金融學專業外文翻譯---金融部門對經濟發展的作用：馬來西亞的個案-金融財政(編輯修改稿)

　

【文章內容簡介】 sion of domestic credit in the aftermath of ?nancial liberalization tends to lead to banking and currency crises and, consequently, recessions (Kaminsky and Reinhart 1999). These issues have, in fact, heightened interest in the link between ?nance and development. In this paper, we attempt to contribute to the ?nance–growth literature by examining the role of the ?nancial sector in the economic development of Malaysia. The early crossnational studies on ?nance–growth relationship have drawbacks in that they assume structural homogeneity across countries, ?lter out ?uctuations in data by using averages of variables, and are unable to address the causality issue. These drawbacks have motivated the analyses in the timeseries context by looking at experiences of individual countries. However, existing multicountry studies tend to assess only one aspect of ?nancial development, particularly the banking sector development. The abovementioned studies all use measures of ?nancial intermediation such as credits to the private sector and/or deposit liabilities of banks to measure ?nancial depth and development. The exception isNeusser andKugler (1998)who use gross domestic products (GDP) of the ?nancial sector. Shan et al. (2020) also include the stock price index to capture stockmarket development. However, the stockmarket index is not a good indicator of stock market development but, with the need to cover many countries, it is the only choice as the mon indicator. Since independence, Malaysia has witnessed respectable economic growth and rapid ?nancial development. At the time of independence, the Malaysian ?nancial system was predominantly a bankbased ?nancial system. While the banking sector continues to capture policy attention and enjoy rapid expansion, the ?nancial market, particularly the stock market, has gained importance and progressed well in recent years in tandem with the progress of the banking sector. At the same time, being a highly open economy, Malaysia has not been spared from ?nancial disturbances. The parallel progress of bankbased and marketbased ?nancial systems together with periodic ?nancial volatility makes Malaysia an interesting case for evaluating various aspects of the ?nance–growth causal nexus. More speci?cally, against this background, the paper has three objectives. First, in line with many studies in the literature, we evaluate whether developments of ?nancial intermediaries and ?nancial markets that have taken placed over the past two decades contribute to Malaysia’s economic growth. Second, we evaluate whether ?nancial volatility brought by ?nancial liberalization is harmful to growth. Lastly, we seek to establish whether ?nancial intermediaries and ?nancial markets are plementary or substitute. With these objectives, we believe that we are more prehensive in our scope and take into account the recent concern about ?nancial volatility and plementarity or substitutability between ?nancial intermediaries and ?nancial markets. The rest of the paper is structured as follows. In the next section, we provide background information, brie?y highlighting major ?nancial developments in Malaysia. Then, Sect. 3 describes the data and details of the framework used in the analysis. Section 4 contains the results of estimation. Finally, Sect. 5 summarizes the main ?ndings and provides policy implications. 2 Background The major fe