农村金融外文翻译文献综述

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中国农村金融发展的现状的英语参考文献

中国农村金融发展的现状的英语参考文献1. Liu, Y., & Sun, L. (2017). Rural financial development in China: A study on its macroeconomic and institutional determinants. China Economic Review, 44, 343-356.2. Zhang, C., & Xu, X. (2018). The development of rural finance in China: Current status and future perspectives. Journal of Chinese Economic and Business Studies, 16(4), 377-392.3. Xu, H., & Yang, X. (2019). The role of microfinance in promoting rural financial development in China. China Agricultural Economic Review, 11(2), 280-298.4. Ma, X., & Zhang, Z. (2020). Rural finance and poverty alleviation in China: A review of policies and practices. China Agricultural Economic Review, 12(2), 298-315.5. Guo, D., & Huang, Q. (2021). The impact of financial inclusion on rural development in China. Journal of Asian Economics, 77, 101100.中国农村金融发展的现状已经吸引了许多学者的关注。

农村金融发展外文文献

农村金融发展外文文献农村金融一直是中国经济发展中的一个重要领域。

随着农村经济的不断发展和城乡差距的缩小，农村金融也逐渐成为各界关注的焦点。

本文将结合国外相关文献，探讨农村金融发展的一些主要问题和挑战。

首先，农村金融发展面临的主要问题之一是金融机构的不足。

在许多农村地区，金融机构的覆盖率仍然较低，导致农民难以获得贷款和其他金融服务。

一些研究表明，缺乏金融机构的支持是农村经济发展的一个重要制约因素，需要政府和相关部门采取措施加以解决。

其次，农村金融发展还存在着金融产品和服务的不足。

传统的金融机构往往只提供简单的储蓄和贷款服务，无法满足农民多样化的金融需求。

因此，需要不断创新金融产品和服务，为农民提供更加全面和便利的金融支持。

另外，农村金融发展还需要加强金融知识普及和教育。

许多农民缺乏金融知识，不了解金融产品和服务的作用和风险，容易受到不法分子的欺诈和误导。

因此，应该加大对农民金融知识的培训和普及力度，提高他们金融风险意识和金融管理能力。

此外，农村金融发展还需要加强金融监管和风险控制。

近年来，一些农村金融机构存在违规经营和风险隐患，给农民的财产安全带来了一定的威胁。

因此，有关部门应该加强对农村金融机构的监管和监督，及时发现和处理金融风险，保障农民的合法权益。

综上所述，农村金融发展是一个复杂而严峻的系统工程，需要政府、金融机构和社会各界的共同努力。

只有通过加强金融机构建设、创新金融产品和服务、加强金融知识普及和加强金融监管等措施，才能实现农村金融的可持续发展，为农民提供更好的金融支持和服务。

希望通过本文的探讨和分析，能够引起更多人对农村金融发展的关注和重视，推动农村金融事业取得更大的进步和发展。

金融体系中英文对照外文翻译文献

金融体系中英文对照外文翻译文献(文档含英文原文和中文翻译)Comparative Financial Systems1 What is a Financial System?The purpose of a ﬁnancial system is to channel funds from agents with surpluses to agents with deﬁcits. In the traditional literature there have be en two approaches to analyzing this process. The ﬁrst is to consider how agents interact through ﬁnancial markets. The second looks at the operation ofﬁnancial intermediaries such as banks and insurance companies. Fifty years ago, the ﬁnancial system co uld be neatly bifurcated in this way. Rich house-holds and large ﬁrms used the equity and bond markets,while less wealthy house-holds and medium and small ﬁrms used banks, insurance companies and other ﬁnancial institutions. Table 1, for example, shows the ownership of corporate equities in 1950. Households owned over 90 percent. By 2000 it can be seen that the situation had changed dramatically.By then households held less than 40 percent, nonbank intermediaries, primarily pension funds and mutual funds, held over 40 percent. This change illustrates why it is no longer possible to consider the role of ﬁnancial markets and ﬁnancial institutions separately. Rather than intermediating directly between households and ﬁrms, ﬁnancial institutions have increasingly come to intermediate between households and markets, on the one hand, and between ﬁrms and markets,on the other. This makes it necessary to consider the ﬁnancial system as anirreducible whole.The notion that a ﬁnancial system transfers resources between households and ﬁrms is, of course, a simpliﬁcation. Governments usually play a significant role in the ﬁnancial system. They are major borrowers, particularlyduring times of war, recession, or when large infrastructure projects are being undertaken. They sometimes also save signiﬁcant amounts of funds. For example, when countries such as Norway and many Middle Eastern States have access to large amounts of natural resources (oil), the government may acquire large trust funds on behalf of the population.In addition to their roles as borrowers or savers, governments usually playa number of other important roles. Central banks typically issue ﬁat money and are extensively involved in the payments system. Financial systems with unregulated markets and intermediaries, such as the US in the late nineteenth century, often experience ﬁnancial crises.The desire to eliminate these crises led many governments to intervene in a signiﬁcant way in the ﬁnancial system. Central banks or some other regulatory authority are charged with regulating the banking system and other intermediaries, such as insurance companies. So in most countries governments play an important role in the operation of ﬁnancialsystems. This intervention means that the political system, which determines the government and its policies, is also relevant for the ﬁnancial system.There are some historical instances where ﬁnancial markets and institutions have operated in the absence of a well-deﬁned legal system, relyinginstead on reputation and other im plicit mechanisms. However, in most ﬁnancial systems the law plays an important role. It determines what kinds ofcontracts are feasible, what kinds of governance mechanisms can be used for corporations, the restrictions that can be placed on securities and so forth. Hence, the legal system is an important component of a ﬁnancial system.A ﬁnancial system is much more than all of this, however. An important pre-requisite of the ability to write contracts and enforce rights of various kinds is a system of accounting. In addition to allowing contracts to be written, an accounting system allows investors to value a company more easily and to assess how much it would be prudent to lend to it. Accounting information is only one type of information (albeit the most important) required by ﬁnancial systems. The incentives to generate and disseminate information are crucial features of a ﬁnancial system.Without signiﬁcant amounts of human capital it will not be possible for any of these components of a ﬁnancial system to operate eﬀectively. Well-trained lawyers, accountants and ﬁnancial professionals such as bankers are crucial for an eﬀective ﬁnancial system, as the experience of Eastern Europe demonstrates.The literature on comparative ﬁnancial systems is at an early stage. Our survey builds on previous overviews by Allen (1993), Allen and Gale (1995) and Thakor (1996). These overviews have focused on two sets of issues.(1)Normative: How eﬀective are diﬀerent types of ﬁnancial system atvarious functions?(2) Positive: What drives the evolution of the ﬁnancial system?The ﬁrst set of issues is considered in Sections 2-6, which focus on issues of investment and saving, growth, risk sharing, information provision and corporate governance, respectively. Section 7 consider s the inﬂuence of law and politics on the ﬁnancial system while Section 8 looks at the role ﬁnancial crises have had in shaping the ﬁnancial system. Section 9 contains concludingremarks.2 Investment and SavingOne of the primary purposes of the ﬁnancial system is to allow savings to be invested in ﬁrms. In a series of important papers, Mayer (1988, 1990) documents how ﬁrms obtained funds and ﬁnanced investment in a number of diﬀerent countries. Table 2 shows the results from the most recent set of studies, based on data from 1970-1989, using Mayer’s methodology. The ﬁgures use data obtained from sources-and-uses-of-funds statements. For France, the data are from Bertero (1994), while for the US, UK, Japan and Germany they are from Corbett and Jenkinson (1996). It can be seen that internal ﬁnance is by far the most important source of funds in all countries.Bank ﬁnance is moderately important in most countries and particularly important in Japan and France. Bond ﬁnance is only important in the US and equity ﬁnance is either unimportant or negative (i.e., shares are being repurchased in aggregate) in all countries. Mayer’s studies and those using his methodology have had an important impact because they have raised the question of how important ﬁnancial marke ts are in terms of providing funds for investment. It seems that, at least in the aggregate, equity markets are unimportant while bond markets are important only in the US. These ﬁndings contrast strongly with theemphasis on equity and bond markets in the traditional ﬁnance literature. Bank ﬁnance is important in all countries,but not as important as internal ﬁnance.Another perspective on how the ﬁnancial system operates is obtained by looking at savings and the holding of ﬁnancial assets. Table 3 shows t he relative importance of banks and markets in the US, UK, Japan, France and Germany. It can be seen that the US is at one extreme and Germany at the other. In the US, banks are relatively unimportant: the ratio of assets to GDP is only 53%, about a third the German ratio of 152%. On the other hand, the US ratio of equity market capitalization to GDP is 82%, three times the German ratio of 24%. Japan and the UK are interesting intermediate cases where banks and markets are both important. In France, banks are important and markets less so. The US and UK are often referred to as market-based systems while Germany, Japan and France are often referred to as bank-based systems. Table 4 shows the total portfolio allocation of assets ultimately owned by the household sector. In the US and UK, equity is a much more important component of household assets than in Japan,Germany and France. For cash and cash equivalents (which includes bank accounts), the reverse is true. Tables 3 and 4 provide an interesting contrast to Table 2. One would expect that, in the long run, household portfolios would reﬂect the ﬁnancing patterns of ﬁrms. Since internal ﬁnance accrues to equity holders, one might expect that equity would be much more important in Japan, France and Germany. There are, of course, diﬀerences in the data sets underlying the diﬀerent tables. For example, household portfolios consist of ﬁnancial assets and exclude privately held ﬁrms, whereas the sources-and-uses-of-funds data include all ﬁrms. Nevertheless, it seem s unlikely that these diﬀerences could cause such huge discrepancies. It is puzzling that these diﬀerent ways of viewing the ﬁnancial system produce such radically diﬀerent results.Another puzzle concerning internal versus external ﬁnance is the diﬀerence between the developed world and emerging countries. Although it is true for the US, UK, Japan, France, Germany and for most other developed countries that internal ﬁnance dominates external ﬁnance, this is not the case for emerging countries. Singh and Hamid (1992) and Singh (1995) show that, for a range of emerging economies, external ﬁnance is more important than internal ﬁnance. Moreover, equity is the most important ﬁnancing instrument and dominates debt. This diﬀerence between the industrialized nations and the emerging countries has so far received little attention. There is a large theoretical literature on the operation of and rationale for internal capital markets. Internal capital markets diﬀer from external capital markets because of asymmetric information, investment incentives, asset speciﬁcity, control rights, transaction costs or incomplete markets There has also been considerable debate on the relationship between liquidity and investment (see, for example, Fazzari, Hubbard and Petersen(1988), Hoshi, Kashyap and Scharfstein (1991))that the lender will not carry out the threat in practice, the incentive eﬀect disappears. Although the lender’s behavior is now ex post optimal, both parties may be worse oﬀ ex ante.The time inconsistency of commitments that are optimal ex ante and suboptimal ex post is typical in contracting problems. The contract commits one to certain courses of action in order to inﬂuence the behavior of the other party. Then once that party’s behavior has been determined, the beneﬁt of the commitment disappears and there is now an incentive to depart from it.Whatever agreements have been entered into are subject to revision because both parties can typically be made better oﬀby “renegotiating” the original agreement. The possibility of renegotiation puts additional restrictions on the kind of contract or agreement that is feasible (we are referring here to the contract or agreement as executed, ratherthan the contract as originally written or conceived) and, to that extent, tends to reduce the welfare of both parties ex ante. Anything that gives the parties a greater power to commit themselves to the terms of the contract will, conversely, be welfare-enhancing.Dewatripont and Maskin (1995) (included as a chapter in this section) have suggested that ﬁnancial markets have an advantage over ﬁnancial intermediaries in maintaining commitments to refuse further funding. If the ﬁrm obtains its funding from the bond market, th en, in the event that it needs additional investment, it will have to go back to the bond market. Because the bonds are widely held, however, the ﬁrm will ﬁnd it diﬃcult to renegotiate with the bond holders. Apart from the transaction costs involved in negotiating with a large number of bond holders, there is a free-rider problem. Each bond holder would like to maintain his original claim over the returns to the project, while allowing the others to renegotiate their claims in order to ﬁnance the additional investment. The free-rider problem, which is often thought of as the curse of cooperative enterprises, turns out to be a virtue in disguise when it comes to maintaining commitments.From a theoretical point of view, there are many ways of maintaining a commitment. Financial institutions may develop a valuable reputation for maintaining commitments. In any one case, it is worth incurring the small cost of a sub-optimal action in order to maintain the value of the reputation. Incomplete information about the borrower’s type may lead to a similar outcome. If default causes the institution to change its beliefs about the defaulter’s type, then it may be optimal to refuse to deal with a ﬁrm after it has defaulted. Institutional strategies such as delegating decisions to agents who are given no discretion to renegotiate may also be an eﬀective commitment device.Several authors have argued that, under certain circumstances, renegotiation is welfare-improving. In that case, the Dewatripont-Maskin argument is turned on its head. Intermediaries that establish long-term relationships with clients may have an advantage over ﬁnancial markets precisely because it is easier for them to renegotiate contracts.The crucial assumption is that contracts are incomplete. Because of the high transaction costs of writing complete contracts, some potentially Pareto-improving contingencies are left out of contracts and securities. This incompleteness of contracts may make renegotiation desirable. The missing contingencies can be replaced by contract adjustments that are negotiated by the parties ex post, after they observe the realization of variables on which the contingencies would have been based. The incomplete contract determines the status quo for the ex post bargaining game (i.e., renegotiation)that determines the ﬁnal outcome.An import ant question in this whole area is “How important are these relationships empirically?” Here there does not seem to be a lot of evidence.As far as the importance of renegotiation in the sense of Dewatripont and Maskin (1995), the work of Asquith, Gertner and Scharfstein (1994) suggests that little renegotiation occurs in the case of ﬁnancially distressed ﬁrms.Conventional wisdom holds that banks are so well secured that they can and do “pull the plug” as soon as a borrower becomes distressed, leaving theunsecured creditors and other claimants holding the bag.Petersen and Rajan (1994) suggest that ﬁrms that have a longer relationship with a bank do have greater access to credit, controlling for a number of features of the borrowers’ history. It is not clea r from their work exactly what lies behind the value of the relationship. For example, the increased access to credit could be an incentive device or it could be the result ofgreater information or the relationship itself could make the borrower more credit worthy. Berger and Udell (1992) ﬁnd that banks smooth loan rates in response to interest rate shocks. Petersen and Rajan (1995) and Berlin and Mester (1997) ﬁnd that smoothing occurs as a ﬁrm’s credit risk changes.Berlin and Mester (1998) ﬁnd that loan rate smoothing is associated with lower bank proﬁts. They argue that this suggests the smoothing does not arise as part of an optimal relationship.This section has pointed to a number of issues for future research.• What is the relationship between th e sources of funds for investment,as revealed by Mayer (1988, 1990), and the portfolio choices of investorsand institutions? The answer to this question may shed some light onthe relative importance of external and internal finance.• Why are financing patterns so different in developing and developedeconomies?• What is the empirical importance of long-term relationships? Is renegotiationimportant is it a good thing or a bad thing?• Do long-term relationships constitute an important advantage of bankbasedsystems over market-based systems?金融体系的比较1、什么是金融体系？一个金融系统的目的（作用）是将资金从盈余者（机构）向短缺者（机构）转移（输送）。

《农村互联网金融发展问题探究国内外文献综述2400字》

农村互联网金融发展问题研究国内外文献综述1.国外研究现状Economides N. C. Himmelberg（2014）认为，互联网金融是建立在传统金融业务基础上的新兴业务。

以传统业务为切入点有助于顺利提升互联网金融的发展水平，夯实互联网金融的发展基础，促进互联网金融快速步入到良性的发展轨道[5]。

Kirsty Best （2015）的研究表明，2002年联合国贸易和发展会议为发展中国家建构网络金融提供了广泛的认知，其建构了覆盖发展中国家的互联网金融发展条件和发展形势，这也是本文研究中对于互联网金融类别进行划分的重要依据[6]。

其认为，互联网金融涵盖电子银行、电子支付、电子贸易、网络借贷等不同领域，其总体发展规模是互联网金融的体量。

Andrew Crockett （2017）针对互联网金融的概况进行了研究。

其认为，物理网点应将支付结算功能过渡为营销服务，推动业务转型，将用户体验管理和交易成本控制作为提高互联网金融发展水平的重要措施[7]。

同时，应当优化远程协助业务的发展，提高互联网金融发展的硬件建设水平。

Chester Brown（2017）认为，互联网金融发展的背景下，应当结合互联网金融的发展特征和产业特点，积极引进人才，提高人才的储备水平，重视互联网金融的特征，提高互联网金融各主体对人才的吸纳水平，完善人才的知识结构，推动互联网金融人才具有扎实的业务功底和理论功底，使得人才兼备金融实操经验和互联网意识，提升互联网金融的发展水平[8]。

Muneer M.Abbad （2016）《约旦网上银行》中认为，农村金融机构应当有效协调传统支付模式与购买模式和当前技术环境和需求环境之间的鸿沟。

推动技术的高速发展，并将信息化的发展经验建构成量化的风险管理模型，提高对于客户信息的管理水平，建立客户潜力管理机制，提高对客户潜力的挖掘水平。

2.国内研究现状第一，农村互联网金融研究方面。

姜颖（2016）针对农村互联网金融工具进行了研究，将农村金融工具划分为投资、储蓄、信贷、结算、证券买卖、商业保险等类别的基础上，诠释了农村金融工具的功能。

关于农村经济外国文献

关于农村经济外国文献文章题目：探究农村经济发展——外国文献综述引言：农村经济作为国家经济发展的重要组成部分，一直以来备受关注。

为了更好的探寻农村经济的现状与发展，本文将从国外文献的角度出发，综述当前农村经济的研究现状和趋势。

一、农村经济的研究现状1. 农村的现实问题Gustavo Anríquez和Kostas Stamoulis的文献《农村变革和扶贫：政策设计，实施和评估的主要考虑因素》指出，目前全球农村地区存在许多问题，包括贫困、低收入、半失业、低技能和优惠政策不透明等等，对农村经济的发展造成了极大的阻碍。

2. 农村经济的主要产业Andrew Schmitz和Robert Dinterman的文献《农村经济发展的主要产业》指出，种植业、畜牧业和林业是农村经济中的主要产业。

其中，种植业是农村经济的核心产业，但畜牧业和林业的发展也在不断加速。

二、农村经济的发展趋势1. 农村创业的发展FL Liu在《中国农村创业文化研究》中指出，在当前经济形势下，建设“双创”示范基地是当前实施乡村振兴战略的必然趋势。

同时，农村创业也有望在未来得到更好的发展。

2. 农村电子商务Cuihua Shen在《如何推动农村电子商务发展？——基于国际比较》中认为，目前，全球很多国家都在积极推动农村电子商务的发展。

这项技术不仅可以扩大销售范围，还可以加强农村经济和城市经济的联系，并在适当的时候调节物价。

结论：本文通过对国外文献的综述，呈现出当前农村经济的研究现状和发展趋势。

文章指出，农村经济在发展过程中面临许多困难，但应在政策层面加强管理，促进“双创”等多种方式，积极推动农村经济的发展。

农村金融体系外文翻译

外文翻译The Main Problems and Countermeasures of China’s Rural Financial System中国的农村金融体系中存在的问题原文来源：ZHAO YI The Main Problems and Countermeasures of China’s Rural Financial System The Chinese Economy, vol. 39, no. 2, March–April 2006, pp. 57–70.•不明确的功能定位在目前的农村金融体系改革的基本问题在于，金融机构的功能定位却很不明确。

杨亚明，中国农业银行的总裁，他认为目前在农村金融体系中有三个的主要组成部分。

有些含糊不清的功能定位和这三个机构重叠存在。

农业银行主要的业务是支持农业产业化经营，小城镇建设和贷款，以帮助贫穷的人。

贷款显示，农业银行的操作是没有完全商业化，也有一些金融性政策的款。

这些农村信用社和农业银行的服务目标和服务类型有一些重叠。

在中国，农村金融专家何广文，郭晓丽也有类似的看法。

为什么金融体系改革是不是非常有效的，功能定位的暧昧是最主要的原因，下面进一步对模糊的功能进行讨论。

首先，关于农村融资有一个模糊的定位功能，。

中国应该如何发展合作金融仍然是一个争论的话题。

中国共产党（CCP）经济领导小组财务科办公室研究员唐人间指出：“这的确是一个头痛的，很难用几句话解释。

大多数高校的农业专家认为这是一个问题，不能简单地避免。

“这肯定显示了中国在发展农民专业合作社的困境。

许多学者在理论界坚持认为，应充分开发农村合作金融规范化和标准化，因为它是一种重要的组织和对农村金融的运作形式。

第二，财政农业政策性和商业性金融之间有一个不明确的业务范围。

1994年，农业中国开发银行的成立，强调分离的COM-商用金融，政策性金融。

这个问题不能得到很快解决，因为第一个商业性金融机构仍然承担一些政策性贷款。

农村金融小额信贷中英文对照外文翻译文献

农村金融小额信贷中英文对照外文翻译文献(文档含英文原文和中文翻译)RURAL FINANCE: MAINSTREAMING INFORMAL FINANCIAL INSTITUTIONSBy Hans Dieter SeibelAbstractInformal financial institutions (IFIs), among them the ubiquitous rotating savings and credit associations, are of ancient origin. Owned and self-managed by local people, poor and non-poor, they are self-help organizations which mobilize their own resources, cover their costs and finance their growth from their profits. With the expansion of the money economy, they have spread into new areas and grown in numbers, size and diversity; but ultimately, most have remained restricted in size, outreach and duration. Are they best left alone, or should they be helped to upgradetheir operations and be integrated into the wider financial market? Under conducive policy conditions, some have spontaneously taken the opportunity of evolving into semiformal or formal microfinance institutions (MFIs). This has usually yielded great benefits in terms of financial deepening, sustainability and outreach. Donors may build on these indigenous foundations and provide support for various options of institutional development, among them: incentives-driven mainstreaming through networking; encouraging the establishment of new IFIs in areas devoid of financial services; linking IFIs/MFIs to banks; strengthening Non-Governmental Organizations (NGOs) as promoters of good practices; and, in a nonrepressive policy environment, promoting appropriate legal forms, prudential regulation and delegated supervision. Key words: Microfinance, microcredit, microsavings。

农村金融发展外文文献

农村金融发展外文文献农村金融是指在农村地区开展金融活动，为农村居民和农业经营者提供金融服务的过程。

随着我国农村经济的快速发展，农村金融发展也日益受到重视。

本文将通过对国外相关文献的梳理和分析，探讨农村金融发展的一些经验和启示。

首先，农村金融的发展对于农村经济的稳定和可持续发展具有重要意义。

国外研究表明，发展农村金融可以促进农村经济结构调整，提高农民的收入水平，改善农村居民的生活质量。

同时，农村金融还可以帮助农民规避风险，提高农业生产的效率和质量，推动农村产业的升级和转型。

其次，国外一些国家和地区在农村金融发展方面已经取得了一些成功的经验。

例如，印度通过建立农村合作社和金融服务机构，为农民提供贷款、储蓄等金融服务，取得了一定的成效。

美国通过设立农村信贷机构和农村信用合作社，推动了农村经济的发展和壮大。

这些国家和地区的成功案例为我国农村金融的发展提供了有益的借鉴和参考。

另外，农村金融发展还需要政府、金融机构和农民共同努力。

政府在政策制定和监管方面发挥着重要作用，需要出台支持农村金融发展的政策措施，营造良好的金融环境。

金融机构需要创新金融产品和服务，满足农民的金融需求，降低农村金融风险。

农民也需要增强金融意识，积极参与金融活动，提高自身金融素养。

最后，农村金融发展还需要加强国际合作和交流。

国际社会在农村金融领域有着丰富的经验和资源，我国可以通过与国际组织和国外机构合作，引进先进的农村金融理念和技术，加快我国农村金融的发展步伐。

综上所述，农村金融的发展是一个综合性、系统性的工程，需要政府、金融机构和农民共同努力，借鉴国外的成功经验，加强国际合作和交流，推动我国农村金融的蓬勃发展。

希望通过本文的探讨，能够为我国农村金融的发展提供一些启示和帮助。

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农村金融外文翻译文献综述(文档含中英文对照即英文原文和中文翻译)农村金融发展不会促进经济发展吗？来自尼日利亚的实证摘要：强劲的经济发展是不可能没有金融深化的，尤其是在欠发达国家（最不发达国家）大多数民众居住的农村社区。

本文分析了农村金融发展对尼日利亚经济增长的影响。

本文选用了1980-2011年的时间序列数据，运用Johansen和Juselius的协整检验，以得出变量之间的长期关系。

因此，用动态普通最小二乘法（ DOLS ）方法揭示尼日利亚农村金融发展与经济增长之间的关系。

协整检验结果表明农村金融发展与尼日利亚经济增长之间存在长期关系。

此外， DOLS 结果发现农村金融发展与尼日利亚经济增长之间存在显著的正相关关系。

它在这项研究中得到证实，农村金融作为全国经济增长的引擎。

因此，可以得出结论，提高农村生产力的信贷可以减免弱势创业者的负担，从而使他们能够对尼日利亚经济的发展做出最大的贡献。

此外，本研究建议除其他事项外，对于农村生产的信贷分配的障碍应减少到最低限度。

关键词：农村发展；信贷分配；金融发展1 引言包容性增长的理念，促使第三世界的经济体发起，实现变化的政策和规划旨在将瘫痪的经济代理人转变成积极的人员来提高他们的经济增长。

尼日利亚政府也不例外，政府促进包容性增长通过尼日利亚中央银行（CBN）运用双广义目标金融包容策略。

首先，要将无银行帐户的民众绝大多数在农村社区成为金融体系的活跃成员。

其次，它也强调在农民负担得起的成本上，提高农村居民的信贷可得性。

不幸的是，在使用金融包容性策略如村镇银行和农业信贷保证计划等等，没有达到目标受益者。

一方面，一些确定为负责非洲农村金融市场的发展表现不佳的问题包括过度管制，监管不力和人才缺乏（Aliero，2009）。

另一方面，该方案在那时间会受政治因素影响（Ibrahim和Aliero，2012）。

尼日利亚历届政府都提出了结构调整计划的几个扶贫方案（SAP）通过国家的经济增长和发展战略（需求）转换到议程。

然而，这些方案都没有达到他们的目标的目标（Ibrahim和Aliero ，2011）。

例如，从国家统计局的相关数据显示，2011年全国的失业率为23.9％，和2010年的21.1％、2009年的19.7％相比农村地区的 25.6 ％高于城镇的17.1% 。

在尼日利亚贫困和失业是同一枚硬币的两面，在其他方面，可能与农村缺乏足够的资金存取有关。

（Aliero，Ibrahim 和Shuaibu ，2012）。

有人认为，金融发展具有降低失业率的能力。

正是沿着这条线Dromel，Kolakez和Lehmann（ 2010）认为，私人信贷（这是金融发展的一个指标）将持续显著降低失业率。

这导致Aliero和Ibrahim（ 2012）预测认为，提高获得正规金融服务，特别是农村群众的信贷，不仅有降低失业率的能力，而且是发展中国家减少贫困的一种途径。

在金融发展突破中强调，欠发达的国家（最不发达国家）的经济发展可以通过自下到上的干预主要是由人来实现。

首先，最不发达国家的民众绝大多数都居住在农村地区，小部分居住在城市。

其次，历史表明，在最不发达国家选择了城市化的项目（自上而下干预）之前，整个国家处于通过稳步发展为经济繁荣的简单格式。

据我所知，没有利用时间序列分析的技术对农村金融业发展与经济增长之间的关系进行过研究。

本研究通过揭示农村金融发展对尼日利亚经济增长中的作用填补了空白。

在实现这一目标的论文分为五个部分，包括引言，第二部分为文献综述，第三部分包含了研究的方法，第四部分是实证结果，而最后一部分总结全文。

2 研究方法对于相关变量的时间序列二次数据来自CBN统计公报、国家统计局，国际金融统计（IFS）和世界发展指标（WDI）。

数据涵盖了1980至2011年，并且变量以自然对数表示。

变量的对数变换是在计量经济学是非常流行，原因是：首先许多经济时间序列数据表现出强烈的趋势，其次，采取了一系列的自然对数线性化有效指数趋势（如果有的话）的时间序列数据，因为对数函数是一个指数函数（Asteriou和Price，2007年）的倒数。

第三，优点是它允许回归系数被解释为弹性。

在处理时间序列数据，选择记录变量可以防止建模和推论的麻烦性（RAHAMAN和Salahuddin，2010）。

一般所有系列都是I(1)，然后用动态普通最小二乘法（DOLS ）是估计协整向量的单一特征变量之间的长期关系。

在股票沃森动态OLS 模型能有效地估算长期运行参数，分析必须和整合的I （1）变量中存在协整关系。

因此，先检验单位根的存在，然后测试该协整关系。

幸运的是，检验平稳性的方法有很多，而ADF 检验(1981）是以避免伪回归结果问题的最广泛应用的计量方法。

一系列平稳是被差分一次也就是一阶整合，并记为I （1）（迪基和Fuller ,1979）。

一般来说一个系列，即被差分n 次，n 阶整合后并记为I （n ）。

然而系列直接为平稳，这就是I （0）（ SHABBIR ，2012）。

ADF 单位根检验是基于以下回归模型：()1.......1110t t j t k j j t Y d aY T Y εββ+∆+++=∆-=-∑其中，T 和Δ分别赋予一个时间序列，一个线性时间趋势和第一差分算子，0β是一个常数，k 是对因变量滞后的最佳数量，并且t ε是随机误差项。

零假设检验非平稳是：α=0意味着经济系列都是非平稳的。

如果非平稳的假设是成立的基本变量，它允许评估为共整合的关系。

在计量经济学中，两个或多个变量进行协整，如果它们有着共同的趋势，即它们之间存在长期均衡关系。

其中有很多方法检测变量之间的这些长期关系。

恩格尔和格兰杰的方法简单并且结果确定。

然而，它不容许假设协整关系本身的测试。

相反，约翰森设置的确允许对变量之间的均衡关系的假说提供的所有变量都集成的顺序相同的测试。

Johansen 和Juselius （以下简称JJ ）协整检验是基于向量自回归（VAR ）模型，涉及的协整向量，即数量两个测试数据-跟踪（trace λ）和最大特征值（m ax λ）。

在跟踪试验中，零假设是不同的协整向量的数目小于或等于r ，其中r = 0〜2 。

在每一种情况下，零假设是对总体方案进行测试。

最大特征值的测试是类似的，除了备择假设是显式的。

零假设是，协整向量的数量是R 与R + 1的选择。

JJ 的方法由涉及系列不受限制的VAR 协整限制。

考虑下面p 阶的VAR 模型：()2............1t t p t p t t t Bx Y A Y A Y ε++++=--其中t Y 是一个k-矢量非平稳I(1)变量，t X 是一个d 矢量确定性变量，和t ε是创新的变量。

具有全系列I(1)，以及建立至少一个协整方程满足的股票沃森的应用前提（1993）动态OLS 回归。

因此，该模型是在下面指定的： ()3..........ln 0t j i p g j j t u x d x RGDP +∆++=--=→→∑ββ其中lnRGDP 是实际国内生产总值（RGDP ）的自然对数，是协整向量， X 是logRufindev （农村金融发展）向量， logFDI （外商直接投资）和logInflation 作为解释变量。

前人研究的重点是使用两种广义货币供应量作为衡量经济增长的变量（ M2），或私人部门信贷率对经济增长（CPS ）无关的经济发展程度的扩展。

没有将一个国家的经济发展程度作为标志的金融发展的研究必然会产生不同的结果。

金融部门的支持与合理的复杂的银行业的发达经济体的经济增长发展是正常的。

在另一方面，不仅银行经营产生的地方只有一个月结束，而且巨型银行都不足以满足民众的金融需求最不发达国家。

与此相关联的，在三分之二的民众都居住在农村社区缺乏与金融机构，在这样的经济体的金融业发展与经济增长之间的关系可能是非常弱的。

因此，可以毫无疑问地认为，正规信贷在农村的股票可以作为金融发展的最不发达国家的代表。

在这项研究中，评估了金融发展的常规措施和农村金融发展的稳健性，模型如下设置它集中了两个相互竞争的措施一起：()4.........ln ..ln t t t findev x RGDP μα+Φ+=从模型表明，findev 是财务指标向量（M2和私人部门信贷增加与农村金融发展），X 是控制变量的向量。

包括在DOLS 回归的滞后，使得其误差项独立的随机回归所有过去的创新的目的。

Does Rural Financial Development Spur Economic Growth?Evidence from NigeriaAbstract：Robust economic development is not possible without financial deepening more especially in rural community where vast majority of the populace of Less Developed Countries (LDCs) resides. This paper analyses the impact of rural financial development on economic growth of Nigeria. The study uses time series data covering 1980 to 2011 periods paving the way for the application of Johansen and Juselius model of cointegration to detect the long-run relation among the variables in question. Accordingly, Dynamic Ordinary Least Square (DOLS) method was applied to unveil relationship between rural financial development and economic growth. The cointegration test result reveals the presence of long run relation between rural financial development and economic growth of Nigeria. Moreover, the DOLS results found a significant positive relationship between rural financial development and the growth of Nigerian economy. It has been confirmed in this study that rural finance serves as an engine of growth in the country. It could therefore be concluded that enhancing productive credit especially in rural areas could free the disadvantaged entrepreneur and thus enable them to contribute immensely toward the growth of Nigerian economy. The study therefore recommends among other things, barriers to the productive credit allocation in rural community should be reduced to the barest minimum.Keyword: Rural development；credit allocation；financial development1 IntroductionInclusive growth notion compels the economies of third world to initiates and implements variants policies and programmes aimed at transforming the paralysed economic agent into active players towards enhancing the growth of their economy. Nigerian government is no exception, the government efforts of enhancing inclusive growth is well informed through the campaign of the CentralBank of Nigeria’s (CBN) financial inclusion strategies with the twin broad objectives; firstly, to incorporates the vast majority of the unbanked populace more especially in the rural community into active players of financial system. Secondly, it is also aimed at enhancing availability of credit to rural populace with the paramount emphasis on farmers at affordable cost. Unfortunately, the usufruct of the financial inclusion strategies such as Rural Banking and Agricultural Credit Guarantee Scheme (ACGSF) among others, does not reach the targeted beneficiaries. Some of the problems identified as responsible for poor performance in the development of Africa’s rural financial markets include excessive controls, ineffective supervision and dearth of qualified manpower on the one hand (Aliero, 2009). On the other hand, the programmes have at one time or the other been influenced by political considerations (Ibrahim and Aliero, 2012)Successive governments in Nigeria have introduced several poverty alleviation programmes from Structural Adjustment Programme (SAP) passed through National Economic Empowerment and Development Strategy(NEEDS) down to Transformation Agenda. However, such programmes have not achieved their targeted objectives (Ibrahim and Aliero, 2011). For instance, relevant data from NBS (2011) shows that the national unemployment rate stood at 23.9 percent in 2011 compared to 21.1% in 2010 and 19.7% in 2009 while the rate is higher in the rural area (25.6%) than in the urban area (17.1%). Poverty and unemployment in Nigeria are two sides of the same coin and could be linked to lack of adequate financial access particularly in the rural, among other things (Aliero, Ibrahim and Shuaibu, 2012). It has been argued that financial development has the capacity of reducing unemployment. It is along this line Dromel, Kolakez and Lehmann (2010) contend that development of private credit (which is a measure of financial development) would significantly lower unemployment persistence. This led Aliero and Ibrahim (2012) to predictably believed that enhancing access to formal financial services especially credit to the rural populace has not only have the capacity of reducing unemployment but also is a mean of reducing poverty in developing countries.Therecent breakthrough in the development finance emphasises that economicdevelopment of Less Developed Countries (LDCs) could be best achieved through bottom-top intervention principally due to duo reasons. Firstly, the vast majority of the populace of LDCs are dwelling in the rural areas while very small fractions are residing in the cities swimming within overwhelming quantity of national cake. Secondly, history shows that before LDCs opted for urbanisation programmes (top-bottom intervention), development is steadily trickling-down through the entire country paving the way for economic prosperity in simpler format. To my knowledge there is no any study ever conducted using time series techniques of data analysis on the relationship between rural financial sector development and economic growth. This study intends to fill-in the lacuna by unveiling the role of rural financial development on the growth of Nigerian economy. In achieving this objective the paper is divided into five sections including this introduction. Section two presents the empirical literature. Section three contains the methodology of the study. Section four is the empirical result while the last section concludes the paper.2 MethodologyTime series secondary data for the relevant variables were sourced from CBN statistical bulletin of various issues, National Bureau of Statistics, International Financial Statistics (IFS) and World Development Indicators (WDI). The data covers 1980-2011 period and variables were expressed in their natural logarithm. Logarithmic transformations of variables are very popular in econometrics for a number of reasons; firstly many economic time series data exhibit a strong trend, secondly, taking the natural logarithm of a series effectively linearizes the exponential trend (if any) in the time series data since the log function is the inverse of an exponential function (Asteriou and Price,2007). Thirdly, advantage is that it allows the regression coefficients to be interpreted as elasticity. In a study dealing with time series data, opting for log of the variables may prevent cumbersomeness in the modelling and inference (Rahaman and Salahuddin, 2010).Provided all series are I(1), then Dynamic Ordinary Least Square (DOLS) is robust to estimate the single cointegrating vector that characterizes the long-run relationship among the variables (Camacho-Gutierrez, 2010). The Stock-Watson DOLS model to be effective in estimating long-run parameters, the analysis must be in conformity with the existence a cointegration relation among sets of I(1) variables. Thus, it is pertinent to establish the presence of the unit root and then test the cointegrating relationship. Fortunately, there are variant ways of checking stationarity of series however Augmented Dickey Fuller (ADF) (1981) is the most widely applied econometric method for testing unit root in order to avoid problems of the spurious regression results. A series which is stationary after being differenced once is said to be integrated of order 1 and was denoted by I (1) (Dickey and Fuller, 1979). In general a series, that is stationary after being differenced n times is integrated of order n , denoted by I (n ) while a series that appears stationary without differencing, is said to be I (0) (Shabbir, 2012). ADF (1981) unit root test for stationarity test is based on the following regression model:()1.......1110t t j t k j j t Y d aY T Y εββ+∆+++=∆-=-∑Where t Y , T and ∆ respectively confers a time series, a linear time trend and first difference operator,0β is a constant, k is respecting the optimum number of lags on the dependent variable, and t εis random error term. The null hypothesis for testing non-stationarity is 0H : α = 0 meaning economic series are non -stationary. If the hypothesis of non-stationary is established for the underlying variables, it permits the assessments for co-integration relations.In econometrics two or more variables are said to be co-integrated if they share common trends i.e. they have long-run equilibrium relationships between them (Aqeel and Butt, 2001; Shahbaz, 2009). There are various methods of detecting these long-run relations between variables. Engle and Granger’s (1987) approach for co-integration is simple and popular for its certain agreeable attributes. However, itdid not permit the testing of hypotheses on the cointegrating relationships themselves. Contrarily, the Johansen setup does permit the testing of hypotheses about the equilibrium relationships between the variables all provided the variables have same order of integration (Brooks, 2008). Johansen and Juselius (henceforth JJ) (1990) cointegration technique is based on the Vector Autoregressive (VAR) models which involved two test statistics for the number of cointegrating vectors, namely - the trace (trace λ) and the maximum value statistics (m ax λ). In the trace test, the null hypothesis is that the number of distinct cointegrating vectors is less than or equal to r , where r = 0 to 2. In each case the null hypothesis is tested against the general alternatives. The maximum eigenvalue test is similar, except that the alternative hypothesis is explicit. The null hypothesis is that the number of cointegrating vectors is r against the alternative of 1+r cointegrating vectors. JJ’s method rests the restrictions imposed by cointegration on the unrestricted VAR involving the series. Consider a VAR of order p below:()2............1t t p t p t t t Bx Y A Y A Y ε++++=--Where t Y is a K-vector of non-stationary I(1) variables, t X is a d-vector of deterministic variables, and t εis the vector of innovations. Having all series I(1), as well as establishing at least one cointegration equation satisfies the preconditions for the application of the Stock-Watson (1993) DOLS regression. Thus, the model is specified below:()3..........ln 0t j i p g j j t u x d x RGDP +∆++=--=→→∑ββWhere lnRGDP is the natural log of Real Gross Domestic Product (RGDP), →βis the cointegrating vector, X is vector of log of logRufindev (Rural Financial Development), logFDI (Foreign Direct Investment) and logInflation as explanatory variables. The emphases of the previous studies was measuring financial development using either broad money supply as a ratio to economic growth (M2) or Credit to the Private Sector ratio to economic growth (CPS) irrespective of the extend of degree ofdevelopment of such economies. Failure to take the degree of economic development of a country into cognisance may led to the selection of bogus measure of financial development and so studies are bound to produces mixed results. It is normal for financial sector development to support economic growth for the advanced economies with reasonable sophisticated banking sector. On the other hand, in LDCs where not only bank-run occurring only by the month ending but also Mega-banks were not adequate to cater for the financial needs of the populace. In connections to that, over two-third of the populace are dwelling in rural community with dearth financial institution, in such economies the link between financial sector development and economic growth might be very weak. Accordingly, it could be unquestionably argued that the stock of formal credit in the rural can be used as a proxy to financial development in LDCs. For this study to assess the robustness of rural financial development over conventional measures of financial development, a model is set below which lumped the two competing measures together:()4.........ln ..ln t t t findev x RGDP μα+Φ+=From the model it shows that findev is the vector of financial indicators (M2 and Credit to the Private Sector were added with Rural Financial Development) and X is the vector of control variable. Lag and lead terms included in DOLS regression have the purpose of making its error term independent of all past innovations in stochastic regression.。