金融业和经济发展的关系[文献翻译]

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1、本科毕业论文外文翻译外文题目：Financial and economic development relations 出 处：The World Bank Economic Review 作 者：Mansor H. Ibrahim 原 文：Financial and economic development relationship Mansor H. Ibrahim The World Bank Economic Review3 The Connection Between the Capital Market and Development Casual observation sugg

2、ests that an efficient financial system is one of the salient prerequisites promoting a countrys effective development and competitiveness, or as in the case of financial system distortions, a major impediment. Among the components advancing a countrys welfare, capital allocation, intertemporal smoo

3、thening, and risk sharing are continuously cited. Conversely, market losses at major stock exchanges at the beginning of the new millennium demonstrated the potentially volatile impacts of financial systems on development and challenged economic policies on national and international levels. Several

4、 diverging theoretical concepts and empirical studies have investigated whether a nexus between finance and economic growth or finance and economic development actually does exist. Yet, the main focus of research has been to analiyse the impact of the finance sector on growth or on economic developm

5、ent, and in particular, the role of banks and stock markets therein. Other aspects, albeit they could be considered important for an overarching development point of view, have been only partially included, among them the versatile reciprocal relationship of finance and development and a capital mar

6、ket perspective covering both stock and bond markets. The main obstacle to constructing a comprehensive model of the finance-growth or finance-development linkage consists of the complex causalities between finance and economic activity, not to mention the broader scope of developmental approaches t

7、hat integrate social and environmental dimensions.Having these considerations in mind, this work will proceed wdth brief notes on some essential aspects which form the basis of any financial system design (Chapter 3.1) and an outline of theoretical concepts and empirical studies pertinent to the fin

8、ance and economic growth or finance and economic development linkage (Chapter 3.2). Thereafter, a look at the capital market and development connection follows. Chinas peculiarities, above all its highly dynamic development and comparatively brief history of stock and bond markets re-emergence, as w

9、ell as the objective of this work, which goes beyond a purely economic growth perspective, require an approach other than that of utilising econometric models for financial market analysis. Thus an alternative concept, the functional perspective, is employed and combined with a look at capital marke

10、t data and indicators as well as influential parameters to investigate the impact a capital market can have on development (Chapter 3.3).3.1 General Aspects of Financial System Design Three aspects of the financial system are discussed in the following section, as they describe ground rules which de

11、termine the capital markets role and characteristics within a financial system. Generally speaking, a financial system is defined as . the collection of markets, institutions, laws, regulations, and techniques through which bonds, stocks, and other securities are traded, interest rates are determine

12、d, and financial services are produced and delivered around the world. This statement points to the first feature to be reviewed in this section, the relevance of the long-lasting discourse surrounding the advantages attributed to a bank-based and to a market-based financial system (Chapter 3.1.1).

13、Similarly, there have been broad considerations regarding what constitutes an efficient financial system at all. While theoretical finance models describe fiilly competitive, fiictionless markets, reality shows that imperfections, including asymmetric information and transaction costs, are an inevit

14、able facet of even highly developed financial systems (Chapter 3.1.2). Beyond that, the third facet considered at this point pertains to the continuous change requiring constant innovation and a long-term evolutionary perspective (Chapter 3.1.3).3.1.1 Resuming the Bank-based Versus Market-based Deba

15、te For many years, economists have been debating whether or not a bank-based system, in which most of the credit is deHvered by banks, or a market-based system, in which most of the capital is raised by stock and bond markets, is more suitable for economic development. Most studies have focussed on

16、Germany and Japan as bank-based systems and England and the United States as market-based systems. However, the debate on whether a bank-based or a market-based system produces greater efficiency in performing financial services is unresolved and has not really been of avail to effective policy form

17、ulation. The bank-based perspective claims that banks are more efficient in savings mobilisation, capital allocation, and corporate control, especially in initial stages of economic development and in the case of a rather ineffective institutional framework. The market-based perspective, in turn, is

18、 based on the assumption that financial services promoting innovation and long-term economic growth are performed by stock and bond markets. However, the comparative studies of Germany and Japan on the one side and England and the United States on the other lack the range of information and depth of

19、 insight that an investigation focussing on a broader range of countries would allow. Actually, the four countries are characterised by similar per capita GDP and long-term growth rates. This allows the conclusion that the prevalence of either a bank-based or a market-based system is not of major si

20、gnificance for long-run growth. This was also the result of a cross-country study by Ross Levine, covering forty-eight countries with large differences in financial systems and growth rates from 1980 to 1995. After measuring the financial structure in terms of activity, size, and efficiency and cons

21、idering regulatory constraints on commercial banks, the results showed no significant relationship between a particular financial structure and economic growth and did not support the bank-based versus market-based perspective. Instead, the investigation demonstrated that an altogether better develo

22、ped financial system has a positive impact on economic growth and that the predominant legal system is a major factor influencing the financial system. Similar conclusions were reached by Sergio Schmukler and Esteban Vesperoni when examining the financing choices made by non-financial firms in five

23、emerging countries that were challenged by a sequence of financial repression, financial liberalisation, and crisis throughout the 1980s and 1990s, namely Argentina and India, which are bank-based, and Brazil, Malaysia, Mexico, South Korea, and Thailand, which are market-based. Their results of an i

24、nvestigation of leverage levels, debt maturity, and external / internal financing choices revealed that firm-specific features impact the financial structure in both systems and that the difference between bank-based and market-based systems is not as important as the gap between emerging and develo

25、ped markets.As a general rule, development is a complex process in which private and public households as well as businesses have multifaceted financing needs. In respect thereof, Franklin Allen and Douglas Gale observed that one financing channel alone cannot be optimal for all projects, as differe

26、nt parameters, such as the degree of investor optimism and costs for information on the projects profitability, will result in different optimal financing channels. Besides, it has been observed that capital market transactions are becoming increasingly complex and swifter, which denotes a growing s

27、ignificance of financial intermediaries in capital market processes. Eventually, financial markets and intermediaries do perform their roles concurrently and complementarily. By the same token, informal financing channels, among them funds provided by family, friends, and business angels, do play an

28、 important role in promoting development as well.* Hence, a comprehensive financing system with an appropriate combination of efficient financial markets, intermediaries, and informal financing alternatives suits comprehensive development needs best. This is a clear indication for financial policy:

29、instead of focussing on establishing either a so-called bank-based or a market-based 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 complementary tasks. On

30、 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

31、 in financial institutions, rather than attempting to pick winners.3.1.2 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

32、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 non-productive uses. Textbooks usually refer to an efficient market as: A competitive market in which

33、 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, competition among the many intelligent participants leads to a situation wher

34、e, at any point in time, actual prices of individual securities already reflect the effects of information based both on events that have already occurred and on events which, as of now, the market expects to take place in the future. In other words, in an efficient market at any point in time the a

35、ctual price of a security will be a good estimate of its intrinsic value. According to this perspective, any new information of relevance will alter the asset price immediately and thus reflect its real value because all investors are searching for this information and utilise it rationally for opti

36、mising their investment strategies. Hence, it is not generally possible to achieve continuously above-average returns.However, information asymmetries constitute a major challenge for translating theoretical results into practice. In fact, markets are characterised by various persons having access t

37、o diverse information which leads to transaction prices deviating from the actual value or the transactions not being accomplished, a well-known challenge in the investor-manager relationship and the corporate governance debate to date. Sanford J. Grossman and Joseph E. Stiglitz furthermore show tha

38、t, as a consequence of the trade-off between efficiency in information dissemination and incentives to obtain information, the efficient market hypothesis does not work when acquisition of information inheres costs: if asset prices reflect all information available, there would be no incentive for i

39、nvestors to pay for information because they could not realise a return on their investment. Viewed from a more pragmatic angle, a financial system can be considered efificient when asset prices reflect the actual value of an asset adequately and timely and thereby fulfil its capital allocation func

40、tion with regard to the particular situation on local, national, and international levels. Over time, this maximises its capability to evolve the most appropriate structure according to the financing needs of private and public households and of the business community at any particular moment. Yet t

41、here is no blueprint answer to an efficient financial system design. As Franklin Allen and Douglas Gale emphasised, financial markets and intermediaries, by and large, do not accurately operate in line with theoretical models. In addition, any financial system is characterised by the particular poli

42、tical environment as well as prevailing property rights, accounting and disclosure rules, and regulatory arrangements as established by the government. And it has to be taken into account that, even if institutional issues are addressed in ways appropriate to the demand of a given period on the whol

43、e, there always remains the potential to fail by not setting applicable incentives for some of the market participants, which could lead to the possible outcome of corruption or incompetence, and in doing so have an adverse effect on efficiency.译 文：金融业和经济发展的关系 3资本市场之间的联系与发展根据平时的观察表明，一个有效的金融体系是促进一个国家

44、的有效的发展和竞争力的突出先决条件之一，或者是防止金融发展扭曲的出现。在一个国家不断提升的福利中，资本配置，跨期平滑，以及风险分担部分不断被引用。相反，在新千年开始之际，主要股市市值损失展示了金融系统的潜在动荡对发展国家以及国际层面上的经济政策的影响。分歧的几个理论概念和实证研究调查显示，关于是否有金融与经济增长或财政和经济发展之间的关系实际上是存在的。然而，主要研究重点是分析对经济增长或经济发展的金融部门的影响，特别是，银行和股市在其中的作用。在其他方面，尽管他们可以考虑的一个重要观点的总体发展来看，只有部分已列入其中，多功能的金融和资本市场发展和角度涵盖股票和债券市场的相互关系。而主要障碍

45、是构建财政增长和金融的发展之间的联系综合模型的金融和经济活动之间复杂的因果关系，不在于能否使他整合社会和环境方面有更广阔的适用范围。其中要考虑到这些因素，这项工作将继续对一些构成任何金融体系的设计（第3.1章）以及理论概念和实证研究相关的金融和经济财政和经济增长或基本方面在大纲的基础上简要说明发展之间的联系（第3.2章）。此后，在资本市场和发展方面看如下。中国的特殊性，首先是它的高度动态的发展和相对短暂的股票和债券市场的重新崛起的历史，以及这项工作中，超越了纯经济增长的角度的客观性，需要一种方法比利用计量经济学，其他金融市场的分析模型。因此，用一个替代的概念，从功能的角度来看，是在就业和资本市

46、场的数据和指标以及影响参数的研究下，来探讨资本市场可能的发展影响（第3.3章）。3.1金融体系设计的一般方面 金融体系从以下三个方面进行了讨论，因为它们描述的基本规则是决定金融体系内的资本市场的作用和特点。一般来说，金融系统被定义为“.收集的市场，机构，法律，法规和技术，通过它的债券，股票和其他证券进行交易，这些存在于利率的确定。这项声明指向第一个功能，在本节审查，对长期围绕优势话题归结为银行为基础，以市场为基础的金融体系（第3.1.1）。同样，也有关于什么构成一个有效的金融体系在所有广泛的考虑。尽管融资模式的理论描述竞争力与市场，现实表明，不完善之处，包括信息不对称和交易成本，这是一个高度发

47、达的金融系统不可避免的一面（第3.1.2）。除此之外，第三个方面在这一点上考虑涉及的不断变化，需要从不断的创新和长期进化的角度来看（第3.1.3）。3.1.1恢复银行为基础与市场为基础的辩论多年来，经济学家一直在争论到底该不该有银行为基础的系统，其中最重要的是Hvered信贷银行，或以市场为基础的系统，其中大部分资金是由股票和债券市场的成长，是更适合经济发展。大多数研究都集中为银行为基础的系统和以市场为基础的系统的是英格兰和美国。不过，对于德国和日本，在银行是否或基于市场为基础的系统产生更高的效率辩论在执行金融服务是悬而未决，并没有真正被有效利用德政策的制定。从这家银行为基础的角度声称，银行更

48、在调动储蓄，资本配置，以及高效率的公司控制权，特别是在经济发展初始阶段在一个相当无效的体制框架的情况。以市场为基础的角度，又是基于这样一个鼓励创新和长期经济增长的金融服务是由股票和债券市场表现的假设。但是，一项调查在更广泛的国家进行则会显示出其他不足，德国和日本为一方和比较研究英国和美国的信息和洞察力。其实，这四个国家的特点是人均国内生产总值和长期增长率相似。这使得结论是，无论是银行为基础或以市场为基础的系统都对长期增长具有重要意义。这也是一个由罗斯列文的跨国研究，包括从1980至95年48个国家的结果表明在金融系统和生长率之间的差异很大。经过测量活动，大小和效率方面的财务结构，并考虑对商业银

49、行的监管约束，结果显示，他们之间没有特定的金融结构与经济增长的重大关系，不支持银行与市场为基础的角度为。相反，调查表明，一些友好发达的金融体系对经济增长的积极影响，而主要的法律制度是一个重要因素影响的金融体系。 达成了类似的结论由Sergio Schmukler和Esteban Vesperoni在研究融资的非金融企业在整个80年代和90年代在五个新兴的有那些由金融抑制，金融自由化，挑战和危机序列的国家的选择，即阿根廷和印度，这些是以银行为基础，巴西，马来西亚，墨西哥，韩国和泰国，这些是以市场为基础的。一个杠杆水平，债务期限，和外部/内部融资选择他们的调查结果显示，企业的特定功能的影响，并在两

50、个系统之间，即银行为基础，以市场为基础的系统差的金融结构在新兴市场和发达的市场有不一样的差距。程度和对项目的盈利能力的信息成本，会导致不同的最优的融资渠道的选择。此外，据观察，资本市场交易正变得日益复杂和更加迅速，这是指一个金融中介机构在资本市场发展过程中的意义。最后，金融市场和中介机构不履行兼任和互补的职务。同样道理，非正式融资渠道，其中资金由家庭，朋友和商业伙伴，在促进发展方面确实发挥了很大作用.因此一个重要的角色，一个有效率的金融市场采取适当的组合全面的融资制度，中介机构和非正式融资方案的全面发展需求的最佳适应。这是金融政策的明确指示：而不是在建立任何所谓的以银行为基础或以市场为基础的系

51、统集中，为金融体系的演变可行的框架需要创建，使之有一个适当的系统，包括不同市场中介组织，民间融资具有互补性的任务。在此，一个重要的推理线已提出由Colin Mayer和奥伦苏斯曼着：“对可以适用于不同的系统不同的活动看法的含义是，政策应该是有利的，而不是限制或规范，应该提倡多元化。创新金融机构，而不是试图挑选优胜者.3.1.2有限的适用性的效率的总体构想有效市场，在众多智慧的参与者竞争导致的情况下，在任何时间点，个别证券的实际价格已经反映了双方的信息对已经发生的事件和事件的影响，其中，市场会以现在的状况预计会在将来的情况。换句话说，在任何时间点有效率的市场的一个安全的实际价格将是其内在价值.根

52、据这一观点有很好的估计，任何有关新的信息将立即改变资产价格从而反映其真实价值，因为所有的投资者都是利用这些信息搜索和优化他们的理性的投资策略。因此，它不是一般不可能实现持续高于平均水平的回报。然而，信息不对称构成理论成果是对转化为实践的重大挑战。事实上，市场是由各种有机会获得的各种信息，导致交易价格从实际值偏离或没有完成的交易者，有特色的众所周知的挑战，在投资者与管理者的关系和公司治理辩论的日期。桑福德格罗斯曼和约瑟夫斯蒂格利茨还表明，作为权衡信息传播效率和激励机制的后果获取信息，有效市场假说不工作时，采集的信息的内在费用：如果资产价格反映所有资料，就没有吸引投资者支付的信息，因为他们无法实现

53、其投资回报率。从更务实的角度看，一个金融体系可以考虑当资产价格反映资产的实际价值，从而充分，及时履行对地方，国家和国际各级的特殊情况，其资本配置功能。随着时间的推移，其能力发展这最大化的最适当的结构根据融资需求的私人和公共住户及在任何特定时刻的商业社会。然而，没有蓝图无法设计一个有效的金融体系。正如富兰克林艾伦和道格拉斯盖尔强调，金融市场和中介机构，总的来说，不准确的操作与理论模型一致。此外，任何金融体系的特点是由特定的政治环境，以及当时的产权，会计和披露规则，并作为由政府成立.而且它的规管安排考虑到，即使是体制问题的方式适合于对整个一定时期内需求处理，始终保持有失败的可能不适用为市场参与者设计的一些奖励设置，这可能导致腐败或无能的结果，并在这样会对效率产生不利影响。