外文翻譯----金融業(yè)和經(jīng)濟(jì)發(fā)展的關(guān)系-金融財政-全文預(yù)覽
【正文】 nd economic development relationship Mansor H. Ibrahim The World Bank Economic Review 3 The Connection Between the Capital Market and Development Casual observation suggests that an efficient financial system is one of the salient prerequisites promoting a country39。s peculiarities, above all its highly dynamic development and paratively brief history of stock and bond markets39。s profitability, will result in different optimal financing channels. Besides, it has been observed that capital market transactions are being increasingly plex and swifter, which denotes a growing significance of financial intermediaries in capital market processes. Eventually, financial markets and intermediaries do perform their roles concurrently and plementarily. By the same token, informal financing channels, among them funds provided by family, friends, and business angels, do play an important role in promoting development as well.*^^ Hence, a prehensive financing system with an appropriate bination of efficient financial markets, intermediaries, and informal financing alternatives suits prehensive development needs best. This is a clear indication for financial policy: instead of focussing on establishing either a socalled bankbased or a marketbased system, a viable framework for financial system evolution needs to be created, which allows for an appropriate system, including different markets, intermediaries, and informal financing with plementary tasks. On this note, an important line of reasoning has been put forward by Colin Mayer and Oren Sussman: The implication of the view that different systems are suited to different activities is that policy should be enabling rather than restrictive or prescriptive. It should promote diversity and innovation in financial institutions, rather than attempting to pick winners. Limited Applicability of an Overall Concept of Efficiency Financial system development is qualified by its extent, that is the share of private and public households and firms with easy access to financial markets and services provided by financial intermediaries, and its efficiency pertinent to how well financial markets and intermediaries allocate capital into most productive uses, while withdrawing it from less or even nonproductive uses. Textbooks usually refer to an efficient market as: A petitive market in which the prices of financial instruments traded there fully reflect all the latest information available. Eugen F. Fama, who proposed the efficient market hypothesis in the 1960s, stated in more detail: In an efficient market, petition among the many intelligent participants leads to a situation where, at any point in time, actual prices of individual securities already reflect the effects of information based both on events that have already occurred and on events which, as of now, the market expects to take place in the future. In other words, in an efficient market at any point in time the actual price of a security will be a good estimate of its intrinsic value. According to this perspective, any new information of relevance will alter the asset price immediately and thus reflect its real value because all investors are searching
畢業(yè)設(shè)計相關(guān)推薦
鄂ICP備17016276號-1