BANKING SECTOR POLICIES AND FINANCIAL DEVELOPMENT IN NEPAL
用时间序列方法分析尼泊尔银行业政策（如利率控制、信贷计划）对金融深化和经济增长的影响，发现政策抑制措施显著影响金融深化，且金融深化与经济增长相互决定。
ABSTRACT This paper examines the interactions between banking sector policies, financial development and economic growth in Nepal employing recently developed time series techniques. Policies such as interest rate controls, directed credit programmes, reserve and liquidity requirements are identified and measured. A summary measure of repressive policies is constructed by the method of principal components. This measure is found to have a statistically significant influence deepening, independently of the real interest rate. We argue that our findings are consistent with the hypothesis of market failure. Exogeneity tests suggest that financial deepening and economic growth are jointly determined. Thus, policies which affect financial deepening may also have an influence on economic growth.