臺灣博碩士論文加值系統

在激烈的全球化的競爭中，中國被公認為世界最強大的出口力量，本研究旨在概觀中國對外貿易如何影響拉丁美洲經濟的金融發展。利用17個拉丁美洲國家期間從1982至2009的年資料樣本，以及根據學者Pesaran 等人 (1999)所提出的Pooled Mean Group(PMG)研究法之異質縱橫迴歸(heterogeneous panel regression)。關於中國和拉丁美洲間既有的貿易關係，對拉丁美洲國家的金融發展有正面且顯著的影響之論點，本研究僅提供有限之支持證據。這些發現也顯示貿易開放對於拉丁美洲經濟體的金融發展，扮演重要的正面角色。且依據Huang和Temple(2005)的結論，由於拉丁美洲國家並非高所得國家，其經濟發展的水準的確對這些國家之金融發展有正面影響。

In a context of intense globalization where China is acclaimed as the largest export power in the world, this study takes place to offer an overview on how China’s foreign trade affects Latin American financial development. Using annual data from 17 Latin American economies observed over the period 1982-2009 and a heterogeneous panel regression based on a the Pooled Mean Group (PMG) approach of Pesaran et al. (1999), this analysis provides limited evidence to support that the existing trade connection between China and Latin America has positive and significant impact on financial development in Latin American countries. The findings also reveal that trade openness plays an important and positive role in the financial development in Latin American economies. According to the conclusion of Huang and Temple (2005), there is also evidence that the economic development level of the Latin American countries does have a positive influence on their financial development since they are not high-income countries.

Chinese abstract I
English abstract II
Aknowledgments III
Content IV
Tables list VI
Figures list VII
CHAPTER 1: Introduction 1
CHAPTER 2: Overview of Latin America financial Development and its trade relationship with China 8
2.1. Overview of Latin America Financial Development 9
2.1.1. Main players and Markets 9
2.1.2. Payment Systems 12
2.1.3. Financial Inclusion and Banking 13
2.1.4. Barriers to Financial Inclusion 16
2.1.5. Innovation for Financial Inclusion 17
a) Microfinance 17
b) Electronic payment systems 18
c) Branchless Banking 19
2.2 Trade relationship between Latin America and China 20
CHAPTER 3: Literature Reviews 24
3.1. Trade openness and external shocks 25
3.2. Trade openness and financial openness 27
3.3. Trade openness, economic development and financial development 29
CHAPTER 4: Methodology 37
CHAPTER 5: Data 45
5.1. Choice of variables 46
5.2. Definition of the main variables 47
5.2.1. Measuring Financial Development 47
5.2.2. Measuring Foreign Trade and Trade openness 48
5.2.3. The other independent variables 51
5.3. Panel Unit root test 53
5.4. Panel Cointegration Tests 55
5.5. Descriptive Statistics and Correlations 58
CHAPTER 6: Empirical analysis 62
CHAPTER 7: Conclusion 76
Reference 81
Annexe 86

Tables list
Table 1. Literature review summary 34
Table 2. List of Sample Countries 52
Table 3. Panel Unit Root Test Summary 55
Table 4. Panel Cointegration Test 58
Table 5. Descriptive Statistics 60
Table 6. Correlations Matrix 61
Table 7. Standard Deviation 66
Table 8. Effects of China’s Foreign Trade on Financial Development in Latin America 74
Table 9. Effects of China’s Foreign Trade on Financial Development in Latin America by single country 75
Table 10. Unit Root Test Full Result 88
Table 11. Panel Cointegration Test Full 95
Table 12. Lag Selection Result 97
Table 13. Haussman Test (part 1) 100
Table 14. Haussman Test (part 2) 100
Table 15. Evolution of External Debt of Latin America 101

Figures list
Figure 1. Standard Deviation of the dependent variables 102
Figure 2. Individual cross section for lpriv (17 countries)103
Figure 3. Median lpriv and lopen 103
Figure 4. Median of Lpriv, Lx, Lm 104

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