資料載入中.....
|
請使用永久網址來引用或連結此文件:
https://nccur.lib.nccu.edu.tw/handle/140.119/49003
|
| 題名: | 金融發展、經濟成長與所得分配
Financial Development, Economic Growth and the Distribution of Income |
| 作者: | 林昌平
Lin,chang ping |
| 貢獻者: | 黃台心
Huang,tai hsin
林昌平
Lin,chang ping |
| 關鍵詞: | 金融發展
經濟成長
所得分配
銀行發展
股市發展
financial development
economic growth
distribution of income
bank development
stock market development |
| 日期: | 2009 |
| 上傳時間: | 2010-12-08 01:56:49 (UTC+8) |
| 摘要: | 一、金融發展對經濟成長的影響：動態門檻效果的分析
本研究旨在探討於全球的架構下，各國金融發展對於經濟成長之關係為何？並且進一步探討銀行發展及股市發展是否對經濟成長有不對稱效果。對於過去相關文獻無法獲得金融發展與經濟成長間一致的關係，我們懷疑應與金融發展與經濟成長之間為非線性關係有關。延伸 Shen and Lee (2006) 我們將探討是否於金融發展與經濟成長間存在著銀行的門檻效果，並提出兩個假說，第一是「blessing-in-low-regime」，即在低度銀行發展區域，金融發展對於經濟成長有正面影響。第二是「curse-in-high-regime」即在高度銀行發展區域，金融發展對於經濟成長有負面影響。本文發展一個新的模型：dynamic panel threshold model (DPTM)是延伸Hansen (1999)的panel threshold model，認為經濟成長會受到自己上一期變數所影響，結果指出就銀行發展對於經濟成長的影響而言，在低度銀行發展區域支持「blessing-in-low-regime」；在高度銀行發展區域支持「curse-in-high-regime」。反之，就股市發展對於經濟成長的影響，在低度銀行發展區域並不支持「blessing-in-low-regime」;在高度銀行發展區域亦不支持「curse-in-high-regime」。
二、金融發展與經濟成長的雙向因果關係
本研究探討是否金融發展與經濟成長之間存在一項非線性的雙向因果關係，且此項因果關係是否受到金融發展以及經濟成長程度的影響。在全球的架構下，利用42個國家1976年到2005年的資料，使用一項新發展的計量模型：dynamic panel threshold model (DPTM)來探討此項因果關係。實證結果顯示，當使用銀行發展做為門檻變數時，在低度銀行發展區域，銀行發展對於經濟成長有正面影響，然而股市發展則對經濟成長有負面影響；而在高度銀行發展區域，銀行發展對於經濟成長的影響性則轉向負面影響，而股市發展則轉向正向支持經濟成長。相對地，無論在低度銀行發展區域或是高度銀行發展區域，經濟成長對於銀行發展皆有正面影響。最後，當使用經濟成長做為門檻變數時，本文發現金融發展與經濟成長的因果關係並未改變。
三、金融發展如何影響所得分配？倒U型分配假說與線性假說
本研究使用1976年到2005年42個發展中與已發展國家的資料，分析金融發展與所得分配的關係，並且進一步探討金融發展是否對所得分配有不對稱效果，隨著銀行發展程度的不同，其對所得分配的影響性將隨之改變。過去金融發展與所得分配的相關文獻提出兩項相對的理論假說，分別為Greenwood and Jovanovic (1990)的「倒U型分配假說」與Galor and Zeira (1993)的「線性假說」。本研究發展一項計量模型dynamic panel threshold model (DPTM)來檢驗這兩項假說。分析結果顯示，在低度銀行發展區域，股市發展將提升所得不均；而在高度銀行發展區域，股市發展則轉為減緩所得不均，支持「倒U型分配假說」。相對地，無論在低度銀行發展區域或是高度銀行發展區域，銀行發展對所得不均的影響性皆為負向的減緩效果，不支持「倒U型分配假說」，然而其對所得分配的影響性仍存在不對稱的門檻效果。
Essay 1:
Blessing or Curse? The Role of Financial Development to Economic Growth
This study aims to investigate the asymmetric effect between financial development and economic growth by considering the threshold effect. Based on Shen and Lee`s (2006) findings, we examine whether the effect of financial development on economic growth depends on the threshold variable of bank development. Our hypothesis is that bank development is a blessing to economic growth at the low bank development regime, but it is a curse at the high bank development regime. To examine the “blessing-in low-regime” and “curse-in high-regime” hypothesis, we develop a dynamic panel threshold model (DPTM) to test this hypothesis. The DPTM is a direct extension of the non-dynamic panel threshold model of Hansen (1999). We conclude that the effect of bank development on economic growth supports the hypothesis. Nevertheless, the effect of stock market development on economic growth does not support the hypothesis.
Essay 2:
A Bivariate Causality between Financial Development and Economic Growth
This study hypothesizes that causal relationship between financial development and economic growth is not linear; however, it may be influenced by the level of financial development or economic growth. A new econometric method, dynamic panel threshold model (DPTM) is proposed to investigate conditional causality.
Herein, the thresholds of “bank development” and “economic growth” are applied. When bank development is used as threshold in the low bank-developed regime, bank development is beneficial for economic growth. However, it poses adverse effects on the stock market. In contrast, in the high bank-developed regime, bank development exhibits an adverse effect on economic growth whereas the stock market manifests the opposite effect. Nevertheless, economic growth is beneficial for bank development in both regimes, though the influence is stronger in the low bank-developed regime. Results are robust when the income level of a country is utilized as a threshold.
Essay 3:
How does Financial Development Affect the Distribution of Income? Inverted U-shaped Hypothesis or Linear Hypothesis
This study analyzes the relationship between financial development and income distribution using panel data from both developing and developed countries between 1976 and 2005. Specifically, we analyze whether financial development has an impact on income inequality and whether this impact depends on the threshold variable of bank development. We define the low and high bank development regimes when a country`s bank development is below and above the threshold and test two alternative hypotheses the “inverted U-shaped hypothesis” and the “linear hypothesis” with a dynamic panel threshold model (DPTM). The DPTM is a direct extension of the non-dynamic panel threshold model of Hansen (1999). We find little evidence to support the inverted U-shaped relationship between inequality and finance, the effect of stock market development on inequality supports the inverted U-shaped hypothesis. Nevertheless, the effect of bank development on inequality does not support the inverted U-shaped hypothesis. However, the relationship between financial development and income distribution is nonlinear. |
| 參考文獻: | Abu-Bader,S. and A. S. Abu-Qarn (2008), “ Financial development and economic growth: The Egyptian experience,” Journal of Policy Modeling, 30(5), 887-898.
Aghion, P. and P. Bolton (1997), “A Trickle-Down Theory of Growth and Development with Debt Overhang,” Review of Economic Studies, 64, 151-172.
Aghion, P. and P. Howitt (1998), Endogenous Growth Theory, Cambridge: MIT Press.
Ahmed, S., M. Ansari, and H. Charif (2001), “Financial Sector Development and Economic Growth: the South Asian Experience,” Journal of Asian Economics, 9(3), 503-517.
Al-Tamimi, H., M. Al-Awad, and H. Charif (2001), “Finance and Growth: Evidence from Some Arab Countries,” Journal of Transnational Management Development, 7, 3-18.
Al-Yousif, Y. K. (2002), “Financial Development and Economic Growth: Another Look at the Evidence from Developing Countries,” Review of Financial Economics, 11, 131-150.
Andersen, T. and C. Hsiao (1982), “Formulation and estimation of dynamic models using panel data,” Journal of Econometrics, 18(1), 47-82.
Andersen, T. and F. Tarp (2003), “Financial Liberalization, Financial Development and Economic Growth in LDCs,” Journal of International Development, 15, 189-209.
Ansari, M. I. (2002), “Impact of Financial Development, Money, and Public Sending on Malaysian National Income: An Econometric Study,” Journal of Asian Economics, 13, 72-93.
Arellano, M. and S. R. Bond (1991), “Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equation,” Review of Economic Studies, 58, 277-297.
Arellano, M. and O. Bover (1995), “Another look at the instrumental variable estimation of error-components models,” Journal of Econometrics, 68, 29-52.
Arestis, P. and P. O. Demetriades (1996), “Finance and Growth: Institutional Considerations and Causality,” Paper presented at the Royal Economic Society Annual Conference, University of Wales Swansea, 1-4.
Arestis, P. and P. O. Demetriades (1997), “Financial Development and Economic Growth: Assessing the Evidence,” Economic Journal, 107, 783-799.
Arestis, P., P. O. Demetriades, and B. Luintel (2001), “Financial Development and Economic Growth: The Role of Stock Markets,” Journal of Money, Credit, and Banking, 33, 16-41.
Atje, R. and B. Jovanovic (1993), “Stock Markets and Development,” European Economic Review, 37, 632-640.
Baliamoune, M. N. and A. R. Chowdhury (2003), “The Long-run Behavior and Short-run Dynamics of Private Savings in Morocco,” Savings and Development, 27(2), 135-160.
Banerjee, A.V. and A.F. Newman (1993), “Occupational Choice and the Process of Development,” Journal of Political Economy, 101, 274-298.
Barnes, M., and N. Duquette (2000), “Threshold Relationships Among Inflation, Financial Market Development and Growth,” University of Adelaide Working Papers: 00-4.
Barro, R. J. (1991), “Economic Growth in a Cross-Section of Countries,” Quarterly Journal of Economics, 106, 407-443.
Beck, T. and R. Levine (2004), “Stock Markets, Banks and Growth: Panel Evidence,” Journal of Banking and Finance, 28, 423-442.
Beck, T., R. Levine, and N. Loayza (2000), “Finance and the Source of Growth,” Journal of Financial Economics, 58, 261-300.
Beck, T., Demirquc-Kunt, A. and R. Levine (2004), “Finance, Inequality and Poverty: Cross-Country Evidence,” World Bank Policy Research Working Papers: 3338, World Bank, Washington D.C.
Bekaert, G., C. R. Harvey, and C. Lundblad (2003), “Does Financial Liberalization Spur Growth?” NBER Working Papers: 8245.
Benabou, R. (1996), “Inequality and Growth,” NBER Macroeconomic Annual, 11, 11-74.
Bick, A. and D. Nautz (2008), “Inflation Thresholds and Relative Price Variability: Evidence from U.S. Cities,” International Journal of Central Banking, 4, 61-76.
Black, S. W. and M. Moersch eds. (1998), Competition and Covergence in Financial Markets: The German and Anglo-American Models, New York: North-Holland Press.
Bond, S. and C. Meghir (1994), “Dynamic Investment Models and the Firms Financial Policy,” Review of Economic Studies, 61, 197-222.
Bond, S., J. A. Elston, J. Mairesse and B. Mulkay (2003), “Financial Factors and Investment in Belgium, France, Germany, and the United Kingdom: A Comparison Using Company Panel Data,” The Review of Economics and Statistics, 85(1), 153-165.
Bonfiglioli, A. and C. Mendicino (2004), “Financial Liberalization, Bank Crises and Growth: Assessing the Links,” SSE/EFI Working Paper Series in Economics and Finance: 567.
Boulila, G. and M. Trabelsi (2004), “Financial Development and Long Run Growth, Evidence from Tunisia: 1962-1997,” Savings and Development Quarterly Review, 3, 289-314.
Bourguignon, F. (2001), “Pareto-Superiority of Unegalitarian Equilibria in Stiglitz`s Model of Wealth Distribution with Convex Savings Function,” Econometrica, 49, 1469-1475.
Bourguignon, F. and T. Verdier (2000), “Oligarchy, Democracy, Inequality and Growth,” Journal of Development Economics, 62, 285-313.
Calderon, C. and L. Liu (2003), “The Direction of Causality Between Financial Development and Economic Growth,” Journal of Development Economics, 72, 321-334.
Caprio, G., J. A. Hanson and P. Honohan (2001), “Introduction and Overview: The Case for Liberalization and Some Drawbacks,” Caprio, G., P. Honohan and J. E. Stiglitz (Ed), In: Financial Liberalization: How Far, How Fast? Cambridge: Cambridge University Press, 3-30.
Carstensen, K. and F. Toubal (2004), “Foreign Direct Investment in Central and Eastern European Countries: a Dynamic Panel Analysis,” Journal of Comparative Economics , 32, 3-22.
Chakraborty, I. (2008), “Does Financial Development Cause Economic Growth? The Case of India,” South Asia Economic Journal , 9(1), 109-139.
Chen, S. W. and C. H. Shen (2006), “When Wall Street Conflicts with Main Street--The Divergent Movements of Taiwan`s Lending Indicators,” International Journal of Forecasting, 22, 317-339.
Clarke, G., Xu, L.C. and H. Zou (2003), “Finance and Income Inequality: Test of Alternative Theories,” World Bank Policy Research Working Papers: 2984, World Bank, Washington D.C.
Davis, R. B. (1977), “Hypothesis Testing when a Nuisance Parameter is Present only Under the Alternative,” Biometrika , 64, 247-254.
De Gregorio and P. Guidotti (1995), “Financial Development and Economic Growth,” World Development, 23, 434-448.
Deidda, L. and B. Fattouh (2002), “Non-linearity Between Finance and Growth,” Economics Letters, 74, 339-345.
Demetriades, P. and K. Hussein (1996), “Does Financial Development Cause Economic Growth? Evidence for 16 Countries,” Journal of Development Economics, 51, 387-411.
Demirquc-Kunt, A. and R. Levine (1996), “Stock Market Development and Financial Intermediaries: Stylized Facts,” The World Bank Economic Review, 10, 291-321.
Demirquc-Kunt, A. and E. Detragiache (1998), “The Determinants of Banking Crises in Developing and Developed Countries,” International Monetary Fund Staff Papers, 45, 81-109.
Devereux, M. and G. Smith (1994), “International Risk Sharing and Economic Growth,” International Economic Review, 35, 535-550.
Driffill, J. (2003), “Growth and Finance,” The Manchester School, 71, 363-380.
Easterly, W., R. Islam and J. E. Stiglitz (2001), “Shaken and Stirred: Explaining Growth Volatility,” Pleskovic B. and N. Stern (Ed), In: Annual World Bank Conference on Development Economics. Washington: World Bank.
Galor, O. and J. Zeira (1993), “Income Distribution and Macroeconomics,” Review of Economic Studies, 60, 35-52.
Galor, O. and O. Moav (2004), “From Physical to Human Capital Accumulation: Inequality and the Process of Development,” Review of Economic Studies, 71, 1001-1026.
Garcia, R. (1998), “Asymptotic null distribution of the likelihood ratio test in Markov-switching model,” International Economic Review, 39, 763-788.
Ghali,K. H. (1999), “Financial Development and Economic Growth: The Tunisian Experience,” Review of Development Economics, 3(3), 310-322.
Granger, C. W. J. (1969), “Investigating Causal Relations by Econometrics,” Econometrica, 37, 424-438.
Greenwood, J. and B. Jovanovic (1990), “Financial Development, Growth, and the Distribution of Income,” Journal of Political Economy, 98, 1076-1107.
Gujarati, D. (1995), Basic Econometrics, New York: McGraw-Hill Press.
Guryay, E., O. V. Safakli, and B. Tuzel (2007), “Financial Development and Economic Growth: Evidence from Northern Cyprus,” International Research Journal of Finance and Economic, 8, 57-62.
Haber, S. H., Armando, R. and N. Maurer (2003), The Politics of Property Rights: Political Instability, Credible Commitments, and Economic Growth in Mexico, Cambridge University Press.
Habibullah, M. S. and Y. End (2006), “Does Financial Development Cause Economic Growth? A Panel Data Dynamic Analysis for the Asian Developing Countries,” Journal of the Asia Pacific Economy, 11(4), 377-393.
Hansen, B. E. (1992), “The likelihood ratio test under nonstandard conditions:
Testing the Markovswitching model of GNP,” Journal of Applied Econometrics, 7, 61-82.
Hansen, B. E. (1996), “Erratum: The likelihood ratio test under nonstandard conditions: Testing the Markov-switching model of GNP,” Journal of Applied Econometrics, 11, 195-198.
Hansen, B. E. (1999), “Threshold Effects in Non-dynamic panel: Estimation, Testing and Inference,” Journal of Econometrics, 93, 345-368.
Harb, N. and M. Al-Awad (2005), “Financial Development and Economic Growth in the Middle East,” MPRA Paper 13605, University Library of Munich, Germany.
Ho, T. W. (2003), “The Saving-Retention Coefficient and Country-Size: The Feldstein-Horioka Puzzle Reconsidered,” Journal of Macroeconomics, 25 (3), 387-396.
Ho, T. W. (2006), “Income Thresholds and Growth Convergence: A Panel Data Approach,” The Manchester School, 74 (2), 170-189.
Holtz-Eakin, D., W. Newey, and H. Rosen (1990), “Estimating Vector Autoregressions with Panel Data,” Econometrica, 56, 1371-1395.
Hung (2009), “Explaining the nonlinear effects of financial development on economic growth,” Journal of Economic, 97, 41-65.
Hurlin, C. and B. Venet (2008), “Financial Development and Growth: A Re-Examination using a Panel Granger Causality Test,” HAL Working Papers: halshs-00319995v1.
Jalilian, H. and C. Kirkpatrick (2002), “Financial Development and Poverty Reduction in Developing Countries,” International Journal of Finance and Economics, 7, 97-108.
Jappelli, T. and M. Pagano (1994), “Saving, Growth, and Liquidity Constraints,” Quarterly Journal of Economics, 109, 83-109.
Jozef, K. (2000), “The Effects of Foreign Direct Investment on Domestic Firms: Evidence from Firm Level Panel Data in Emerging Economies,” William Davidson Institute (WDI) Working Papers: 344.
Kamat, M. and M. Kamat (2007), “Does Financial Growth Lead Economic Performance in India? Causality-Cointegration using Unrestricted Vector Error Correction Models,” MPRA Working Papers: 6154, University Library of Munich, Germany.
Kaminsky, G.L. and C. M. Reinhart (1999), “The Twin Crises: The Causes of Banking and Balance-of-Payments Problems,” American Economic Review , 89, 473-500.
Khan, M. S. and A. Senhadji (2003), “Financial Development and Economic Growth: A Review and New Evidence,” Journal of African Economies, 12, 89-110.
Kholdy, S. and A. Sohrabian (2005), “Financial Markets, FDI, and Economic Growth: Granger Causality Tests in Panel Data Model,” EFA 2005 Moscow Meetings. Available at SSRN: http://ssrn.com/abstract=676085.
King, R. G. and R. Levine (1993), “Finance and Growth: Schumpeter might be right,” Quarterly Journal of Economics, 108, 717-737.
Kuznets, S. (1955), “Economic Growth and Income Inequality,” American Economic Review, 45, 1-28.
Levine, R. (1997), “Financial Development and Economic Growth: Views and Agenda,” Journal of Economic Literature, 35, 688-726.
Levine, R. (2002), “More on Finance and Growth: More Finance, More Growth?” The Federal Reserve Bank of St. Louis, July/August, 31-52.
Levine, R. and S. Zervos (1996), “Stock Market Development and Long-run Growth,” The World Bank Economic Review, 10, 323-339.
Levine, R. and S. Zervos (1998), “Stock Markets, Banks, and Economic Growth,” American Economic Review, 88, 537-558.
Levine, R., N. Loayza, and T. Beck (2000), “ Financial Intermediation and Growth: Causality and Causes,” Journal of Monetary Economics, 16(1), 31-77.
Li, H., Squire, L. and H. Zou (1998), “Explaining International and Intertemporal Variations in Income Inequality,” The Economic Journal, 108, 26-43.
Liang, Z. C. (2006), “Financial Development and Income Distribution: A System GMM Panel Analysis with Application to Urban China,” Journal of Economic Development, 31, 1-21.
Luintel, K. and M. Khan (1999), “A Quantitative Reassessment of the Finance-growth Nexus: Evidence from a Multivariate VAR,” Journal of Development Economics, 60, 381-405.
Massa, M. (2003), “How Do Family Strategies Affect Fund Performance? When Performance-Maximization is not the only Game in Town,” Journal of Financial Economics, 67(2), 249-304.
Masten, A. B., Coricelli, F., and F. Masten (2008), “Non-linear Growth Effects of Financial Development: Does Financial Integration Matter?” Journal of International Money and Finance, 27, 295-313.
Minier, J. (2003), “Are Small Stock Markets Different?” Journal of Monetary Economics, 50, 1593-1602.
Mookherjee, D. and D. Ray (2003), “Persistent Inequality,” Review of Economic Studies, 70, 369-393.
Obstfeld, M. (1994), “Risk-Taking, Global Diversification, and Growth” American Economic Review, 84, 1310-1329.
Odedokun, M. O. (1996), “Alternative Econometric Approaches for Analyzing the Role of the Financial Sector in Economic Growth: Time-Series Evidence from LDCs,” Journal of Development Economics, 50(1), 119-146.
Odhiambo, M. N. (2004), “Is Financial Development still a spur to Economic Growth? A Causal Evidence from South Africa,” Savings and Development, 28(1), 47-62.
Odhiambo, M. N. (2008), “Financial Depth, Savings and Economic Growth in Kenya: A Dynamic Causal Linkage,” Economic Modelling , 25(4), 704-713.
Pagano, M. (1993), “Financial Markets and Growth: An Overview,” European Economic Review, 37, 613-622.
Rajan, R. and L. Zingales (2003), Saving Capitalism from the Capitalists: Unleashing the Power of Financial Markets to Create Wealth and Spread Opportunity, New York: Crown Business.
Ram, R. (1999), “Financial Development and Economic Growth,” The Journal of Development Studies, 35, 164-174.
Rioja, F. and N. Valev (2004), “Finance and the Sources of Growth at Various Stages of Economic Developmen,” Economic Inquiry, 42, 127-140.
Rousseau, P. and P. Wachtel (2000), “Equity Markets and Growth: Cross-Country Evidence on Timing and Outcomes, 1980-95,” Journal of Banking and Finance, 24, 1933-1954.
Robinson, J. (1962), Essays in the Theory of Economic Growth, London: Macmillan Press.
Rousseau, P. and P. Wachtel (2000), “Equity Markets and Growth: Cross-Country Evidence on Timing and Outcomes, 1980-95.,” Journal of Banking and Finance, 24, 1933-1954.
Rousseau, P. and P. Wachtel (2001), “Inflation, Financial Development and Growth,” In Economic Theory, Dynamics and Markets: Essays in Honor of Ryuzo Sato, edited by T. Negishi, R. Ramachandran and K. Mino. Boston: Kluwer.
Schumpeter, J. A. (1911), The Theory of Economic Development, Cambridge, MA: Harvard University Press.
Shahnoushi, N., A. G. Ebadi, M. Daneshvar, E. Shokri, and M. Motallebi (2008), “Causality Between Financial Development and Economic Growth in Iran,” World Applied Sciences Journal, 4(5), 736-740.
Shan, J. Z. and A. Morris (2002), “Does Financial Development ‘lead’ Economic Growth?” International Review of Applied Economics, 16, 153-168.
Shan, J. Z. and F. Sun (1998), “Export-led Growth Hypothesis: Further Econometric Evidence from China,” Applied Economics, 30, 1055-1065.
Shan, J. Z., F. Sun and A. Morris (2001), “Financial Development and Economic Growth,” Review of International Economics, 9, 443-454.
Shen, C. H. (2005), “Cost Efficiency and Banking Performances in a Partial Universal Banking System: An Application of the Panel Smooth Threshold Model,” Applied Economics, 37, 1-17.
Shen, C. H. and C. A. Wang (2005), “The Impact of Cross--Ownership on the Reaction of Corporate Investment and Financing Constraints: A Panel ThresholdModel,” Applied Economics, 37, 2315-2325.
Shen, C. H. and C. C. Lee (2006), “Same Financial Developement yet Different Economic Growth -- but why?” Journal of Money, Credit, and Banking, 38, 1907-1944.
Shen, C. H. and C. F. Chen (2008), “Causality between Banking and Currency Fragilities: A Dynamic Panel Model,” Global Finance Journal, 19, 85-101.
Shen, C. H. and C. P. Lin (2009), “The Role of Financial Development to Economic Growth -- Dynamic Panel Threshold Model,” Taipei Economic Inquiry, 45(2), 143-188.
Shen, C. H., C. C. Lee, and C. C. Lee (2010), “What Makes International Capital Flows Promote Economic Growth? An International Cross-Country Analysis,” Scottish Journal of Political Economy, forthcoming.
Shen, C. H., C. C. Lee, S. W. Chen and Z. Xie (2010), “Roles Played by Financial Development in Economic Growth: Application of the Flexible Regression Model,” Empirical Economics, forthcoming.
Stiglitz, J. E. (1994), The Role of the State in Financial Markets, in: Proceedings of the World Bank Annual Conferences on Development Economics 1993, Washington DC: World Bank.
Singh, A. (1997), “Stock Markets, Financial Liberalization and Economic Development,” Economic Journal, 107, 771-782.
Tornell, A., F. Westermann and L. Martinex (2004), “The Positive Link between Financial Liberalization Growth and Crises,” NBER Working Paper: 10293.
Wachtel, P. (2003), “How Much Do We Really Know about Growth and Finance?” Federal Reserve Bank of Atlanta, Economic Review, 33-47.
Waqabaca, C. (2004), “ Financial Development and Economic Growth in Fiji,” Working Papers, Economics Department, Reserve Bank of Fiji.
Xu, Z. (2000), “Financial Development, Investment, and Economic Growth,” Economic Enquiry, 38, 331-344.
Yanga, Y. Y. and M. H. Yib (2008), “ Does Financial Development Cause Economic Growth? Implication for Policy in Korea,” Journal of Policy Modeling , 30(5), 827-840.
Zhang, K. H. (2003), “Does Financial Development Promote Economic Growth in the East Asia?” China Journal of Finance, 1, 1-10.
Zhu, A., Ash, M. and R. Pollin (2004), “Stock Market Liquidity and Economic Growth: A Critical Appraisal of the Levine/Zervos Model,” International Review of Applied Economics, 18, 1-8. |
| 描述: | 博士
國立政治大學
金融研究所
94352503
98 |
| 資料來源: | http://thesis.lib.nccu.edu.tw/record/#G0094352503 |
| 資料類型: | thesis |
| 顯示於類別: | [金融學系] 學位論文
|
在政大典藏中所有的資料項目都受到原著作權保護.
|
