金融體系中英文對照外文翻譯文獻

1、金融體系中英文對照外文翻譯文獻金融體系中英文對照外文翻譯文獻(文檔含英文原文和中文翻譯)金融體系中英文對照外文翻譯文獻 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.金融體系中英文對照外文翻譯文獻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金融體系中英文對照外文翻譯文獻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 金融體系中英文對照外文翻譯文獻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金融體系中英文對照外文翻譯文獻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 金融體系中英文對照外文翻譯文獻1、什么是金融體系？一個金融系統(tǒng)的目的（作用）是將資金從盈余者（機構(gòu)）向短缺者（機構(gòu)）市場和債券市場。例如，表一顯示了 1950 年公司產(chǎn)權(quán)的歸屬，其中家庭擁有百分之九十以上。到2000 年為止可以看出，這種情

31、況已經(jīng)發(fā)生了巨大變化。在那介。這使得有必要將金融系統(tǒng)視為不可小覷的整體。融體系中發(fā)揮 了要作用。他們是主要的借款人，尤其是在戰(zhàn)爭，經(jīng)濟衰退時，法律制度的地方，金融市場和金融機構(gòu)反而是以信譽和一些隱性機制為依托的。度是金融體系的重要組成部分。類型的信息（盡管是最重要的）是金融系統(tǒng)所需的。提供資助，鼓勵創(chuàng)造和傳播金融體系中英文對照外文翻譯文獻信息是金融系統(tǒng)的關(guān)鍵功能。產(chǎn)生和傳播信息的動機是金融系統(tǒng)的一個重要特征。如果沒有大量的人力資本，要使金融系統(tǒng)內(nèi)各個組件有效地運作是不可能行家對金融系統(tǒng)的有效運作至關(guān)重要。有關(guān)比較金融系統(tǒng)的文獻在很早時期就有。我們的調(diào)查是建立在艾倫（1993）Gale(1995

32、)和 Thakor(1996)以前的觀點的基礎(chǔ)上的。這些觀點集中于兩類問題：（1）規(guī)范性：不同類型的金融系統(tǒng)在不同種類的功能上效用有多大？（2）積極性：是什么推動金融體系的改革？第一類問題主要單獨考慮第二至第六條，這些條例集中于投資和儲蓄的增長、 7條考慮了法律和政治對金融系統(tǒng)的影 8 9條載有總結(jié)發(fā)言。2、投資和儲蓄（1988年，1990年）記載了在不同的國家的企業(yè)如何獲得資金和資助。表2顯示了運用 Mayer方法以 1970-1989的數(shù)據(jù)為基礎(chǔ)進行一系列研究的結(jié)果。使用的數(shù)據(jù)來源于資金來源和使用表。對法國來說，數(shù)據(jù)是來自于 Bertero（1994說，他們的數(shù)據(jù)來自于 Corbett 和

33、 Jenkinson (1996).可以看出，在所有國家，Mayer的研究成果和那些使用他的方法取得重要性問題。看來，至少在總體來說，股票市場是不重要的，而債券市場僅在美的對比。銀行融資在所有的國家都很重要但沒有內(nèi)部融資重要。另一個關(guān)于金 3顯示了在美國、英國、日本、法國和德國銀行和市場的相對重要性。美國是其中一個極端，德國是另外一個極端。在美國，銀行是相對不重要的：資產(chǎn)占 GDP的比重只有53，大約是德國的（152%）三分之一。另一方面，美國的股票市值占 GDP的比重為 82，是德國24%的的三倍。日本和英國是有趣的中間情況：市場和金融體系中英文對照外文翻譯文獻 4現(xiàn)金等價物（包括銀行賬戶），情況恰恰相反。表 3和表 4相對于表 2持有者，人們可能預(yù)期股票會在日本，法國和德國變得更加重要的。當(dāng)然，以不這樣完全不同的結(jié)果。另一個關(guān)于內(nèi)部融資和外部融資的一個難題是發(fā)達國家和新興國家之間的差異。雖然對美國、英國、日本、