北京大學(xué)光華管理學(xué)院-金融技術(shù)、經(jīng)濟(jì)增長(zhǎng)與文化(3)(已修改)
2025-01-07 18:31 本頁(yè)面
【正文】 Yale School of Management金融技術(shù)、經(jīng)濟(jì)增長(zhǎng)與文化陳志武耶魯大學(xué)管理學(xué)院金融經(jīng)濟(jì)學(xué)教授北京大學(xué)光華管理學(xué)院特聘教授 1Yale School of Management科學(xué)技術(shù) 與 金融技術(shù)l我們很熟悉 科學(xué)技術(shù) 的重要性。終于接受了 “賽先生 ”l但是， 金融技術(shù) 呢？2Yale School of Management以 “貨幣 ”創(chuàng)新為例3Yale School of Management4Yale School of Management貨幣金融創(chuàng)新的作用l大大加快市場(chǎng)交易速度：生產(chǎn)力直線上升l促進(jìn)專業(yè)分工的空前細(xì)化：l使 “向錢看 ”有了基礎(chǔ)5Yale School of Management但是，l以往，我們只注意到貨幣創(chuàng)新的意義。l忽視了證券類金融技術(shù)的價(jià)值6Yale School of ManagementWhat does it take to develop securities markets?lContract enforcement is keylFinancial market development depends critically on the informational environment: 7Yale School of ManagementAkerlof (1970)lThe Market for Lemons: Quality Uncertainty and the Market Mechanism Key point: the more informationally opaque the market, the more severe the adverse selection problem the more likely for the market to shutdown8Yale School of ManagementManufacturing and mining can get by even without rule of law or free presslConsider manufacturing and trading a car: You can look at and testdrive it: color, style, engine, mechanical quality, …. 9Yale School of ManagementBut, service sector depends more on the rule of law and press freedoml Consider buying a stock: You cannot look at or testdrive it:No color, no style, no engine, no mechanical quality, ….XYZ Corp.10Yale School of ManagementImplications of this Contrast between Tangible Goods Mkt ServiceslExplains why historically
環(huán)評(píng)公示相關(guān)推薦
鄂ICP備17016276號(hào)-1