金融体系中英文对照外文翻译文献.docx
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金融体系中英文对照外文翻译文献.docx
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金融体系中英文对照外文翻译文献
金融体系中英文对照外文翻译文献
(文档含英文原文和中文翻译)
ComparativeFinancialSystems
1WhatisaFinancialSystem?
Thepurposeofafinancialsystemistochannelfundsfromagentswithsurplusestoagentswithdeficits.Inthetraditionalliteraturetherehavebeentwoapproachestoanalyzingthisprocess.Thefirstistoconsiderhowagentsinteractthroughfinancialmarkets.Thesecondlooksattheoperationoffinancialintermediariessuchasbanksandinsurancecompanies.Fiftyyearsago,thefinancialsystemcouldbeneatlybifurcatedinthisway.Richhouse-holdsandlargefirmsusedtheequityandbondmarkets,whilelesswealthyhouse-holdsandmediumandsmallfirmsusedbanks,insurancecompaniesandotherfinancialinstitutions.Table1,forexample,showstheownershipofcorporateequitiesin1950.Householdsownedover90percent.By2000itcanbeseenthatthesituationhadchangeddramatically.Bythenhouseholdsheldlessthan40percent,nonbankintermediaries,primarilypensionfundsandmutualfunds,heldover40percent.Thischangeillustrateswhyitisnolongerpossibletoconsidertheroleoffinancialmarketsandfinancialinstitutionsseparately.Ratherthanintermediatingdirectlybetweenhouseholdsandfirms,financialinstitutionshaveincreasinglycometointermediatebetweenhouseholdsandmarkets,ontheonehand,andbetweenfirmsandmarkets,ontheother.Thismakesitnecessarytoconsiderthefinancialsystemasanirreduciblewhole.
Thenotionthatafinancialsystemtransfersresourcesbetweenhouseholdsandfirmsis,ofcourse,asimplification.Governmentsusuallyplayasignificantroleinthefinancialsystem.Theyaremajorborrowers,particularlyduringtimesofwar,recession,orwhenlargeinfrastructureprojectsarebeingundertaken.Theysometimesalsosavesignificantamountsoffunds.Forexample,whencountriessuchasNorwayandmanyMiddleEasternStateshaveaccesstolargeamountsofnaturalresources(oil),thegovernmentmayacquirelargetrustfundsonbehalfofthepopulation.
Inadditiontotheirrolesasborrowersorsavers,governmentsusuallyplayanumberofotherimportantroles.Centralbankstypicallyissuefiatmoneyandareextensivelyinvolvedinthepaymentssystem.Financialsystemswithunregulatedmarketsandintermediaries,suchastheUSinthelatenineteenthcentury,oftenexperiencefinancialcrises.Thedesiretoeliminatethesecrisesledmanygovernmentstointerveneinasignificantwayinthefinancialsystem.Centralbanksorsomeotherregulatoryauthorityarechargedwithregulatingthebankingsystemandotherintermediaries,suchasinsurancecompanies.Soinmostcountriesgovernmentsplayanimportantroleintheoperationoffinancialsystems.Thisinterventionmeansthatthepoliticalsystem,whichdeterminesthegovernmentanditspolicies,isalsorelevantforthefinancialsystem.
Therearesomehistoricalinstanceswherefinancialmarketsandinstitutionshaveoperatedintheabsenceofawell-definedlegalsystem,relyinginsteadonreputationandotherimplicitmechanisms.However,inmostfinancialsystemsthelawplaysanimportantrole.Itdetermineswhatkindsofcontractsarefeasible,whatkindsofgovernancemechanismscanbeusedforcorporations,therestrictionsthatcanbeplacedonsecuritiesandsoforth.Hence,thelegalsystemisanimportantcomponentofafinancialsystem.
Afinancialsystemismuchmorethanallofthis,however.Animportantpre-requisiteoftheabilitytowritecontractsandenforcerightsofvariouskindsisasystemofaccounting.Inadditiontoallowingcontractstobewritten,anaccountingsystemallowsinvestorstovalueacompanymoreeasilyandtoassesshowmuchitwouldbeprudenttolendtoit.Accountinginformationisonlyonetypeofinformation(albeitthemostimportant)requiredbyfinancialsystems.Theincentivestogenerateanddisseminateinformationarecrucialfeaturesofafinancialsystem.Withoutsignificantamountsofhumancapitalitwillnotbepossibleforanyofthesecomponentsofafinancialsystemtooperateeffectively.Well-trainedlawyers,accountantsandfinancialprofessionalssuchasbankersarecrucialforaneffectivefinancialsystem,astheexperienceofEasternEuropedemonstrates.
Theliteratureoncomparativefinancialsystemsisatanearlystage.OursurveybuildsonpreviousoverviewsbyAllen(1993),AllenandGale(1995)andThakor(1996).Theseoverviewshavefocusedontwosetsofissues.
(1)Normative:
Howeffectivearedifferenttypesoffinancialsystematvariousfunctions?
(2)Positive:
Whatdrivestheevolutionofthefinancialsystem?
ThefirstsetofissuesisconsideredinSections2-6,whichfocusonissuesofinvestmentandsaving,growth,risksharing,informationprovisionandcorporategovernance,respectively.Section7considerstheinfluenceoflawandpoliticsonthefinancialsystemwhileSection8looksattherolefinancialcriseshavehadinshapingthefinancialsystem.Section9containsconcluding
remarks.
2InvestmentandSaving
Oneoftheprimarypurposesofthefinancialsystemistoallowsavingstobeinvestedinfirms.Inaseriesofimportantpapers,Mayer(1988,1990)documentshowfirmsobtainedfundsandfinancedinvestmentinanumberofdifferentcountries.Table2showstheresultsfromthemostrecentsetofstudies,basedondatafrom1970-1989,usingMayer’smethodology.Thefiguresusedataobtainedfromsources-and-uses-of-fundsstatements.ForFrance,thedataarefromBertero(1994),whilefortheUS,UK,JapanandGermanytheyarefromCorbettandJenkinson(1996).Itcanbeseenthatinternalfinanceisbyfarthemostimportantsourceoffundsinallcountries.BankfinanceismoderatelyimportantinmostcountriesandparticularlyimportantinJapanandFrance.BondfinanceisonlyimportantintheUSandequityfinanceiseitherunimportantornegative(i.e.,sharesarebeingrepurchasedinaggregate)inallcountries.Mayer’sstudiesandthoseusinghismethodologyhavehadanimportantimpactbecausetheyhaveraisedthequestionofhowimportantfinancialmarketsareintermsofprovidingfundsforinvestment.Itseemsthat,atleastintheaggregate,equitymarketsareunimportantwhilebondmarketsareimportantonlyintheUS.Thesefindingscontraststronglywiththeemphasisonequityandbondmarketsinthetraditionalfinanceliterature.Bankfinanceisimportantinallcountries,butnotasimportantasinternalfinance.
Anotherperspectiveonhowthefinancialsystemoperatesisobtainedbylookingatsavingsandtheholdingoffinancialassets.Table3showstherelativeimportanceofbanksandmarketsintheUS,UK,Japan,FranceandGermany.ItcanbeseenthattheUSisatoneextremeandGermanyattheother.IntheUS,banksarerelativelyunimportant:
theratioofassetstoGDPisonly53%,aboutathirdtheGermanratioof152%.Ontheotherhand,theUSratioofequitymarketcapitalizationtoGDPis82%,threetimestheGermanratioof24%.JapanandtheUKareinterestingintermediatecaseswherebanksandmarketsarebothimportant.InFrance,banksareimportantandmarketslessso.TheUSandUKareoftenreferredtoasmarket-basedsystemswhileGermany,JapanandFranceareoftenreferredtoasbank-basedsystems.Table4showsthetotalportfolioallocationofassetsultimatelyownedbythehouseholdsector.IntheUSandUK,equityisamuchmoreimportantcomponentofhouseholdassetsthaninJapan,GermanyandFrance.Forcashandcashequivalents(whichincludesbankaccounts),thereverseistrue.Tables3and4provideaninterestingcontrasttoTable2.Onewouldexpectthat,inthelongrun,householdportfolioswouldreflectthefinancingpatternsoffirms.Sinceinternalfinanceaccruestoequityholders,onemightexpectthatequitywouldbemuchmoreimportantinJapan,FranceandGermany.Thereare,ofcourse,differencesinthedatasetsunderlyingthedifferenttables.Forexample,householdportfoliosconsistoffinancialassetsandexcludeprivatelyheldfirms,whereasthesources-and-uses-of-fundsdataincludeallfirms.Nevertheless,itseemsunlikelythatthesedifferencescouldcausesuchhugediscrepancies.Itispuzzlingthatthesedifferentwaysofviewingthefinancialsystemproducesuchradicallydifferentresults.
Anotherpuzzleconcerninginternalversusexternalfinanceisthedifferencebetweenthedevelopedworldandemergingcountries.AlthoughitistruefortheUS,UK,Japan,France,Germanyandformostotherdevelopedcountriesthatinternalfinancedominatesexternalfinance,thisisnotthecaseforemergingcountries.SinghandHamid(1992)andSingh(1995)showthat,forarangeofemergingeconomies,externalfinanceismoreimportantthaninternalfinance.Moreover,equityisthemostimportantfinancinginstrumentanddominatesdebt.Thisdifferencebetweentheindustrializednationsandtheemergingcountrieshassofarreceivedlittleattention.
Thereisalargetheoreticalliteratureontheoperationofandrationaleforinternalcapitalmarkets.Internalcapitalmarketsdifferfromexternalcapitalmarketsbecauseofasymmetricinformation,investmentincentives,assetspecificity,controlrights,transactioncostsorincompletemarketsTherehasalsobeenconsiderabledebateontherelationshipbetweenliquidityandinvestment(see,forexample,Fazzari,HubbardandPetersen(1988),Hoshi,KashyapandScharfstein(1991))thatthelenderwillnotcarryoutthethreatinpractice,theincentiveeffectdisappears.Althoughthelender’sbehaviorisnowexpostoptimal,bothpartiesmaybeworseoffexante.
Thetimeinconsistencyofcommitmentsthatareoptimalexanteandsuboptimalexpostistypicalincontractingproblems.Thecontractcommitsonetocertaincoursesofactioninordertoinfluencethebehavioroftheotherparty.Thenoncethatparty’sbehaviorhasbeendetermin
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