不同金融体制通过影响研究与开发在经济增长中起不同作用。由单一银行提供研究与开发经费的经济 ,有软预算约束 ,由多元银行提供研究与开发经费的经济有硬预算约束。当研究与开发项目的不确定性很高时 ,具有硬预算约束的经济比具有软预算约束的经济更能促进研究与开发 ,能带来更高经济增长率。 Different financial systems play different roles in economic growth by influencing research and development. Economies that provide research and development funding from a single bank are subject to soft budget constraints and hard budgetary constraints on the economics of research and development funding from diversified banks. When the uncertainty of R & D projects is high, an economy with hard budget constraints can promote research and development more than a budget-constrained economy, resulting in higher rates of economic growth.