外文翻译----金融业和经济发展的关系-金融财政.doc

本科毕业论文外文翻译 外文题目：Financial and economic development relations 出 处：The World Bank Economic Review 作 者：Mansor H. Ibrahim 原 文： Financial and economic development relationship Mansor H. Ibrahim The World Bank Economic Review 3 The Connection Between the Capital Market and Development Casual observation suggests that an efficient financial system is one of the salient prerequisites promoting a countrys effective development and competitiveness, or as in the case of financial system distortions, a major impediment. Among the components advancing a countrys welfare, capital allocation, intertemporal smoothening, and risk sharing are continuously cited. Conversely, market losses at major stock exchanges at the beginning of the new millennium demonstrated the potentially volatile impacts of financial systems on development and challenged economic policies on national and international levels. Several diverging theoretical concepts and empirical studies have investigated whether a nexus between finance and economic growth or finance and economic development actually does exist. Yet, the main focus of research has been to analiyse the impact of the finance sector on growth or on economic development, and in particular, the role of banks and stock markets therein. Other aspects, albeit they could be considered important for an overarching development point of view, have been only partially included, among them the versatile reciprocal relationship of finance and development and a capital market perspective covering both stock and bond markets. The main obstacle to constructing a comprehensive model of the finance-growth or finance-development linkage consists of the complex causalities between finance and economic activity, not to mention the broader scope of developmental approaches that integrate social and environmental dimensions. H