英语翻译During the 1950s and1960s,there were two lines of though

英语翻译
During the 1950s and
1960s,there were two lines of thought in the literature on the relationship
between financial variables and real economic activity in developing economies.
The main stream of development economics,heavily influenced by Keynesian
theory,very much ignored the role of finance.The prevailing view then was
that interest rates should be kept at a relatively low level to stimulate
capital formation.This view,therefore,implicitly advocated an expansionary
monetary policy as a means of promoting economic growth in developing
countries.
A similar
message was carried through in the monetary-growth models that flourished in
the 1960s.In these models,real cash balances were treated as a substitute for
physical capital.Economic agents could therefore satisfy their savings
objectives by accumulating either real cash balances or capital.Inflation,
which is a tax on holding money,would discourage the holding of money and
encourage the accumulation of capital.Given the propensity to save,inflation
would then increase the rate of growth of GNP as it sped up capital formation.
Long (1983) argues that the monetary-growth models provided a rationale for an
inflationary policy and the theoretical underpinning to the aggressive,
expansionary fiscal policy that allocated a large share of resources to
development expenditures in the 1950s and 1960s.

在20世纪50年代和60年代,在金融变量和实体经济活动之间有两条思想路线的经济文献.在发展经济学的主流,理论上讲受凯恩斯主义的严重影响,非常忽视金融的作用.然后,普遍的看法是利率应保持在一个相对较低的水平,以刺激资本形成.这种观点,因此,在发展中国家隐含主张扩张货币政策作为促进经济增长发展.
在蓬勃发展的货币增长模型中,类似的消息进行通过.20世纪60年代.在这些模型中,真正的现金结余被视为代替物质资本.因此,经济主体能够满足他们的储蓄目标通过积累无论是实际的现金余额或资本.通货膨胀,
这是一个税持有货币,将会打击对货币持有及鼓励资本的积累.由于储蓄倾向,通货膨胀会再增加国民生产总值的增长速度,因为它加速了资本形成.龙（ 1983）认为,货币增长模型所提供的理由为通货膨胀的政策和理论基础的侵略性,所分配的很大份额的资源,扩张性财政政策开发阶段的支出在20世纪50年代和60年代.