? Laeven (2000) ,,, 1, 0, 0 6, ;,, Bandiera (2000), 0-1, 1, 0,,,Mor2 ley (1999) Kamin2 sky Schmukler (2001) 28, (1999)

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11 78 298,,, 1 Bandiera,Oriana, Gerard Caprio Jr1,Patrick Honohan and Fabio Schiantarelli1 DOES FINANCIAL REFORM RAISE OR RE2 DUCE SAVINGS? Review of Economics and Statistics,2000,82(2),pp Demirguc - Kunt, A1 and R1 Levine (eds1) 1 Financial Structure and Economic Growth A Cross - Country Comparison of Banks, Markets, and Development1 The MIT Press1 Cambridge, Massachusetts, London, England, Kaminsky, Graciela Laura and Sergio L1 Schmukler1 On Booms and Crashes Financial Liberalization and Stock Market Cycles1 The World Bank working paper, http / / gwu1edu/ graciela and http / / www1worldbank1org/ research/ bios/ schmukler1htm Laeven, Luc1 Does Financial Liberalization Relax Financing Constraints on Firms? World Bank working paper no1 2467, Levine, R11 Financial structures and economic development1 Revista de Analisis Economico, 1993,8(1) 1 6 Morley,Samuel A1,Roberto Machado and Stefano Pettinato1 INDEXES OF STRUCTURAL REFORM IN LATIN AMERICA1 the ECLAC Economic Development Division, SERIE REFORMAS ECONO MICAS 12, , ( ) (2000 ), , http / / www1drcnet1com1cn 10/ 10/ 20021,2002 (9) ,1999 (10) Abstract The paper, by introducing principal component analysis, establishes the index of China s financial liberal2 ization based on the previous studies. Then the authors use the index to test the impact of financial liberalization on e2 conomic growth and find that the financial liberalization index can reflect the fluctuations in the reformation of China s financial markets. However, the test doesn t support some existing studies that there is a relationship between fi2 nancial development and economic growth. When we consider the financial structure and financial liberalization to2 gether, it is found that there is a positive relationship between financial liberalization and economic growth, but a neg2 ative relationship between financial structure and economic growth. The conclusion is that financial liberalization af2 fects economic growth. Key words financial liberalization index,financial development, economic growth ( ) ( YY)

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