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1、外文题目：FinancialDeepeningandEconomicGrowthLinkages:APanelDataAnalysis出处：KielInstitute2007作者：NicholasApergls,IoannisFilippidis,andClaireEconomidou原文：FinancialDeepeningandEconomicGrowthLinkages:APanelDataAnalysis1.IntroductionAcademicresearchonthefinance-gr
2、owthnexusdatesbackatleasttoSchumpeter(1911)whoemphasizedthepositiveroleoffinancialdevelopmentoneconomicgrowth.Thecontributionofthefinancialmarketstogrowthhasreceivedconsiderableattentionwiththeemergenceoftheendogenousgrowththeory,however,therelatedliter
3、aturestartedexpandingvigorouslyespeciallyaftertheseminalstudyofKingandLevine(1993a,1993b),whichrevivedtheinterestandgaveaboosttoaplethoraofresearch.Broadlyspeaking,therearefourviewsexpressedforthefinance-growthnexus.Thefirstoneisthesupply-leadingview,wh
4、ichsupportsapositiveimpactoffinancialdevelopmentoneconomicgrowth.Thedemandfollowingview,whichstatesthatfinanceactuallyresponsestochangesthathappenintherealsectoror“whereenterpriseleads,financefollows”Robinson(1952).Somewherebetweenthesetwoviewsistheonet
5、hatclaimsmutualimpactoffinanceandgrowth.Finally,therearesomestudiesarguingthatthereisnorelationshipatall.Despitethegreatdealofeffortdevotedempiricallyindisentanglingtheimpactoffinancialdevelopmentongrowthasaccuratelyaspossible,thereisstillnoconsensusast
6、otheexistence,thelevel,orthedirectionofsuchrelationship.Cross-countryand,morerecently,paneldatastudiesshowevidenceofapositiveimpactoffinancialdevelopmentongrowthwhiletimeseriesstudies,ontheotherhand,offercontradictoryresults.Whenitcomestotimeseriesstudi
7、es,althoughoneisabletoidentifythedirectionofcausalityandthenatureoftheI(1)variablesistakenintoaccountintheestimationtechniques,thereisalwaysthepossibilityofmisleadingstandardtestsandunreliableresultsduetoshortlengthofdatasets(PierseandShell1995).Finally
8、,paneldatastudiesmakeaseriousattempttocontrolforpossibleshortcomingsoftheprevioustwomethodologiesbyaccountingforotherdeterminantsofgrowthtoavoidpotentialbiasesinducedbyomittedvariables,correctingforsimultaneityusinginstrumentalva
