金融体系中英文对照外文翻译文献

1、金融体系中英文对照外文翻译文献金融体系中英文对照外文翻译文献(文档含英文原文和中文翻译)金融体系中英文对照外文翻译文献 1 What is a Financial System?The purpose of a nancial system is to channel funds from agents with surplusesto agents with decits. In the traditional literature there have be en two approaches toanalyzing this process. The rst is to consider

2、 how agents interact throughnancial markets. The second looks at the operation of nancial intermediaries suchas banks and insurance companies. Fifty years ago, the nancial system could beneatly bifurcated in this way. Rich house-holds and large rmsused the equity andbond markets,while less wealthy h

3、ouse-holds and medium and small rms used banks,insurance companies and other nancial institutions. Table 1, for example, shows theownership of corporate equities in 1950. Households owned over 90 percent. By 2000it can be seen that the situation had changed dramatically.By then households heldless t

4、han 40 percent, nonbank intermediaries, primarily pension funds and mutualfunds, held over 40 percent. This change illustrates why it is no longer possible toconsider the role of nancial markets and nancial institutions separately. Rather thanintermediating directly between households and rms, nanci

5、al institutions haveincreasingly come to intermediate between households and markets, on the one hand,and between rms and markets,on the other. This makes it necessary to consider thenancial system as anirreducible whole.The notion that a nancial system transfers resources between households andrms

6、is, of course, a simplication. Governments usually play a significant role in thenancial system. They are major borrowers, particularlyduring times of war, recession,or when large infrastructure projects are being undertaken. They sometimes also savesignicant amounts of funds. For example, when coun

7、tries such as Norway and manyMiddle Eastern States have access to large amounts of natural resources (oil), thegovernment may acquire large trust funds on behalf of the population.In addition to their roles as borrowers or savers, governments usually playanumber of other important roles. Central ban

8、ks typically issue at money and areextensively involved in the payments system. Financial systems with unregulatedmarkets and intermediaries, such as the US in the late nineteenth century, oftenexperience nancial crises.The desire to eliminate these crises led manygovernmentsto intervene in a signic

9、ant way in the nancial system. Central banks orsome other regulatory authority are charged with regulating the banking system andother intermediaries, such as insurance companies. So in most countries governmentsplay an important role in the operation of nancialsystems. This intervention meansthat t

10、he political system, which determines the government and its policies, is alsorelevant for the nancial system.金融体系中英文对照外文翻译文献There are some historical instances where nancial markets and institutions haveoperated in the absence of a well- dened legal system, relyinginstead on reputationand other imp

11、licit mechanisms. However, in most nancial systems the law plays animportant role. It determines what kinds ofcontracts are feasible, what kinds ofgovernance mechanisms can be used for corporations, the restrictions that can beplaced on securities and so forth. Hence, the legal system is an importan

12、t componentof a nancial system.A a a a a e (2) Positive: What drives the evolution of the nancial system?The rst set of issues is considered in Sections 2-6, which focus on issues ofinvestment and saving, growth, risk sharing, information provision and corporategovernance, respectively. Section 7 co

13、nsiders the inuence of law and politics on thenancial system while Section 8 looks at the role nancial crises have had in shapingthe nancial system. Section 9 contains concludingremarks.2 Investment and Saving a 2 shows the results from the a most recent set of studies, based on data from 1970-1989,

14、 using Mayers methodology.The gures use data obtained from sources-and-uses-of-funds statements. For France,the data are from Bertero (1994), while for the US, UK, Japan and Germany they arefrom Corbett and Jenkinson (1996). It can be seen that internal nance is by far themost important source of fu

15、nds in all countries.Bank nance is moderately importantin most countries and particularly important in Japan and France. Bond nance is onlyimportant in the US and equity nance is either unimportant or negative (i.e., sharesare being repurchased in aggregate) in all countries. Mayers studies and thos

16、e usinghis methodology have had an important impact because they have raised the questionof how important nancial markets are in terms of providing funds for investment. Itseems that, at least in the aggregate, equity markets are unimportant while bondmarkets are important only in the US. These ndin

17、gs contrast strongly with the金融体系中英文对照外文翻译文献emphasis on equity and bond markets in the traditional nance literature. Banknance is important in all countries,but not as important as internal nance. 3 t a 4 a 34 s di di a a e The time inconsistency of commitments that are optimal ex ante and suboptima

18、l expost is typical in contracting problems. The contract commits one to certain courses ofaction in order to inuence the behavior of the other party. Then once that partysbehavior has been determined, the benet of the commitment o feasible (we are referring here to the contract or agreement as exec

19、uted, rather 金融体系中英文对照外文翻译文献than the contract as originally written or conceived) and, to that extent, tends toreduce the welfare of both parties ex ante. Anything that gives the parties a greaterpower to commit themselves to the terms of the contract will, conversely, bewelfare-enhancing.Dewatripon

20、t and Maskin (1995) (included as a chapter in this section) havesuggested that nancial markets have an advantage over nancial intermediaries inmaintaining commitments to refuse further funding. If the rm obtains its fundingfrom the bond market, th transaction costs involved in negotiating with a lar

21、ge number of bond holders, there is a free-rider problem. Eachbond holder would like to maintain his original claim over the returns to the project,while allowing the others to renegotiate their claims in order to nance the additionalinvestment. The free-rider problem, which is often thought of as t

22、he curse ofcooperative enterprises, turns out to be a virtue in disguise when it comes tomaintaining commitments.a a a a a a Several authors have argued that, under certain circumstances, renegotiation iswelfare-improving. In that case, the Dewatripont-Maskin argument is turned on itshead. Intermedi

23、aries that establish long-term relationships with clients may have anadvantage over nancial markets precisely because it is easier for them to renegotiatecontracts.The crucial assumption is that contracts are incomplete. Because of the hightransaction costs of writing complete contracts, some potent

24、ially Pareto-improvingcontingencies are left out of contracts and securities. This incompleteness of contractsmay make renegotiation desirable. The missing contingencies can be replaced bycontract adjustments that are negotiated by the parties ex post, after they observe therealization of variables

25、on which the contingencies would have been based. Theincomplete contract determines the status quo for the ex post bargaining game (i.e.,renegotiation)that determines the nal outcome.An important question in this whole area is “How important are these relationshipsempirically?” Here there does not s

26、eem to be a lot of evidence.As far as the importance of renegotiation in the sense of Dewatripont and Maskin(1995), the work of Asquith, Gertner and Scharfstein (1994) suggests that littlerenegotiation occurs in the case of nancially distressed rms.Conventional wisdomholds that banks are so well sec

27、ured that they can and do “pull the plug” as soon as aborrower becomes distressed, leaving the金融体系中英文对照外文翻译文献unsecured creditors and other claimants holding the bag.Petersen and Rajan (1994) suggest that rms that have a longer relationship with abank do have greater access to credit, controlling for

28、 a number of features of theborrowers history. It is not clear from their work exactly what lies behind the value ofthe relationship. For example, the increased access to credit could be an incentivedevice or it could be the result ofgreater information or the relationship itself could make the borr

29、ower more creditworthy. Berger and Udell (1992) nd that banks smooth loan rates in response tointerest rate shocks. Petersen and Rajan (1995) and Berlin and Mester (1997) nd thatsmoothing occurs as a rms credit risk changes.Berlin and Mester (1998) nd that loan rate smoothing is associated with lowe

30、rbank prots. They argue that this suggests the smoothing does not arise as part of anoptimal relationship.This section has pointed to a number of issues for future research. e a a 金融体系中英文对照外文翻译文献1、什么是金融体系？一个金融系统的目的（作用）是将资金从盈余者（机构）向短缺者（机构）市场和债券市场。例如，表一显示了 1950 年公司产权的归属，其中家庭拥有百分之九十以上。到2000 年为止可以看出，这种情

31、况已经发生了巨大变化。在那介。这使得有必要将金融系统视为不可小觑的整体。融体系中发挥 了要作用。他们是主要的借款人，尤其是在战争，经济衰退时，法律制度的地方，金融市场和金融机构反而是以信誉和一些隐性机制为依托的。度是金融体系的重要组成部分。类型的信息（尽管是最重要的）是金融系统所需的。提供资助，鼓励创造和传播金融体系中英文对照外文翻译文献信息是金融系统的关键功能。产生和传播信息的动机是金融系统的一个重要特征。如果没有大量的人力资本，要使金融系统内各个组件有效地运作是不可能行家对金融系统的有效运作至关重要。有关比较金融系统的文献在很早时期就有。我们的调查是建立在艾伦（1993）Gale(1995

32、)和 Thakor(1996)以前的观点的基础上的。这些观点集中于两类问题：（1）规范性：不同类型的金融系统在不同种类的功能上效用有多大？（2）积极性：是什么推动金融体系的改革？第一类问题主要单独考虑第二至第六条，这些条例集中于投资和储蓄的增长、 7条考虑了法律和政治对金融系统的影 8 9条载有总结发言。2、投资和储蓄（1988年，1990年）记载了在不同的国家的企业如何获得资金和资助。表2显示了运用 Mayer方法以 1970-1989的数据为基础进行一系列研究的结果。使用的数据来源于资金来源和使用表。对法国来说，数据是来自于 Bertero（1994说，他们的数据来自于 Corbett 和

33、 Jenkinson (1996).可以看出，在所有国家，Mayer的研究成果和那些使用他的方法取得重要性问题。看来，至少在总体来说，股票市场是不重要的，而债券市场仅在美的对比。银行融资在所有的国家都很重要但没有内部融资重要。另一个关于金 3显示了在美国、英国、日本、法国和德国银行和市场的相对重要性。美国是其中一个极端，德国是另外一个极端。在美国，银行是相对不重要的：资产占 GDP的比重只有53，大约是德国的（152%）三分之一。另一方面，美国的股票市值占 GDP的比重为 82，是德国24%的的三倍。日本和英国是有趣的中间情况：市场和金融体系中英文对照外文翻译文献 4现金等价物（包括银行账户），情况恰恰相反。表 3和表 4相对于表 2持有者，人们可能预期股票会在日本，法国和德国变得更加重要的。当然，以不这样完全不同的结果。另一个关于内部融资和外部融资的一个难题是发达国家和新兴国家之间的差异。虽然对美国、英国、日本、