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1、外文翻译FinancialDevelopmentandEconomicGrowthinUnderdevelopedCountriesMaterialSource:googleAuthor:HughT.PatrickAnobservedcharacteristicoftheprocessofeconomicdevelopmentovertime,Inamarket-orientedeconomyusingthepricemechanismtoallocateresources.isanincreaseInthenumberan
2、dvarietyoffinancialinstitutionsandasubstantialriseintheproportionnotonlyofmoneybutalsoofthetotalofallfinancialassetsrelativetoGNPandtotangiblewealth.However,thecausalnatureofthisrelationshipbetweenfinancialdevelopmentandeconomicgrowthhasnotbeenfullyexploredeitherth
3、eoreticallyorempirically.Typicalstatementsindicatethatthefinancialsystemsomehowaccommodatesor,totheextentthatitmalfunctions,itrestricts-growthofrealpercapitaoutput.Forexample,Itseemstobethecasethatwhereenterpriseleadsfinancefollows.Thesameimpulseswithinaneconomywhi
4、chsetenterpriseonfootmakeownersofwealthventuresome,andwhenastrongimpulsetoinvestisfetteredbylackoffinance,devicesareinventedtoreleaseitandhabitsandinstitutionsaredeveloped.Suchanapproachplacesemphasisonthedemandsideforfinancialservices;astheeconomygrowsitgeneratesa
5、dditionalandnewdemandsfortheseservices,whichbringaboutasupplyresponseinthegrowthofthefinancialsystem.Inthisview,thelackoffinancialinstitutionsinunderdevelopedcountriesissimplyanindicationofthelackofdemandfortheirservices.Wemaytermas“demand-following"thephenomenonin
6、whichthecreationofmodernfinancialinstitutions,theirfinancialassetsandliabilities,andrelatedfinancialservicesisinresponsetothedemandfortheseservicesbyinvestorsandsaversintherealeconomy.Inthiscase,theevolutionarydevelopmentofthefinancialsystemisacontinuingconsequence
7、ofthepervasive,sweepingprocessofeconomicdevelopment.Theemergingfinancialsystemisshapedbothbychangesinobjectiveopportunities-theeconomicenvironment,theinstitutionalframeworkandbychangesinsubjectiveresponses-individualmotivations,attitudes,tastes,preferences.Thenatur
8、eofthedemandforfinancialservicesdependsuponthegrowthofrealoutputanduponthecommercializationandmonetizationofagricultureandothertraditionalsubsist
