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InstitutionArrangementandFinancialDevelopment:

TheoryFrameworkandInternationalEvidence

JiangChun1　XuLicheng2

Abstract:Thispaperproposesanewtheoryframeworkof“institutionalarrangementsandfinancialdevelop2ment”onthebaseoftheexistingliterature.Itusescross-countrydatatoanalysestherelationshipbetweenfinancialdevelopmentandtheinstitutions.Theinternationalempiricalresultsindicatethatlegalsystems,governmentownershipandpowerofinterestgrouphavesignificanteffectonfinancialdevelopment.Thecon2clusionofthepaperisthatimprovingpropertyrights,legalandcreditinstitutionsarecriticaltothefinancialdevelopmentinfutureinChina.

Keywords:financialdevelopment;institution;reform[中图分类号]F83116[文献标识码]A[文章编号]1000-8306(2007)04-0001

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