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［24］Randall Morck, Andrei Shleifer, and Robert Vishny, “The Stock Market and Investment: Is the Market a Sideshow?” Brookings Paper on Economic Activity 2 (1990): 157-202.
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［25］Oliver Blanchard, Changyong Rhee, and Lawrence Summers, “The Stock Market, Profit, and Investments,” Quarterly Journal of Economics 108 (1990): 115-137.
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［26］同上。
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［27］James Poterba对下文的评论：“The Stock Market and Investment: Is the Market a Sideshow?” Brookings Paper on Economic Activity 2 (1990): 208-213.
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［28］参见www.globalfindata.com。
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［29］所有的非住宅投资数据，参见 Council of Economic Advisers, Economic Report of the President, 2002, 342。2002年全年的数据是根据前3个季度估算的。
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［30］Nicholas George, “Sonera Abandons 3G Plans and Returns License,” Financial Times, August 10, 2001.
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［31］Dan Roberts, “Glorious Hopes on a Trillion-Dollar Scrapheap,” Financial Times, September 5, 2001。
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［32］其中，8090亿美元来自银团贷款，4150亿美元来自债券市场，5000亿美元来自私募和公开股票发售，参见Roberts, “Glorious Hopes”。
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［33］G. Kaminsky and C. Reinhart, “The Twin Crises: The Causes of Banking and Balance of Payments Problems,” American Economic Review 89 (1999): 473-500.
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第5章
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［1］Kenneth Sokoloff and Stanley L. Engerman, “Institutions, Factor Endowments and Paths of Development in the New World,” Journal of Economic Perspectives 3 (2000): 217-232.
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［2］经济学家Raymond Goldsmith研究了35个国家在1860～1963年期间的有关数据，得出了非常谨慎的结论，“从这几十年的时间跨度上看，经济发展和金融发展之间存在粗略的对应关系”，“一些国家的数据记录一致显示，在经济增长更快速的时期金融产业的发展速度也高于平均水平”。参见Raymond Goldsmith, Financial Structure and Development (New Haven, Conn.: Yale University Press, 1969), 48。
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［3］或者像剑桥大学的经济学家琼·罗宾逊（Joan Robinson）所说的，“企业走到哪里，金融就跟到哪里。”
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［4］R. King and R. Levine, “Finance and Growth: Schumpeter Might Be Right,” Quarterly Journal of Economics 108 (1993): 734.
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［5］同上。
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［6］R. Rajan and L. Zingales, “Financial Dependence and Growth,” American Economic Review 88, no. 3 (1998): 559-586.
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［7］J. Jayaratne and P. Strahan, “Entry Restrictions, Industry Evolution and Dynamic Efficiency: Evidence from Commercial Banking,” Journal of Law and Economics 41, no. 1 (1998): 239-273.
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［8］S. Black and P. Strahan, “The Division of Spoils: Rent-Sharing and Discrimination in a Regulated Industry,” American Economic Review 91, no. 4 (2001): 814-831.
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［9］J. Jayaratne and P. Strahan, “The Finance-Growth Nexus: Evidence from Bank Branch Deregulation,” Quarterly Journal of Economics 111 (1996): 639-670.
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［10］其实，还存在一个担心。我们的例子中有一个假设，就是在列车到来时铁轨没有改变。有人会提出，也许是预计到经济增长加速，金融的需求会增加，各州才放松了银行系统的管制。倘若如此，那放松管制就只是发生在经济增长之前，而不是导致增长加速的必然原因。所幸的是我们也可以排除这种可能性，如果各州是预计到金融的需求增加才放松管制的，那在管制放松后银行的贷款金额就应该大量增加。但实际情况并非如此。真实的情况是，放松管制带来了更好的信用评估，改进了银行的资产配置，对贷款的总金额并没有太大的影响。导致银行贷款损失减少和经济增长加速的原因是银行的贷款质量提高了。
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［11］Campbell Harvey and Christian Lundblad, “Does Financial Liberalization Spur Growth?” NBER working paper no. 8245, 2001.
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［12］Sandra Black and Philip Strahan, “Entrepreneurship and bank Credit Availability” (MIT, March 2001, mimeo).
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［13］Rajan and Zingales, “Financial Dependence and Growth.”
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［14］L. Guiso, Paola Sapienza and Luigi Zingales, “Does Local Financial Development Matter?” NBER working paper no. 8923, 2002.
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