Using a panel of 113 countries over the period from 1990 to 2013, this paper provides new empirical evidence to the intensive debate of whether financial structure is relevant for economic growth. Specifically, we evaluate the role of political risk, development stage and their interactions with the structure of the financial system. We find that on average a more market-based financial system is associated with a higher level of economic growth. This impact varies with different levels of political risk and different stages of economic development. Specifically, the comparative development of equity markets compared with banks appear to promote more economic growth in countries with lower political risk and at a better stage of economic development. Moreover, banks are more important to economic growth in over-market-based financial systems, whilst equity markets are more sensitive to economic growth in over-bank-based financial systems. Our paper provides new insights into the real effects of the mixture of banks and markets on the economy.

本文使用 1990 年至 2013 年期间 113 个国家的小组，为金融结构是否与经济增长相关的激烈辩论提供了新的经验证据。具体而言，我们评估了政治风险、发展阶段及其与金融体系结构的相互作用的作用。我们发现，平均而言，更加以市场为基础的金融体系与更高水平的经济增长相关。这种影响因政治风险的不同程度和经济发展的不同阶段而异。具体而言，与银行相比，股票市场的比较发展似乎促进了政治风险较低和经济发展阶段较好的国家的经济增长。此外，在基于过度市场的金融体系中，银行对经济增长更为重要，而在以银行为基础的金融体系中，股票市场对经济增长更为敏感。我们的论文为银行和市场混合对经济的实际影响提供了新的见解。