北京大學光華管理學院-金融技術、經(jīng)濟增長與文化(2)-文庫吧資料
2025-01-03 18:28本頁面
【正文】 國銀行的正常業(yè)務。l汽車貸款的效果也如此。10萬 10萬 10萬 10萬 10萬年 1122Yale School of Management張三何時能買房？l如果沒有住房按揭貸款，那么要節(jié)約 10年才能買價格為 50萬的房子，而且每月要存 4千。l當這些國家和地區(qū)都內(nèi)需不夠、靠出口來發(fā)展時，那么有些國家必然內(nèi)需過剩。 76 investors in 1830 249。l忽視了證券類金融技術的價值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 press freedom was more of a politically needed institutionlBut, as the industrial revolution helped integrate markets within countries and crossregional trading bee mor
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