FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH: ASSESSING THE EVIDENCE*
重新审视金融发展与经济增长关系的实证证据，识别未解决问题并提出未来研究建议，同时用新方法提供新证据，适合关注金融与增长关系的学者。
In this paper we take a fresh look at the empirical evidence on the relationship between financial development and economic growth with a view to identifying outstanding issues and offering some suggestions about how these may be addressed in the future. To illustrate our suggestions we also present some new evidence utilising the proposed approaches. We examine the empirical literature from two angles. The first is the issue of whether, how and to what extent the financial system can contribute to the process of economic growth. Questions about the association amongst financial deepening, investment, and the efficiency of capital fall in this category. The question of causality between finance and growth can also be considered from this perspective. The second angle relates to the question of whether financial liberalisation can stimulate investment and growth. Evidence on this question has been adduced from countries where financial reforms took place. There is,...