalstockmarketoncetheirfirmscanlistonNASDAQ.Inlightofthesechanges,thequestionofwhethernationalfinancialinstitutionsandmarke
7、tsstillmatterforgrowthoncedomesticagentshaveaccesstoforeignmarketshasbecomeveryimportantfromapolicyperspective.Unfortunately,itisadifficultquestiontoanswerempirically.Theintegrationofnationalfinancialmarketsissorecentthatwelackasufficientlylongtimeseriestoestimateitsimpactinthe
