金融业和经济发展的关系文献翻译Word文档下载推荐.docx

金融业和经济发展的关系文献翻译Word文档下载推荐.docx

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Financialandeconomicdevelopmentrelations

出处：

TheWorldBankEconomicReview

作者：

MansorH.Ibrahim

原文：

Financialandeconomicdevelopmentrelationship

MansorH.Ibrahim

TheWorldBankEconomicReview

3TheConnectionBetweentheCapitalMarketandDevelopment

Casualobservationsuggeststhatanefficientfinancialsystemisoneofthesalientprerequisitespromotingacountry'

seffectivedevelopmentandcompetitiveness,orasinthecaseoffinancialsystemdistortions,amajorimpediment.Amongthecomponentsadvancingacountry'

swelfare,capitalallocation,intertemporalsmoothening,andrisksharingarecontinuouslycited.Conversely,marketlossesatmajorstockexchangesatthebeginningofthenewmillenniumdemonstratedthepotentiallyvolatileimpactsoffinancialsystemsondevelopmentandchallengedeconomicpoliciesonnationalandinternationallevels.Severaldivergingtheoreticalconceptsandempiricalstudieshaveinvestigatedwhetheranexusbetweenfinanceandeconomicgrowthorfinanceandeconomicdevelopmentactuallydoesexist.Yet,themainfocusofresearchhasbeentoanaliysetheimpactofthefinancesectorongrowthoroneconomicdevelopment,andinparticular,theroleofbanksandstockmarketstherein.Otheraspects,albeittheycouldbeconsideredimportantforanoverarchingdevelopmentpointofview,havebeenonlypartiallyincluded,amongthemtheversatilereciprocalrelationshipoffinanceanddevelopmentandacapitalmarketperspectivecoveringbothstockandbondmarkets.Themainobstacletoconstructingacomprehensivemodelofthefinance-growthorfinance-developmentlinkageconsistsofthecomplexcausalitiesbetweenfinanceandeconomicactivity,nottomentionthebroaderscopeofdevelopmentalapproachesthatintegratesocialandenvironmentaldimensions.

Havingtheseconsiderationsinmind,thisworkwillproceedwdthbriefnotesonsomeessentialaspectswhichformthebasisofanyfinancialsystemdesign（Chapter3.1）andanoutlineoftheoreticalconceptsandempiricalstudiespertinenttothefinanceandeconomicgrowthorfinanceandeconomicdevelopmentlinkage（Chapter3.2）.Thereafter,alookatthecapitalmarketanddevelopmentconnectionfollows.China'

speculiarities,aboveallitshighlydynamicdevelopmentandcomparativelybriefhistoryofstockandbondmarkets'

re-emergence,aswellastheobjectiveofthiswork,whichgoesbeyondapurelyeconomicgrowthperspective,requireanapproachotherthanthatofutilisingeconometricmodelsforfinancialmarketanalysis.Thusanalternativeconcept,thefunctionalperspective,isemployedandcombinedwithalookatcapitalmarketdataandindicatorsaswellasinfluentialparameterstoinvestigatetheimpactacapitalmarketcanhaveondevelopment（Chapter3.3）.

3.1GeneralAspectsofFinancialSystemDesign

Threeaspectsofthefinancialsystemarediscussedinthefollowingsection,astheydescribegroundruleswhichdeterminethecapitalmarket'

sroleandcharacteristicswithinafinancialsystem.Generallyspeaking,afinancialsystemisdefinedas"

...thecollectionofmarkets,institutions,laws,regulations,andtechniquesthroughwhichbonds,stocks,andothersecuritiesaretraded,interestratesaredetermined,andfinancialservicesareproducedanddeliveredaroundtheworld.Thisstatementpointstothefirstfeaturetobereviewedinthissection,therelevanceofthelong-lastingdiscoursesurroundingtheadvantagesattributedtoabank-basedandtoamarket-basedfinancialsystem（Chapter3.1.1）.Similarly,therehavebeenbroadconsiderationsregardingwhatconstitutesanefficientfinancialsystematall.Whiletheoreticalfinancemodelsdescribefiillycompetitive,fiictionlessmarkets,realityshowsthatimperfections,includingasymmetricinformationandtransactioncosts,areaninevitablefacetofevenhighlydevelopedfinancialsystems（Chapter3.1.2）.Beyondthat,thethirdfacetconsideredatthispointpertainstothecontinuouschangerequiringconstantinnovationandalong-termevolutionaryperspective（Chapter3.1.3）.

3.1.1ResumingtheBank-basedVersusMarket-basedDebate

Formanyyears,economistshavebeendebatingwhetherornotabank-basedsystem,inwhichmostofthecreditisdeHveredbybanks,oramarket-basedsystem,inwhichmostofthecapitalisraisedbystockandbondmarkets,ismoresuitableforeconomicdevelopment.MoststudieshavefocussedonGermanyandJapanasbank-basedsystemsandEnglandandtheUnitedStatesasmarket-basedsystems.However,thedebateonwhetherabank-basedoramarket-basedsystemproducesgreaterefficiencyinperformingfinancialservicesisunresolvedandhasnotreallybeenofavailtoeffectivepolicyformulation.Thebank-basedperspectiveclaimsthatbanksaremoreefficientinsavingsmobilisation,capitalallocation,andcorporatecontrol,especiallyininitialstagesofeconomicdevelopmentandinthecaseofaratherineffectiveinstitutionalframework.Themarket-basedperspective,inturn,isbasedontheassumptionthatfinancialservicespromotinginnovationandlong-termeconomicgrowthareperformedbystockandbondmarkets.'

However,thecomparativestudiesofGermanyandJapanontheonesideandEnglandandtheUnitedStatesontheotherlacktherangeofinformationanddepthofinsightthataninvestigationfocussingonabroaderrangeofcountrieswouldallow.Actually,thefourcountriesarecharacterisedbysimilarpercapitaGDPandlong-termgrowthrates.Thisallowstheconclusionthattheprevalenceofeitherabank-basedoramarket-basedsystemisnotofmajorsignificanceforlong-rungrowth.Thiswasalsotheresultofacross-countrystudybyRossLevine,coveringforty-eightcountrieswithlargedifferencesinfinancialsystemsandgrowthratesfrom1980to1995.Aftermeasuringthefinancialstructureintermsofactivity,size,andefficiencyandconsideringregulatoryconstraintsoncommercialbanks,theresultsshowednosignificantrelationshipbetweenaparticularfinancialstructureandeconomicgrowthanddidnotsupportthebank-basedversusmarket-basedperspective.Instead,theinvestigationdemonstratedthatanaltogetherbetterdevelopedfinancialsystemhasapositiveimpactoneconomicgrowthandthatthepredominantlegalsystemisamajorfactorinfluencingthefinancialsystem.SimilarconclusionswerereachedbySergioSchmuklerandEstebanVesperoniwhenexaminingthefinancingchoicesmadebynon-financialfirmsinfiveemergingcountriesthatwerechallengedbyasequenceoffinancialrepression,financialliberalisation,andcrisisthroughoutthe1980sand1990s,namelyArgentinaandIndia,whicharebank-based,andBrazil,Malaysia,Mexico,SouthKorea,andThailand,whicharemarket-based.Theirresultsofaninvestigationofleveragelevels,debtmaturity,andexternal/internalfinancingchoicesrevealedthatfirm-specificfeaturesimpactthefinancialstructureinbothsystemsandthatthedifferencebetweenbank-basedandmarket-basedsystemsisnotasimportantasthegapbetweenemerginganddevelopedmarkets.

Asageneralrule,developmentisacomplexprocessinwhichprivateandpublichouseholdsaswellasbusinesseshavemultifacetedfinancingneeds.Inrespectthereof,FranklinAllenandDouglasGaleobservedthatonefinancingchannelalonecannotbeoptimalforallprojects,asdifferentparameters,suchasthedegreeofinvestoroptimismandcostsforinformationontheproject'

sprofitability,willresultindifferentoptimalfinancingchannels.Besides,ithasbeenobservedthatcapitalmarkettransactionsarebecomingincreasinglycomplexandswifter,whichdenotesagrowingsignificanceoffinancialintermediariesincapitalmarketprocesses.Eventually,financialmarketsandintermediariesdoperformtheirrolesconcurrentlyandcomplementarily.Bythesametoken,informalfinancingchannels,amongthemfundsprovidedbyfamily,friends,andbusinessangels,doplayanimportantroleinpromotingdevelopmentaswell.*^^Hence,acomprehensivefinancingsystemwithanappropriatecombinationofefficientfinancialmarkets,intermediaries,andinformalfinancingalternativessuitscomprehensivedevelopmentneedsbest.Thisisaclearindicationforfinancialpolicy:

insteadoffocussingonestablishingeitheraso-calledbank-basedoramarket-basedsystem,aviableframeworkforfinancialsystemevolutionneedstobecreated,whichallowsforanappropriatesystem,includingdifferentmarkets,intermediaries,andinformalfinancingwithcomplementarytasks.Onthisnote,animportantlineofreasoninghasbeenputforwardbyColinMayerandOrenSussman:

"

Theimplicationoftheviewthatdifferentsystemsaresuitedtodifferentactivitiesisthatpolicyshouldbeenablingratherthanrestrictiveorprescriptive.Itshouldpromotediversityandinnovationinfinancialinstitutions,ratherthanattemptingtopickwinners.

3.1.2LimitedApplicabilityofanOverallConceptofEfficiency

Financialsystemdevelopmentisqualifiedbyitsextent,thatistheshareofprivateandpublichouseholdsandfirmswitheasyaccesstofinancialmarketsandservicesprovidedbyfinancialintermediaries,anditsefficiencypertinenttohowwellfinancialmarketsandintermediariesallocatecapitalintomostproductiveuses,whilewithdrawingitfromlessorevennon-productiveuses.Textbooksusuallyrefertoanefficientmarketas:

Acompetitivemarketinwhichthepricesoffinancialinstrumentstradedtherefullyreflectallthelatestinformationavailable.EugenF.Fama,whoproposedtheefficientmarkethypothesisinthe1960s,statedinmoredetail:

Inanefficientmarket,competitionamongthemanyintelligentparticipantsleadstoasituationwhere,atanypointintime,actual