英文文献：On the substitution of institutions and finance in investment-论机构与金融在投资中的替代
英文文献作者：Simplice Anutechia Asongu
英文文献摘要：
The Ali (2013, EB) findings on the nexuses among institutions, finance and investment could have an important influence on policy and academic debates. This paper relaxes his hypotheses on the conception, definition and measurement of finance and institutions because they are less realistic to developing countries to which the resulting policy implications are destined. We dissect with great acuteness the contextual underpinnings of financial development dynamics and elucidate why the Acemoglu & Johnson (2005) justification provided for the measurement of property rights institutions (PRI) is lacking in substance. Using updated data (1996-2010) from 53 African countries, we provide more robust evidence on the substitution of institutions and finance in investment. Results under many baseline and augmented scenarios are not consistent with the underlying paper. Justifications for the differences in findings are discussed. As a policy implication, the Ali (2013, EB) findings for countries with poor financial systems may not be relevant for Africa.

阿里(2013,EB)关于机构、金融和投资之间联系的研究结果可能对政策和学术辩论产生重要影响。本文放宽了他对金融和机构的概念、定义和衡量的假设，因为这些假设对发展中国家不太现实，其结果必然会产生政策影响。我们非常敏锐地剖析了金融发展动态的背景基础，并阐明了为什么Acemoglu & Johnson(2005)为产权制度(PRI)的测量提供的辩护缺乏实质内容。利用来自53个非洲国家的最新数据(1996-2010年)，我们提供了关于机构和金融在投资中的替代的更有力的证据。在许多基线和增强场景下的结果与基础论文不一致。讨论了调查结果差异的理由。作为政策暗示，Ali (2013, EB)对金融体系薄弱国家的研究结果可能与非洲无关。