1.

Levine

(Levine2002; Beck and Levine2002)(bank-based)

(Gerschenkron1962; and Zingales1998)

(Allen and Gale 1999)

315

(market-based)

()

(Raj an 1992)

(Weinstein and Yafeh 1998)

(Wenger and

Kaserer 1998)

(financial services)

(Levine 1997)

(law and finance)

( Porta,Lopez-de-Silanes,Shleiferand Vishny 2000)

316

(King and

Levine 1993; Levine and Zervos 1998)

(Tadasse 2002)Gerschenkron

()(Demirguc-

Kunt and Maksimovic 2002;Levine 2002;Beck and Levine 2002)

Gerschenkron

()

(Great Devide)

(Berglof and Bolt2002)

317

2001

318

2.

7V

319

7V

1i = (n

z7()

0z71

(O1)

12)

/(/7/)

1fX,(72

(/1)(O1)

[1(1)2]

[1(1)2](a)w

()2212(1)1(2(1)22}2

(2()M72

(:

141)

320

X = (n2)/(z72

z71d/dOd/d

O(n =0)

XNz7

()

321

da/dhO

()

w =(1)Nw

N -inm = N n I

(/=1)

322

b

m=0(n =N -I)

77=1d77/dO

323

()

(,0)

o

y7

324

3.s.

n =0

1,7yv1l/(nXN=n

1)ZN

)

()

()oc)

()

l(A)

()

()()

(, A,, A,, 1)

122

325

A = A,

1/yv1

326

I2(I,72

()

1

yV

327

,7

(1)7V

328

7V

2

,

329

4.

330

331

332

(Weinstein and Yafeh 1998; Wenger and

Kaserer1998)

()(Stiglitz

1985;Bhide 1993)

()

333

335