In 1973 , mckinnon and shaw created financial development theory . in the theory , traditional rule of interest rate was broken , and the common thought was that interest rate policy would play more active and pliable role on moblizing financial resource and speeding economic growth 1973年，麦金农和肖开创了金融发展理论，传统的利率规则被打破，希望利率政策在调动金融资源、促进经济发展方面发挥更为主动和灵活的功能成为一致的呼声。
In 1973 , two u . s . economists , ronald i . mckinnon and edward shaw , brought forward financial restrain theory and financial deepening theory simultaneously and respectively , which were designed to interpret the relation between financial development and economic growth in developing countries 1973年，两位美国经济学家罗纳德. i .麦金农和爱德华.肖分别同时提出了针对发展中国家的金融发展与经济增长问题的“金融抑制论”和“金融深化论” 。
The publication of ronald i . mckinnon ' s money and capital in economic development and edward s . shaw ' s financial deepening in economic development in 1973 marked the formation of financial development theory . both mckinnon and shaw focus on " financial repression " 罗纳德?麦金农《经济发展中的货币和资本》 ( 1973年)和爱德华?肖《经济发展中的金融深化》 ( 1973年)两本著作的问世标志着金融发展理论的形成,麦金农和肖的研究重点都是金融抑制。
“ we ' re very pleased to announce the successful cure of the first patient in the uk 10 by gene therapy , ” said professor christine kinnon , director of the centre of gene therapy for childhood diseases at the institute of child health in london , who collaborated on treatment 伦敦儿童健康研究所儿童疾病基因治疗中心的主任克里斯蒂娜?金农教授在治疗中与他们合作，她说： “我们非常高兴地宣布，我们在英国首次用基因疗法成功地治愈了一个病人。 ”
Especially when u . s . economist e . s . shaw and r . i . mckinnon extensively analyzed the experience research of the " financial restriction " policy in developing countries in 1973 , they put forward a policy proposal of " financial deepening " , formed a " m - s school " with their followers 麦金农( mckinnon )在1973年从不同的角度先后在对发展中国家“金融压制”进行经验研究的分析上，提出了“金融深化”的政策主张，与他们的追随学者一道形成了“ m - s学派” 。
" health and safety is paramount , " centre manager andrew mackinnon said on wednesday . " we issued him with a yellow hardhat equipped with a pair of reindeer antlers to make it look more festive . " he said a gang of local " neds " , or yobs , threw the pies before running off 那家购物中心的经理安德鲁麦金农说： “圣诞老人的健康和安全一直是我们最为关心的事情，我们给他提供了一顶安全帽，为了进一步突显节日气氛，我们还在帽子上安装了一对驯鹿的鹿角。 ”
On the basis of others " achievements , in the thesis i put forward the deepening of the negotiable securities market theory , which is especially based on marx ' s socialized production theory and ronald mckinon and edward shaw ' s financial deepening theory , goldsmith ' s financial structure and financial development concept , and xu mingqi ' s market deepening theory 本文提出的证券市场深化论是在前人成果的基础上，特别是在吸收了马克思的生产社会化理论和麦金农及肖的金融深化论，戈得史密斯的金融结构与金融发展概念以及徐明棋的市场深化论等成果的基础上提出来的。
But just like other theory , because the real economic is too complexity , the " financial depth theory " is not perfect too . in order to fetch up its shortage , we do two works : the first is analyse the characters of the efficiency financial system through the dynamic economic growth model , the second is to analyse all kinds of critical theory to " financial depth theory " . based on this , finally we defined the content involved by this paper , which includes two parts : the first part is to review the characteristics and macroeconomic performance of china ; the second part is to analyze the feature and performance of china ' s financial depth based on the " financial depth theory " . for this , we will investigate the macro sects and the each measures in the same time . the third part is to analyse the financial structure and the financial risk which is the other index to measure the performance of financial depth 但是作为经济增长理论的一个分支，金融深化论对金融与经济增长关系的考察也有不完善之处。为弥补不足，在本部分内容当中，分析了动态经济增长模型所展现的有效率金融体系所应具有的特征以及对金融深化论的各种批评理论。在总结上述分析的基础之上，最后对本研究所涉内容做了这样的界定：一是从总体上考察我国金融深化的特点与宏观经济绩效；二是从麦金农的金融深化实现路径次序安排出发，对金融深化不同阶段的经济环境状况及其经济绩效进行具体分析；三是做为对上述研究不足的补充，对金融深化与金融结构以及金融深化与金融风险的关系进行了考察。
Then we compare the results to the expect results on theory and in this we find some features of china ' s financial depth . from the change of trend index of the flux and the deposit , we can find that there are some consistent and not consistent between them . moreover , there are some contraries about the deposit and the flux , which is hereafter proved by the cointegration test among the index 根据各流量与存量指标所显示出的变化趋势，从总体上来看，我国的金融改革，既有与麦金农和肖的理论相符的地方，也有不一致之处，而且存量与流量指标在解释上也有相互矛盾的地方，这一点在此后各指标之间的协整分析上得到了印证。
Relevant theories of classical economics include adam smith ’ s viewpoint about capital and harrod - domar growth model . relevant theories of development economics include r . nurkse ’ s theory of vicious circle of poverty , w . w . rostow ’ s theory of the stages of economic growth , lewis - fei - ranis model , and nalson ’ s theory of low - level equilibrium trap . financial theories on development include goldsmith ’ s theory of financial structure , and mckinnon & shaw ’ s theory of financial deepening 古典经济学的相关理论主要包括亚当?斯密的资本理论和哈罗德-多马增长模型;发展经济学的相关理论主要包括纳克斯的“贫困恶性循环”理论、罗斯托的经济增长阶段理论、刘易斯的二元经济理论和纳尔逊的“低水平的均衡陷阱”论;金融发展理论主要包括戈德史密斯的金融结构论以及麦金农和肖的金融深化论。
