外文翻譯----金融業(yè)和經(jīng)濟(jì)發(fā)展的關(guān)系-金融財(cái)政(存儲(chǔ)版)
【正文】 omic activity, not to mention the broader scope of developmental approaches that integrate social and environmental dimensions. Having these considerations in mind, this work will proceed wdth brief notes on some essential aspects which form the basis of any financial system design (Chapter ) and an outline of theoretical concepts and empirical studies pertinent to the finance and economic growth or finance and economic development linkage (Chapter ). Thereafter, a look at the capital market and development connection follows. China39。s role and characteristics within a financial system. Generally speaking, 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。 而 主要障礙 是 構(gòu)建財(cái)政增長(zhǎng)和金融的發(fā)展之間的聯(lián)系綜合模型的金融和經(jīng)濟(jì)活動(dòng)之間復(fù)雜的因果關(guān)系 ， 不在于 能否使他 整合社會(huì)和環(huán)境方面 有更廣闊的 適用范圍 。同樣，也有關(guān)于什么構(gòu) 成一個(gè)有效的金融體系在所有廣泛的考慮。但是，一項(xiàng)調(diào)查在更廣泛的國(guó)家進(jìn)行則會(huì)顯示出其他不足，德國(guó)和日本為一方和比較研究英國(guó)和美國(guó)的信息和洞察力。 程度和對(duì)項(xiàng)目的盈利能力的信息成本，會(huì)導(dǎo)致不同的最優(yōu)的融資渠道的選擇。因此，它不是一般不可能實(shí)現(xiàn)持續(xù)高于平均水平的回報(bào)。此外，任何金融體系的特點(diǎn)是由特定的政治環(huán)境，以及當(dāng)時(shí)的產(chǎn)權(quán)，會(huì)計(jì)和披露規(guī)則，并作為由政府成立 .而且它的規(guī)管 安排考慮到，即使是體制問(wèn)題的方式適合于對(duì)整個(gè)一定時(shí)期內(nèi)需求處理，始終保持有失敗的可能不適用為市場(chǎng)參與者設(shè)計(jì)的一些獎(jiǎng)勵(lì)設(shè)置，這可能導(dǎo)致腐敗或無(wú)能的結(jié)果，并在這樣會(huì)對(duì)效率產(chǎn)生不利影響。 從更務(wù)實(shí)的角度看，一個(gè)金融體系可以考慮當(dāng)資產(chǎn)價(jià)格反映資產(chǎn)的實(shí)際價(jià)值，從而充分，及時(shí)履行對(duì)地方，國(guó)家和國(guó)際各級(jí)的特殊情況，其資本配置功能。這是金融政策的明確指示：而不是在建立任何所謂的以銀行為基礎(chǔ)或以市場(chǎng)為基礎(chǔ)的系統(tǒng)集中，為金融體
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