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首页> 外文会议>2008 China international conference in finance >The Financial System Capacities of China and India
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The Financial System Capacities of China and India

机译：中国和印度的金融体系能力

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The extraordinary performance of China and India's economies raises questions about the traditional measures of the size and depth of financial systems. While banks and markets have played a limited role in providing funds for corporate sectors and supporting economic growth in these two countries, non-state, nonlisted firms, relying mostly on internal and alternative financing channels, have been growing faster than the state and listed sectors and contributing much of the growth. The alternative financing channels, excluded in the traditional measures of financial systems, operate outside formal institutions and are backed by non-legal mechanisms such as reputation, relationships, and trust. We define the capacity of a financial system to be the total funding available for all corporate sectors in an economy. Our findings from China and India demonstrate that alternative financing channels can significantly expand the financial system capacity and promote growth and profitability at the firm level and economy wide.
机译：中国和印度经济的出色表现使人们对传统的衡量金融体系规模和深度的措施提出了质疑。尽管银行和市场在为这两个国家提供公司部门资金和支持经济增长方面发挥着有限的作用，但主要依靠内部和替代融资渠道的非国有，非上市公司的增长速度快于国有和上市部门并为增长做出了很大贡献。替代性融资渠道被传统的金融体系所排除，在正规机构之外运作，并受到声誉，关系和信任等非法律机制的支持。我们将金融系统的能力定义为经济体中所有公司部门可用的总资金。我们从中国和印度获得的发现表明，替代性融资渠道可以显着扩大金融体系的能力，并在公司层面和整个经济领域促进增长和盈利能力。

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