文档介绍：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 country's effective development petitiveness, or as in the case of financial system distortions, a major impediment. Among ponents advancing a country's 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