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(完整版)
【正文】 用 .因此一個(gè)重要的角色，一個(gè)有效率的金融市場(chǎng)采取適當(dāng)?shù)慕M合全面的融資制度，中介機(jī)構(gòu)和非正式融資方案的全面發(fā)展需求的最佳適應(yīng)。 這也是一個(gè)由羅斯列文的跨國(guó)研究，包括從 1980 至 95 年 48 個(gè)國(guó)家的結(jié)果表明在金融系統(tǒng)和生長(zhǎng)率之間的差異很大。 恢復(fù)銀行為基礎(chǔ)與市場(chǎng)為基礎(chǔ)的辯論 多年來(lái)，經(jīng)濟(jì)學(xué)家一直在爭(zhēng)論到底該不該有銀行為基礎(chǔ)的系統(tǒng)，其中最重要的是 Hvered 信貸銀行，或以市場(chǎng)為基礎(chǔ)的系統(tǒng)，其中大部分資金是由股票和債券市場(chǎng)的成長(zhǎng)，是更適合經(jīng)濟(jì)發(fā)展。中國(guó)的特殊性，首先是它的高度動(dòng)態(tài)的發(fā)展和相對(duì)短暫的股票和債券市場(chǎng)的重新崛起的歷史，以及這項(xiàng)工作中，超越了純經(jīng)濟(jì)增長(zhǎng)的角度的客觀(guān)性，需要一種方法比利用計(jì)量經(jīng)濟(jì)學(xué)，其他金融市場(chǎng)的分析模型。在一個(gè)國(guó)家 不斷提升 的福利 中 ，資本配置，跨期平滑，以及風(fēng)險(xiǎn)分擔(dān)部分不斷被引用。 本科畢業(yè)論文外文翻譯 外文題目： Financial and economic development relations 出 處： The World Bank Economic Review 作 者： Mansor H. Ibrahim 原 文： Financial and 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 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 o
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