外文翻譯----金融業(yè)和經(jīng)濟(jì)發(fā)展的關(guān)系-金融財政-文庫吧
2025-04-17 11:19 本頁面
【正文】 , a financial system is defined as ... the collection of markets, institutions, laws, regulations, and techniques through which bonds, stocks, and other securities are traded, interest rates are determined, and financial services are produced and delivered around the world. This statement points to the first feature to be reviewed in this section, the relevance of the longlasting discourse surrounding the advantages attributed to a bankbased and to a marketbased financial system (Chapter ). Similarly, there have been broad considerations regarding what constitutes an efficient financial system at all. While theoretical finance models describe fiilly petitive, fiictionless markets, reality shows that imperfections, including asymmetric information and transaction costs, are an inevitable facet of even highly developed financial systems (Chapter ). Beyond that, the third facet considered at this point pertains to the continuous change requiring constant innovation and a longterm evolutionary perspective (Chapter ). Resuming the Bankbased Versus Marketbased Debate For many years, economists have been debating whether or not a bankbased system, in which most of the credit is deHvered by banks, or a marketbased system, in which most of the capital is raised by stock and bond markets, is more suitable for economic development. Most studies have focussed on Germany and Japan as bankbased systems and England and the United States as marketbased systems. However, the debate on whether a bankbased or a marketbased system produces greater efficiency in performing financial services is unresolved and has not really been of avail to effective policy formulation. The bankbased perspective claims that banks are more efficient in savings mobilisation, capital allocation, and corporate control, especially in initial stages of economic development and in the case of a rather ineffective institutional framework. The marketbased perspective, in turn, is based on the assumption that financial services promoting innovation and longterm economic growth are performed by stock and bond markets.39。 However, the parative studies of Germany and Japan on the one side and England and the United States on the other lack the range of information and depth of insight that an investigation focussing on a broader range of countries would allow. Actually, the four countries are characterised by similar per capita GDP and longterm growth rates. This allows the conclusion that the prevalence of either a bankbased or a marketbased system is not of major significance for longrun growth. This was also the result of a crosscountry study by Ross Levine, covering fortyeight countries with large differences in financial systems and growth rates from 1980 to 1995. After measuring the financial structure in terms of activity, size, and efficiency and considering regulatory constraints on mercial banks, the results showed no significant relationship between a particular financial structure and economic growth and did not support the bankbased versus marketbased perspective. Instead, the investigation demonstrated that an altogether better developed financial system has a positive impact on economic growth and that
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