Financial Development and the Composition of Industrial Growth

We re-examine the role of financial market development in the intersectoral allocation of resources. Specifically, we propose the use of a new methodology that looks at the co-movement in growth rates across pairs of countries to examine the role of financial development in allowing firms to take

我们重新审视了金融市场发展在跨部门资源配置中的作用。具体而言，我们提出采用一种新方法，通过考察国家对之间增长率的协同变动，来探究金融发展在使企业能够采取（原文此处内容不完整）方面的作用。