金融学专业外文翻译---金融部门对经济发展的作用：马来西亚的个案-金融财政(编辑修改稿)

金融学专业外文翻译---金融部门对经济发展的作用：马来西亚的个案-金融财政(编辑修改稿)内容摘要：

sion of domestic credit in the aftermath of financial 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 finance and development. In this paper, we attempt to contribute to the finance–growth literature by examining the role of the financial sector in the economic development of Malaysia. The early crossnational studies on finance–growth relationship have drawbacks in that they assume structural homogeneity across countries, filter out fluctuations 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 financial development, particularly the banking sector development. The abovementioned studies all use measures of financial intermediation such as credits to the private sector and/or deposit liabilities of banks to measure financial depth and development. The exception isNeusser andKugler (1998)who use gross domestic products (GDP) of the financial 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 financial development. At the time of independence, the Malaysian financial system was predominantly a bankbased financial system. While the banking sector continues to capture policy attention and enjoy rapid expansion, the financial 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 financial disturbances. The parallel progress of bankbased and marketbased financial systems together with periodic financial volatility makes Malaysia an interesting case for evaluating various aspects of the finance–growth causal nexus. More specifically, against this background, the paper has three objectives. First, in line with many studies in the literature, we evaluate whether developments of financial intermediaries and financial markets that have taken placed over the past two decades contribute to Malaysia’s economic growth. Second, we evaluate whether financial volatility brought by financial liberalization is harmful to growth. Lastly, we seek to establish whether financial intermediaries and financial 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 financial volatility and plementarity or substitutability between financial intermediaries and financial markets. The rest of the paper is structured as follows. In the next section, we provide background information, briefly highlighting major financial 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 findings and provides policy implications. 2 Background The major fe。