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本文通过建立一个金融发展与产业结构密切相关的理论模型,认为当发达国家和发展中国家同时开放贸易时,发达国家的金融依赖型部门增长,并且带来金融体系的完善。相反,发展中国家的金融依赖型部门萎缩,外部融资需求减少,最终导致金融体系的退化。在实证研究中采用了47个样本国家贸易开放和金融发展的数据,结果与理论预测基本一致:贸易开放促进发达国家金融发展水平的同时,对发展中国家的金融发展产生了负面影响。
By establishing a theoretical model closely related to the industrial structure, this paper argues that when the developed countries and developing countries simultaneously open up their trade, the developed countries’ financial-dependent sectors will grow and their financial system will be improved. In contrast, the financial-dependent sectors in developing countries have shrunk and the demand for external financing has decreased, eventually leading to the deterioration of the financial system. In the empirical study, data from 47 sample countries in terms of trade liberalization and financial development were used. The results are basically consistent with theoretical predictions. Trade liberalization has promoted the level of financial development in developed countries while negatively affecting the financial development of developing countries.