金融学外文翻译---在中国银行和非银行机构对地方经济的影响-金融财政(编辑修改稿)

金融学外文翻译---在中国银行和非银行机构对地方经济的影响-金融财政(编辑修改稿)内容摘要：

terparts, China’s nonbank financial institutions can serve as a more appropriate ―reference group‖. For identifying the causality between finance and growth, it will be ideal if the difference between banks and nonbank financial institutions only lies in the reforms they have received. Therefore, under the assumption that better reforms lead to greater efficiency, the testable hypothesis will be that the financial development of institutions having benefited more from reforms exhibits greater correlation with growth. Noheless, banks and nonbank financial institutions are also different in some other aspects. For instance, while banks have received much earlier and more profound financial reforms but have granted loans mostly to large and medium sized firms in China, nonbank financial institutions have seldom benefited from reforms but have mainly extended their loans to small or private firms. Such differences, however, are working in favor of identifying the causality between finance and 4 growth. Empirically bank development being more correlated with economic growth than the development of nonbank financial sector may indicate the importance of the link between financial reforms and financial development and thus economic growth. Otherwise financial development may simply react to the real sector, given the fact that small and private firms are the engine of China’s Growth. In China, most nonbank financial institutions only operate within a province. While banks, especially stateowned banks, have their nationallevel headquarters, crossprovince bank lending seldom happens due to the restriction imposed by the central bank of China. Therefore it is safe for us to pare the performance of those two types of financial institutions at provincial level. Financial development of those financial institutions in each province is measured, in a conventional way, by the ratios of local savings and loans to GDP. The panel dataset we employ covers the period 1995–2020, right after the mid1990s financial reforms took place. Choosing such a period also helps us alleviating the reverse impact from growth to financial reforms. For instance, the concern that financial reforms were initiated exactly at the time that the economy was expected to boom should then be less of a concern. The growth rates have shown a decreasing trend during our sample period, as the Chinese government has managed to ―soft land‖ the economy since the mid1990s. Our results show that a clear difference exists between the impact of financial development of banks and nonbank financial institutions on growth. While having extended most of their loans to the large and medium sized firms, banks contribute significantly to local growth. This effect is more pronounced in provinces with foreign entry. As a parison, nonbank financial institutions, while granting most of their loans to smaller firms in China, seem to be not important for local growth. Such results are robust across different specifications controlling for omitted variables or。