淡江大學覺生紀念圖書館 (TKU Library)
進階搜尋


下載電子全文限經由淡江IP使用) 
系統識別號 U0002-2105200716525500
中文論文名稱 經濟成長、收斂假說與金融發展之實證探討
英文論文名稱 An Empirical Investigation of Economic Growth,Convergence Hypothesis and Financial Development
校院名稱 淡江大學
系所名稱(中) 財務金融學系博士班
系所名稱(英) Department of Banking and Finance
學年度 95
學期 2
出版年 96
研究生中文姓名 葉志權
研究生英文姓名 Chih-Chuan Yeh
學號 891490046
學位類別 博士
語文別 中文
口試日期 2007-05-18
論文頁數 93頁
口試委員 指導教授-黃河泉
委員-方文碩
委員-何宗武
委員-莊武仁
委員-林淑琴
中文關鍵字 經濟成長  金融發展  股票市場  工具變數門檻模型  異質性變異數 
英文關鍵字 Economic Growth  Stock Market  Instrument Variables  Identification Heteroskedasticity  Financial Development  Threshold regression 
學科別分類 學科別社會科學商學
中文摘要 本論文旨在財金計量模型的實證應用, 以金融發展與經濟成長為主題逐一探討既存文獻中尚未能有效解決的問題。包括金融發展在不同所得高低的國家, 是否仍具有促進成長收斂的效果? 再則, 為一般學術研究所詬病的內生性問題暨聯立性偏誤估計是否能有效改善? 除緒論外共分為兩章, 茲將摘要簡述如下:
第1 章主要應用Caner and Hansen (2004) 工具變數門檻模型(The Threshold Regression with Instrumental Variables) 實證探討金融發展之於經濟成長、收斂假說的檢定, 該模型修正了Hansen (2000) 未能有效處理工具變數的缺憾, 以更完整的迴歸方程詮釋金融發展與經濟成長間的關係。實證結果與Aghion et al. (2005) 提出的理論預期一致, 即金融發展確能俾益於經濟成長率的收斂, 實證結果指出高低所得樣本國家存在相異的收斂速度: 高於門檻值的樣本國家, 成長收斂的速度較為緩慢; 低於門檻值的樣本國家, 在金融發展的推昇下更能有效且快速地促進長期的經濟成長, 以縮短與富有國家間的成長差距, 實證結果支持收斂假設與內生成長理論。
第2 章運用Rigobon (2003) 提出的異質性認定(Identification Heteroskedasticity,IH) 方法, 藉由結構干擾差異效果的探討取得結構參數的認定與估計, 以確切補捉股市發展與經濟成長間的動態交互效果。有別於傳統工具變數的分析方法, IH
方法並不需擔心迴歸結果會因主觀工具變數的選取而有所差異, 同時可以解決聯立方程架構中應變數與自變數彼此相互影響的內生性問題。根據93 國樣本及資料期間1976-1998 所構成的縱橫資料分析結果顯示, 經濟成長與各股票市場發展指標間確實存在顯著且正向影響的同期效果, 支持雙向因果關係的存在。換言之, 市場規模大且存在高流動性的有價證券市場將有效刺激經濟成長, 而快速且持續的經濟成長亦能提昇股票市場的發展。本章亦運用不同的股市發展代理變數, 並同時考慮不同控制變數的訊息集合以及固定效果與隨機效果的計量分析角色, 審慎檢視實證結果的一致性。
本章實證結果盡皆符合理論研究的預期, 不僅發現股市發展對經濟成長的正向效果支持了既存文獻研究的論述, 同時也證實了經濟成長對股市發展的回饋因果關係。
英文摘要 This paper provides a survey and synthesis of novel econometric tools that have been employed to study economic growth, convergence hypothesis and financial development. This paper is organized as follows: Chapter 1 describes a set of stylized facts concerning economic growth, convergence hypothesis and financial development. Chapter 2 describes the relationship between stock market
development and econometric frameworks for growth, with a primary focus on panel data growth regressions.
Chapter 1 investigates empirically the impact of financial intermediary development on convergence and whether such an impact varies according to the stage of real development. We implement this analysis through the instrumentvariable threshold regressions approach proposed by Caner and Hansen (2004) to delve with endogeneity of financial development, so as to concentrate on the causal effects of the exogenous component of financial development and uncover income threshold effects on the convergence process. Utilizing the cross-country data consisting of 61 countries averaged over the period 1960-1995, our empirical evidence shows that financial intermediary development leads to convergent rates of growth. Moreover, such convergence-enhancing effects of financial intermediation are much stronger in developing economies than industrialized ones. In other words, the lack of financial intermediaries prevents poorer countries from catching up with the richer ones, and this divergence is more prevalent for developing countries than for advanced ones. These findings are robust to alternative conditioning information sets and measures of financial intermediary development.
Chapter 2 reviews, appraises and critiques theoretical and empirical research on the connections between the operation of the financial system and economic growth. Efforts to estimate the interrelationship between stock markets development and economic growth have been plagued by the reverse causation and endogeneity problem. This paper employs a simultaneous equations system to
empirically investigate the causal inter-linkage between these two important variables. Identification and estimation of the structural parameters are relied on a
novel identification through heteroskedasticity methodology. Using unbalanced panel data for 93 countries over the 1976-1998 period, we find a positive, bidirectional connection between economic growth and stock markets development as predicted by recent theories. Particularly, better developed stock markets induce faster economic growth and, in turn, higher economic growth facilitates the development of stock markets. The results are robust to different measures of stock markets development used, to alternative information sets conditioned, and to different econometric methods employed.
論文目次 目錄
緒論 1
1 金融發展對經濟成長的收斂效果 4
1.1 前言 4
1.2 研究方法 10
1.2.1 線性迴歸與門檻模型 10
1.2.2 工具變數門檻模型 13
1.2.3 參數估計 14
1.2.4 門檻效果的檢定 15
1.3 資料來源 17
1.4 實證結果分析 21
1.4.1 門檻效果檢定 21
1.4.2 參數斜率估計 21
1.4.3 總要素生產力成長率 24
1.5 結論 26
參考文獻 29
2 股票市場與經濟成長間的交互影響 46
2.1 前言 46
2.2 研究方法 53
2.2.1 聯立性偏誤的問題 53
2.2.2 逆迴歸方程式 56
2.2.3 異質性認定 58
2.3 資料來源 63
2.4 實證結果 66
2.4.1 堆疊資料分析 66
2.4.2 逆迴歸估計結果 67
2.4.3 異質性認定的固定效果 69
2.5 結論 72
參考文獻 75

表目錄
1.1 61 個樣本國家 34
1.2 相關統計量 35
1.3 每人資本GDP 成長率門檻效果檢定 36
1.4 privo 為金融發展指標的門檻估計結果 37
1.5 dby 為金融發展指標的門檻估計結果 38
1.6 lly 為金融發展指標的門檻估計結果 39
1.7 各金融發展指標與其工具變數門檻效果 40
1.8 生產力成長率的門檻效果檢定 41
1.9 privo 為金融發展指標的門檻估計結果 42
1.10 dby 為金融發展指標的門檻估計結果 43
1.11 lly 為金融發展指標的門檻估計結果 44
1.12 各金融發展指標與其工具變數門檻效果 45
2.1 93 筆樣本國家 79
2.2 基本統計量 80
2.3 堆疊分析結果 81
2.4 簡單條件集合的OLS 固定效果估計的界限值 82
2.5 完全條件集合的OLS 固定效果估計的界限值 83
2.6 簡單條件集合的OLS 隨機效果估計的界限值 84
2.7 完全條件集合的OLS 隨機效果估計的界限值 85
2.8 簡單條件集合的異質性認定固定效果估計 86
2.9 完全條件集合的異質性認定固定效果估計 87
2.10 簡單條件集合的異質性認定隨機效果估計 88
2.11 完全條件集合的異質性認定隨機效果估計 89
參考文獻 參考文獻
Acemoglu, D. and Zilibotti, F., (2001), “Productivity differences.” Quarterly Journal of Economics, 116, 563-606.
Aghion, P., Howitt, P. and Mayor-Foulkes, D., (2005), “The Effect of Financial Development on Convergence: Theory and Evidence.” Quarterly Journal of Economics, 87, 173-222.
Arestis, P. and Demetriades, P., (1997), “Financial Development and Economic Growth: Assessing the Evidence.” Econometrics Journal, 107, 783-799.
Bagehot, W. (1962), Lombard Street, 1873. Reprint. Homewood, IL: Richard D. Irwin.
Barro, R., (1991), “Economic Growth in a Cross Section of Countries.” Quarterly Journal of Economics, 408-443.
Barro, R. and Sala-i-Martin, X., (1992), “Convergence.” Journal of Political Economy, 100, 223-51.
Barro, R. and Sala-i-Martin, X., (1995), “Economic Growth.” McGraw-Hill, New York, USA.
Beck, T. and Levine, R., (2004), “Stock Markets, Banks and Growth: Panel evidence.” Journal of Business & Finance, 28, 423-442.
Beck, T., Levine, R. and Loayza, N., (2000), “Finance and the Sources of Growth.”Journal of Financial Economics, 58, 261-300.
Bencivenga, V. R. and Smith, B. D., (1991), “Financial Intermediation and Endogenous Growth.” Review of Economic Studies, 58, 195-209.
Benhabib, J. and Spiegel, M., (1997), “Cross-Country Growth Regressions.” New York University Working Paper.
Benhabib, J. and Spiegel, M., (2005), “Human Capital and Technology Diffusion.”Handbook of Economic Growth, Elsevier.
Blackburn, K. and Hung, V. T. Y., (1998), “A Theory of Growth, Financial Development, and Trade.” Economica, 65, 107-127.
Blackburn, K., Bose, N., and Capasso, S., (2005), “Financial Development, Financing Choice and Economic Growth.” Review of Development Economics, 9, 135-149.
Bose, N., (2005), “Endogenous Growth and the Emergence of Equity Finance.”Journal of Development Economics, 77, 173-188.
Boyd, J. H. and Smith, B. D., (1995), “The Evolution of Debt and Equity Markets in Economic Developoment.” Working Paper 542, Federal Reserve Bank of Minneapolis. Boyd, J. H. and Smith, B. D., (1998), “The Evolution of Debt and Equity Markets in Economic Development.” Econometric Theory, 12, 519-560.
Caner, M. and Hansen, B. E., (2004), “Instrumental Variable Estimation of A Threshold Model.” Econometric Theory, 20, 813-843.
Cameron, G., Proudman, J. and Redding, S., (2005), ”Technological Convergence, R&D, Trade and Productivity Growth.” European Economic Review, 49, 775-807.
Caselli, F., Esquivel, G. and Lefort, F., (1996), “Re-Opening the Convergence Debate: A New Look at Cross-Country Growth Empirics. Journal of Economic Growth, 1, 363-389.
Cass, D., (1965), “Optimum Growth in an Aggregation Model of Capital Accumulation.”Review of Economic Studies, 32, 233-240.
Davies, R. B. (1977), “Hypothesis testing when a nuisance parameter is present only under the alternative.” Biometrika, 64, 247-254.
Davies, R. B. (1987), “Hypothesis testing when a nuisance parameter is present only under the alternative.” Biometrika, 74, 33-43.
Deidda, L. (2006), “Interaction between Economic and Financial Development.”Journal of Monetary Economics, 53, 233-248.
Deidda, L. and Fattouh, B., (2002), “Nonlinearity between Finance and Growth.”Economics Letters, 74, 339-345.
Durlauf, S. N. and Johnson, P. A., (1995), “Multiple Regimes and Cross-Country Growth Behavior.” Journal of Applied Econometrics, 10, 365-384.
Easterly, W. and Levine, R., (2001), “It’s not Factor Accumulation: Stylized Facts and Growth Models.” World Bank Economic Review, 15, 177-219.
Evans, P., (1998), “Using Panel Data to Evaluate Growth Theories.” International Economic Review, 39, 295-306.
Goldsmith, R. W., (1969), “Financial Structure and Development.” New Haven, CT: Tale University Press.
Gurley, J. G. and Shaw, E. S., (1960), “Money in a Theory of Finance.” Washington, DC: Brookings Institution.
Gurley, J. G. and Shaw, E. S., (1967), “Financial Structure and Economic Development.”Economic Development and Culture Change, 15, 257-268.
Greenwood, J. and Jovanovic, B., (1990), “Financial Development, Growth, and the Distribution of Income.” Journal of Political Economy, 98, 1076-1107.
Hamilton, J. D., (2001), “A Parametric Approach to Flexible Nonlinear Inference.”Econometrica, 69, 537-573.
Hansen, B. E., (1996), “Inference When a Nuisance Parameter is Not Identified Under the Null Hypothesis.” Econometrica, 64, 413-430.
Hansen, B. E., (2000), “Sample Splitting and Threshold Estimation.” Econometrica, 68, 575-603.
Hauk, W. R., Jr., andWacaiarg, R., (2004), “A Monte Carlo Study of Growth Regressions.”
National Bureau of Economic Research Technical Working Paper, No. 296, January 2004.
Hicks, J., (1969), “A Theory of Economic History.” Oxford: Clarendon Press.
Howitt, P. and Mayor-Foulkes, D., (2005), “R&D, Implementation, and Stagnation:
A Schumpeterian Theory of Convergence Clubs.” Journal of Money, Credit and Banking, 37, 147-177.
Huang, River H. C., (2005), “Diverging Evidence of Convergence Hypothesis.”Journal of Macroeconomics, 27, 233-255.
Islam, N., (1995), “Growth Empirics: A Panel Data Approach.” Quarterly Journal of Economics, 110, 1127-1170.
Khan, A., (2001), “Financial Development and Economic Growth.” Macroeconomic Dynamics, 413-433.
King, R. G. and Levine, R. (1993a), “Finance and Growth: Schumpeter Might Be Right.” Quarterly Journal of Economics, 108, 717-738.
King, R. G. and Levine, R. (1993b), “Finance, Entrepreneurship, and Growth: Theory and Evidence.” Journal of Monetary Economics, 32, 513-542.
Klenow, P. J., Rodr 、iguez-Clare, A., (1997), “The Neoclassical Revival in Growth Economics: Has it Gone too Far?” NBER Macroeconomics Annual 1997, Cambridge, MA: MIT Press.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R. W., (1997), “Legal Determinants of External Finance.” Journal of Finance, 52, 1131-1150.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R. W., (1998), “Law and finance.” Journal of Political Economy, 106, 1113-1155.
Levine, R., (1991), “Stock Markets, Growth, and Tax Policy.” Journal of Finance , 46, 1445-65.
Levine, R. (1998), “The Legal Environment, Banks, and Long-Run Economic Growth.” Journal of Money, Credit and Banking, 30, 596-613.
Levine, R. (1999), “Law, Finance, and Economic Growth.” Journal of Financial Intermediation, 8, 8-35.
Levine, R., Loayza, N. and Beck, T., (2000), “Financial Intermediation and Growth: Causality and Causes.” Journal of Monetary Economics, 46, 31-77.
Levine, R. and Renelt, D., (1992), “A Sensitivity Analysis of Cross-country Growth Regressions.” American Economic Review, 82, 942-963.
Levine, R. and Zervos, S., (1996), “Stock Markets and Long-run Growth.” World Bank Economic Review, 10, 223-239.
Levine, R. and Zervos, S., (1998) “Stock Markets, Banks, and Economic Growth.”American Economic Review, 88, 537-558.
Liu, Z. and Stengos, T., (1999), “Non-linearities in Cross-Country Growth Regressions: A Semiparametric Approach.” Journal of Applied Econometrics, 14, 527- 538.
Lucas, R., (1988), “On the Mechanic of Economic Development.” Journal of Monetary Economics, 22, 3-42.
Maddala, G. S. andWu, S., (2000), “Cross-Country dsGrowth Regressions: Problems of Heterogeneity, Stability and Interpretation.” a, 32, 635-642.
Mankiw, N. G., Romer, D., andWeil, D., (1992), “A Contribution to the Empirics of Economic Growth.” Quarterly Journal of Economics, 107,407-437.
Mayer-Foulkes, D., (2003), “Convergence clubs in Cross-Country Life Expectancy Dynamics.” In Perspectives on Growth and Poverty, edited by Rolph van der Hoeven and Anthony F. S.,144-171. Tokyo: United Nations University Press.
McCaig, B. and Stengos, T., (2005), “Financial Intermediation and Growth: Some Robustness Results.” Economics Letters, 88, 306-312.
McKinnon, R. (1973), “Money and Capital in Economic Development.” The Brookings Institute, Washington.
Minier, J. A., (2003), “Are Small Stock Market Different?” Journal of Monetary Economics, 50, 1593-1602.
Pritchett, L., (1997), “Divergence, Big Time.” Journal of Economic Perspective, 11, 3-17.
Quah, D. T., (1997), “Empirics for Growth and Distribution: Straitification, Polarization, and Convergence Clubs.” Journal of Economic Growth, 2, 27-59.
Rajan, R. G. and Zingales, L. (1998), “Financial Dependence and Growth.” American Economic Review, 88, 559-586.
Rigobon, R. (2003), “Identification through Heteroskedasticity.” Review of Economics and Statistics, 85, 777-792.
Romer, P., (1986), “Increasing Returns and Long-Run Growth.” Journal of Political Economy, 94, 407-444.
Rousseau, P. L. and Wachtel, P. (2000), “Equity Markets and Growth: Cross-Country Evidence on Timing and Outcomes, 1980-1995.” Journal of Business & Finance, 24, 1933-1957.
Saint-Paul, G., (1992), “Technological Choice, Financial Markets and Economic Development.” European Economic Review, 36, 763-81.
Schumpeter, J. A. (1934), “The Theory of Economic Development.” Cambridge MA: Harvard University Press.
Shen, C. H. and Lee, C. C., (2006), “Same Financial Development yet Different Economic Growth-Why?” Journal of Money, Credit and Banking, 38, 1907-1944.
Solow, R. M., (1956), “A Contribution to the Theory of Economic Growth.” Quarterly Journal of Economics, 70, 65-94.
Stiglitz, J. E. (1969), “Distribution of Income and Wealth among Individuals.”Econometrica, 37, 382-397.
Temple, J., (1999), “A New Growth Evidence.” Journal of Economic Literature, 37,112-156.

參考文獻
Acemoglu, D., Johnson, S. and Robinson, J. A., (2001), “The Colonial Origins of Comparative Development: An Empirical Investigation.” American Economic Review, 91, 1369-1401.
Arestis, P. and Demetriades, P., (1997), “Financial Development and Economic Growth: Assessing the Evidence.” Econometrics Journal, 107, 783-799.
Arestis, P., Demetriades, P. and Luintel, B., (2001), “Financial Development and Economic Growth: The Role of Stock Markets.” Journal of Money, Credit and Banking, 33, 16-41.
Atje, R. and Jovanovic, B., (1993), “Stock Markets and Development.” European Economic Review, 37, 632-640.
Barro, R., (1991), “Economic Growth in a Cross Section of Countries.” Quarterly Journal of Economics, 408-443.
Beck, T., Levine, R. and Loayza, N., (2000), “Finance and the Sources of Growth.”Journal of Financial Economics, 58, 261-300.
Beck, T. and Levine, R. (2004), “Stock Markets, Banks and Growth: Panel Evidence.” Journal of Business & Finance, 28, 423-442.
Bencivenga, V. R., Smith, B. D. and Starr, R. M., (1995), “Transactions Costs, Technological Choice, and Endogenous Growth.” Journal of Economic Theory , 67, 153-177.
Blackburn, K. and Hung, V. T. Y., (1998), “A Theory of Growth, Financial Development, and Trade.” Economica, 65, 107-127.
Cameron, R., (1967), Banking in the Early Stages of Industrialization: A Study in Comparative Economic History. Oxford University Press, New York, NY.
Caporale, G. M., Cipollini, A. and Demetriades, P. O., (2005), “Monetary Policy and the Exchange Rate During the Asian Crisis: Identification through Heteroscedasticity.” Journal of International Money and Finance, 24, 39-53.
De Gregorio, J. and Guidotti, P., (1995), “Financial Development and economic growth.” World Development, 23, 433-448.
Deidda, L. (2006), “Interaction between Economic and Financial Development.”Journal of Monetary Economics, 53, 233-248.
Demirguc-Kunt, A. and Levine, R., (1996a), “Stock Market Development and Financial Intermediaries: Some Stylized Facts.” World Bank Economic Review, 10, 291-321.
Demirguc-Kunt, A. and Levine, R., (1996b), “Stock Markets, Corporate Finance and Economic Growth: An Ooverview.” World Bank Economic Review, 10, 223-239.
Demetriades, P. and Hussein, K., (1996), “Does Financial Development Cause Economic Growth? Time-Series Evidence from 16 Countries.” Journal of Development Economics, 51, 387-411.
Djankov, S., McLiesh, C., and Shleifer, A., (2007), “Private Credit in 129 Countries.”
Journal of Financial Economics, 84, 299-329
Dollar, D. and Kraay, A., (2003), “Institutions, Trade, and Growth.” Journal of Monetary Economics, 50, 133-162.
Engle, R. F. and Granger, C. W. J., (1987), “Co-Integration and Error Correction: Representation, Estimation and Testing.” Econometrica, 55, 251-276.
Edwards, S. (1992), “Trade Orientation, Distortions and Growth in Developing Countries.” Journal of Development Economics, 39, 31-57.
Goldsmith, R. W. (1969), Financial Structure and Development. New Haven, CT: Yale University Press.
Greenwood, J. and Jovanovic, B. (1990), “Financial Development, Growth, and the Distribution of Income.” Journal of Political Economy, 98, 1076-1107.
Harris, R. D. F., (1997), “Stock Market and Development: A Re-assessment.”European Economic Review, 41, 139-146.
Harrison, A., (1996), “Openness and Growth: A Time-series, Cross-country Analysis for Developing Countries.” Journal of Development Economics, 48, 419-447.
Hansen, L. P. (1982), “Large Sample Properties of Generalized Method of Moments Estimator.” Econometrica, 50, 1029-1054.
Huang, (River) H. C. and Lin, S. C., (2007), “Joint Determination of Economic Growth and Financial Develoopment.” Working Paper.
King, R. G. and Levine, R. (1993a), “Finance and Growth: Schumpeter Might Be Right.” Quarterly Journal of Economics, 108, 717-738.
King, R. G. and Levine, R. (1993b), “Finance, Entrepreneurship, and Growth: Theory and Evidence.” Journal of Monetary Economics, 32, 513-542.
Korajczyk, R., (1996), “A Measure of Stock Market Integration for Developed and Emerging Markets.” World Bank Economic Review, 10, 267-289.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R. W. (1997), “Legal Determinants of External Finance.” Journal of Finance, 52, 1131-1150.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R. W. (1998), “Law and Finance.” Journal of Political Economy, 106, 1113-1155.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., and Vishny, R., (1999), “The Quality of Government.” Journal of Law, Economics, and Organization, 15, 222-279.
Leamer, E. (1981), “Is It a Demand Curve, or Is It a Supply Curve? Partial Identification through Inequality Constraints.” Review of Economics and Statistics, 63, 319-327.
Lee, H. Y., Ricci, L. A. and Rigobon, R. (2004), “Once Again, Is Openness Good for Growth?” Journal of Development Economics, 75, 451-472.
Leigh, L., (1997), “Stock Market Equilibrium and Macroeconomic Fundamentals.”IMF Working Paper WP/79/15.
Leontief, W. (1929), “Ein Versuch Zur Statistischen Analyse von Angebot und Nachfrage.” Weltwirtschaftliches Archiv, 30, 1-53.
Levine, R. (1991), “Sock Markets, Growth, and Tax Policy.” Journal of Finance, 46, 1445-1465.
Levine, R. (1997), “Financial Development and Economic Growth: Views and Agenda.” Journal of Economic Literature, 35, 688-726.
Levine, R. (2004), “Denying Foreign Bank Entry: Implications for Bank Interest Margins.” In Bank Market Structure and Monetary Policy, Eds: Luis Antonio Ahumada and J. Rodrigo Fuentes, Santiago, Chile: Banco Central de Chile.
Levine, R. (2005), “Finance and Growth: Theory and Evidence.” In Handbook of Economic Growth, Eds: Philippe Aghion and Steven Durlauf, The Netherlands: Elsevier Science.
Levine, R., Loayza, N. and Beck, T. (2000), “Financial Intermediation and Growth: Causality and Causes.” Journal of Monetary Economics, 46, 31-77.
Levine, R. and Zervos, S., (1996), “Stock Markets and Long-run Growth.” World Bank Economic Review, 10, 223-239.
Levine, R. and Zervos, S., (1998), “Stock Markets, Banks, and Economic Growth.”American Economic Review, 88, 537-558.
Lucas, R., (1988), “On the Mechanic of Economic Development.” Journal of Monetary Economics, 22, 3-42.
Minier, J., (2003), “Are Small Stock Markets Different?” Journal of Monetary Economics, 50, 1593-1602.
Rajan, R. G. and Zingales, L. (1998), “Financial Dependence and Growth.” American Economic Review, 88, 559-586.
Rajan, R. and Zingales, L., (1999), “The Politics of Financial Development.” It Unpublished working paper, University of Chicago, Chicago.
Rajan, R. and Zingales, L., (2003), “The Great Reversals: the Politics of Financial Development in the Twentieth Centry.” Journal of Financial Economics, 69, 5-50.
Rigobon, R. (2003), “Identification through Heteroskedasticity.” Review of Economics and Statistics, 85, 777-792.
Rigobon, R. and Rodrik, D. (2005), “Rule of Law, Democracy, Openness, and Income: Estimating the Interrelationships.” Economics of Transition, 13, 533-564.
Rigobon, R. and Sack, B. (2003), “Measuring the Reaction of Monetary Policy to the Stock Market.” Quarterly Journal of Economics, 118, 639-669.
Rigobon, R. and Sack, B. (2004), “The Impact of Monetary Policy on Asset Prices.” Journal of Monetary Economics, 51, 1553-1575.
Romer, P., (1986), “Increasing Returns and Long-Run Growth.” Journal of Political Economy, 94, 407-444.
Rousseau, P. L. and Sylla, R., (1999),  Emerging Financial Markets and Early U.S. Growth  , NBER Working Paper No. 7448.
Rousseau, P. L. and Sylla, R., (2001), “Financial Systems, Economic Growth, and Globalization.” NBER Working Paper No. 8323.
Rousseau, P. L. and Wachtel, P. (2000), “Equity Markets and Growth: Cross-Country Evidence on Timing and Outcomes, 1980-1995.” Journal of Business and Finance, 24, 1933-1957.
Saint-Paul, G., (1992), “Technological Choice, Financial Markets and Economic Development.” European Economic Review, 36, 763-781.
Shen, C. H. and Lee, C. C., (2006), “Same Financial Development yet Different Economic Growth-Why?” Journal of Money, Credit and Banking, 38, 1907-1944.
Stock, J. H. and Trebbi, F. (2003), “Who Invented Instrumental Variable Regression?”Journal of Economic Perspective, 17, 177-194.
Stulz, R. M. and Williamson, R., (2003), “Culture, Openness, and Finance.” Journal of Financial Economics, 70, 313-349.
Townsend, R. M., (1983), “Financial Structure and Economic Activity.” American Economic Review, 73, 895-911.
Wachtel, P., (2003), “How Much Do We Really Know about Growth and Finance?”Federal Reserve Bank of Atlanta Economic Review, 88, 33-47.
Wurgler, R. E., (2000), “Financial Markets and the Allocation of Capital.” Journal of Financial Economics, 58, 187-214.
Wright, P. G. (1928), The Tariff on Animal and Vegetable Oils. New York: Macmillan.
Zilibotti, F., (1994), “Endogenous Growth and Intermediation in an ’Archipelago’Economy.” Econometrics Journal, 104, 462-473.
論文使用權限
  • 同意紙本無償授權給館內讀者為學術之目的重製使用,於2010-06-07公開。
  • 同意授權瀏覽/列印電子全文服務,於2010-06-07起公開。


  • 若您有任何疑問,請與我們聯絡!
    圖書館: 請來電 (02)2621-5656 轉 2281 或 來信