The Evolving Importance of Banks and Securities Markets
研究发现，随着经济发展，银行和证券市场的规模相对于经济总量都增大，但银行发展与经济增长的关联减弱，证券市场则增强，表明证券市场对经济活动的重要性上升。
The roles of banks and securities markets evolve during the process of economic development. As countries develop economically, (1) the size of both banks and securities markets increases relative to the size of the economy, (2) the association between an increase in economic output and an increase in bank development becomes smaller, and (3) the association between an increase in economic output and an increase in securities market development becomes larger. These findings are consistent with theories predicting that as economies develop, the services provided by securities markets become more important for economic activity, whereas those provided by banks become less important.