在中国银行和非银行机构对地方经济的影响[文献翻译].doc

原文:
The Impact of Bank and Non-Bank Financial Institutionson Local Economic Growth in China
Abstract This paper provides evidence on the relationship between finance and growth in a fast growing country, such as China. Employing data of 27 Chinese provinces over the period 1995–2003, we study whether the financial development of two different types of financial institutions — banks and non-banks — have a (significantly different) impact on local economic growth. Our findings indicate that banking development shows a statistically significant and economically more pronounced impact on local economic growth.
Key words Growth . Financial development . Chinese provinces . Banks
JEL codes E44 . G21
1 Introduction
The relation between finance and growth has been long under debate. Although some researchers have argued that finance only reacts to the expectation of growth, there has been overwhelming evidence that financial development plays an important role in promoting the growth of developed economies (see . Levine (2004) for a survey). Evidence is rather mixed within developing countries. While finance seems to promote growth in some Latin American countries (Haber (1991, 1997)), researchers disagree on the role played by formal and informal finance in China, one of the most important developing countries in the world. Understanding the finance and growth issue in China