Local financial development and economic growth in Vietnam

近三十年来，对金融发展与经济增长关系的实证研究非常广泛。虽然这些文献严重依赖于跨国研究，但最近对这些文献的贡献集中在检查地方金融发展对次国家经济发展的影响上。作为第一个项目期间的一项特殊成就，我们发现越南省级金融发展促进了企业成长，而腐败阻碍了企业成长。在第二个项目阶段，我们计划在三个重要方向上进一步研究地方金融发展、腐败控制和企业绩效之间的关系：企业不确定性（风险）、企业效率和外资银行进入的作用。综上所述，我们的分析拓宽了对地方金融发展、金融一体化和低腐败影响的异质性的理解。此外，它们还将为金融发展和腐败控制对企业绩效影响的可持续性提供有价值的见解。

The past three decades have witnessed extensive empirical research on the relationship between financial development and economic growth. While the literature has heavily relied on cross-country studies, recent contributions to this literature have focused on examining the effects of local financial development on sub-national economic development. As a particular achievement of the first project period, we found that province-level financial development in Vietnam promotes firm growth while corruption hinders it. In the second project phase, we plan to further examine the relationship among local financial development, corruption control and firm performance in three important directions: firm uncertainty (risk), firm efficiency and the role of foreign bank entry. Taken together, our analyses broaden the understanding of heterogeneities in the effects of local financial development, financial integration and low corruption. Moreover, they will also offer valuable insights into the sustainability of the impacts of financial development and corruption control on firm performance.