金融深化與經(jīng)濟(jì)增長聯(lián)系面板數(shù)據(jù)分析【外文翻譯】_第1頁
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1、外文題目：FinancialDeepeningEconomicGrowthLinkages:APanelDataAnalysis出處：KielInstitute2007作者：NicholasAperglsIoannisFilippidisClaireEconoou原文：FinancialDeepeningEconomicGrowthLinkages:APanelDataAnalysis1.Introduction1.Introducti

2、onAcademicresearchonthefinancegrowthnexusdatesbackatleasttoSchumpeter(1911)whoemphasizedthepositiveroleoffinancialdevelopmentoneconomicgrowth.Thecontributionofthefinancialmarketstogrowthhasreceivedconsiderableattentionwi

3、ththeemergenceoftheendogenousgrowththeyhowevertherelatedliteraturestartedexpingvigouslyespeciallyaftertheseminalstudyofKingLevine(1993a1993b)whichrevivedtheinterestgaveaboosttoaplethaofresearch.Broadlyspeakingtherearefou

4、rviewsexpressedfthefinancegrowthnexus.Thefirstoneisthesupplyleadingviewwhichsupptsapositiveimpactoffinancialdevelopmentoneconomicgrowth.ThedemfollowingviewwhichstatesthatfinanceactuallyresponsestochangesthatTsionas(2004)

5、usepanelcointegrationanalysistoexaminewhetheralongrunrelationshipbetweenfinancialdevelopmenteconomicgrowthexistsf10developingcountriesovertheperiod1970–2000.Theirfindingsaresupptivetoauniquecointegratingvectbetweengrowth

6、financialdevelopmentinvestmentshareinflationtounidirectionalcausalityfromfinancialdepthtogrowth.Howeverthisstudylimitsitsattentiononlytofewdevelopingcountriesemploysonlyonemeasureoffinancialdeepening.Thepresentpaperaimst

7、ocontributetotherelevantliteratureinthefollowingways:i)Ontheeconometricfrontwemakeuseofpanelunitroot(Imetal.2003)panelcointegrationtests(Pedroni1999)allowingfheterogeneityincoefficientsdynamicsacrossunitswhichenableustod

8、eterminethelongrunstructureofthefinancegrowthrelationshipavoidingwellknownproblemsthatoccurinusingtraditional(timeseries)cointegrationtesting(lowpowerduetosmallsamples).ThecointegratingvectsareestimatedusingdynamicOLS(DO

9、LS)procedurewhichallowsfconsistentefficientestimatsofthelongrunrelationshipdealswiththeendogeneityoftheregressstakesintoaccounttheintegrationcointegrationpropertiesofthedata.ii)Weattempttoresolvetheissueofcausalityi.e.wh

10、etherbetterfunctioningfinancialmarketsexertacausalinfluenceongrowthviceversafollowingthemethodologyofPesaranetal.(1999).iii)Weemployvariousmeasuresoffinancialdevelopmentindertoquantifytheimpactoffinancialdepthongrowthfur

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