金融業(yè)和經(jīng)濟(jì)發(fā)展的關(guān)系[文獻(xiàn)翻譯]

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1、 本科畢業(yè)論文外文翻譯 外文題目：Financial and economic development relations 出 處：The World Bank Economic Review 作 者：Mansor H. Ibrahim 原 文： Financial and economic development relationship Mans

2、or H. Ibrahim The World Bank Economic Review 3 The Connection Between the Capital Market and Development Casual observation suggests that an efficient financial system is one of the salient prerequisites promoting a countrys effective development and competitiveness, or as

3、in the case of financial system distortions, a major impediment. Among the components advancing a countrys welfare, capital allocation, intertemporal smoothening, and risk sharing are continuously cited. Conversely, market losses at major stock exchanges at the beginning of the new millennium demon

4、strated the potentially volatile impacts of financial systems on development and challenged economic policies on national and international levels. Several diverging theoretical concepts and empirical studies have investigated whether a nexus between finance and economic growth or finance and econom

5、ic 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 development, and in particular, the role of banks and stock markets therein. Other aspects, albeit they could be considered important for an overarching

6、 development point of view, have been only partially included, among them the versatile reciprocal relationship of finance and development and a capital market perspective covering both stock and bond markets. The main obstacle to constructing a comprehensive model of the finance-growth or finance-

7、development linkage consists of the complex causalities between finance and economic activity, not to mention the broader scope of developmental approaches that integrate social and environmental dimensions. Having these considerations in mind, this work will proceed wdth brief notes on some esse

8、ntial 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 finance and economic growth or finance and economic development linkage (Chapter 3.2). Thereafter, a look at the capital market and developm

9、ent connection follows. Chinas peculiarities, above all its highly dynamic development and comparatively brief history of stock and bond markets re-emergence, as well as the objective of this work, which goes beyond a purely economic growth perspective, require an approach other than that of utilisi

10、ng econometric models for financial market analysis. Thus an alternative concept, the functional perspective, is employed and combined with a look at capital market data and indicators as well as influential parameters to investigate the impact a capital market can have on development (Chapter 3.3).

11、 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 determine the capital markets role and characteristics within a financial system. Generally speaking, a financial system is defined as

12、"... the collection of markets, institutions, laws, regulations, and techniques through which bonds, stocks, and other securities are traded, interest rates are determined, and financial services are produced and delivered around the world. This statement points to the first feature to be reviewed i

13、n 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). Similarly, there have been broad considerations regarding what constitutes an efficient financial system at all. While theoretical

14、 finance models describe fiilly competitive, fiictionless markets, reality shows that imperfections, including asymmetric information and transaction costs, are an inevitable facet of even highly developed financial systems (Chapter 3.1.2). Beyond that, the third facet considered at this point perta

15、ins 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 Debate For many years, economists have been debating whether or not a bank-based system, in which most of the credit is deHvered

16、 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 Germany and Japan as bank-based systems and England and the United States as market-based systems. However, the debate on wh

17、ether 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 formulation. The bank-based perspective claims that banks are more efficient in savings mobilisation, capital allocation, and co

18、rporate 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 based on the assumption that financial services promoting innovation and long-term economic growth are performed by stock a

19、nd 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 insight that an investigation focussing on a broader range of countries would allow. Actually, the four countries are chara

20、cterised 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 significance for long-run growth. This was also the result of a cross-country study by Ross Levine, covering forty-eight coun

21、tries 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 considering regulatory constraints on commercial banks, the results showed no significant relationship between a particular fin

22、ancial structure and economic growth and did not support the bank-based versus market-based perspective. Instead, the investigation demonstrated that an altogether better developed financial system has a positive impact on economic growth and that the predominant legal system is a major factor influ

23、encing 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 emerging countries that were challenged by a sequence of financial repression, financial liberalisation, and crisis throug

24、hout 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 investigation of leverage levels, debt maturity, and external / internal financing choices revealed that firm-specific feat

25、ures 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 developed markets. As a general rule, development is a complex process in which private and public households as well as busine

26、sses 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 different parameters, such as the degree of investor optimism and costs for information on the projects profitability, will res

27、ult in different optimal financing channels. Besides, it has been observed that capital market transactions are becoming increasingly complex and swifter, which denotes a growing significance of financial intermediaries in capital market processes. Eventually, financial markets and intermediaries do

28、 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 important role in promoting development as well.*^^ Hence, a comprehensive financing system with an appropriate combina

29、tion of efficient financial markets, intermediaries, and informal financing alternatives suits comprehensive development needs best. This is a clear indication for financial policy: instead of focussing on establishing either a so-called bank-based or a market-based system, a viable framework for fi

30、nancial system evolution needs to be created, which allows for an appropriate system, including different markets, intermediaries, and informal financing with complementary tasks. On this note, an important line of reasoning has been put forward by Colin Mayer and Oren Sussman: "The implication of t

31、he 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 in financial institutions, rather than attempting to pick winners. 3.1.2 Limited Applicability of an Overall Concep

32、t 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 provided by financial intermediaries, and its efficiency pertinent to how well financial markets and intermediari

33、es 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 the prices of financial instruments traded there fully reflect all the latest information available. Eugen F. F

34、ama, 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 where, at any point in time, actual prices of individual securities already reflect the effects of information base

35、d 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 actual price of a security will be a good estimate of its intrinsic value. According to this perspective, any ne

36、w 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 optimising their investment strategies. Hence, it is not generally possible to achieve continuously above-average r

37、eturns. However, information asymmetries constitute a major challenge for translating theoretical results into practice. In fact, markets are characterised by various persons having access to diverse information which leads to transaction prices deviating from the actual value or the transactions n

38、ot 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 that, as a consequence of the trade-off between efficiency in information dissemination and incentives to obtain

39、 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 investors to pay for information because they could not realise a return on their investment. Viewed from

40、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 function with regard to the particular situation on local, national, and international levels. Over time, thi

41、s 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 there is no blueprint answer to an efficient financial system design. As Franklin Allen and Douglas Gale e

42、mphasised, 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 political environment as well as prevailing property rights, accounting and disclosure rules, and regulatory

43、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 whole, there always remains the potential to fail by not setting applicable incentives for some of the market

44、 participants, which could lead to the possible outcome of corruption or incompetence, and in doing so have an adverse effect on efficiency. 譯 文： 金融業(yè)和經(jīng)濟(jì)發(fā)展的關(guān)系 3資本市場之間的聯(lián)系與發(fā)展 根據(jù)平時的觀察表明，一個有效的金融體系是促進(jìn)一個國家的有效的發(fā)展和競爭力的突出先決條件之一，或者是防止金融發(fā)展扭曲的出現(xiàn)。在一個國家不斷提升的福利中，資本配置，跨期平滑，以及風(fēng)險(xiǎn)分擔(dān)部分不斷被引

45、用。相反，在新千年開始之際，主要股市市值損失展示了金融系統(tǒng)的潛在動蕩對發(fā)展國家以及國際層面上的經(jīng)濟(jì)政策的影響。分歧的幾個理論概念和實(shí)證研究調(diào)查顯示，關(guān)于是否有金融與經(jīng)濟(jì)增長或財(cái)政和經(jīng)濟(jì)發(fā)展之間的關(guān)系實(shí)際上是存在的。然而，主要研究重點(diǎn)是分析對經(jīng)濟(jì)增長或經(jīng)濟(jì)發(fā)展的金融部門的影響，特別是，銀行和股市在其中的作用。在其他方面，盡管他們可以考慮的一個重要觀點(diǎn)的總體發(fā)展來看，只有部分已列入其中，多功能的金融和資本市場發(fā)展和角度涵蓋股票和債券市場的相互關(guān)系。而主要障礙是構(gòu)建財(cái)政增長和金融的發(fā)展之間的聯(lián)系綜合模型的金融和經(jīng)濟(jì)活動之間復(fù)雜的因果關(guān)系，不在于能否使他整合社會和環(huán)境方面有更廣闊的適用范圍。 其中要

46、考慮到這些因素，這項(xiàng)工作將繼續(xù)對一些構(gòu)成任何金融體系的設(shè)計(jì)（第3.1章）以及理論概念和實(shí)證研究相關(guān)的金融和經(jīng)濟(jì)財(cái)政和經(jīng)濟(jì)增長或基本方面在大綱的基礎(chǔ)上簡要說明發(fā)展之間的聯(lián)系（第3.2章）。此后，在資本市場和發(fā)展方面看如下。中國的特殊性，首先是它的高度動態(tài)的發(fā)展和相對短暫的股票和債券市場的重新崛起的歷史，以及這項(xiàng)工作中，超越了純經(jīng)濟(jì)增長的角度的客觀性，需要一種方法比利用計(jì)量經(jīng)濟(jì)學(xué)，其他金融市場的分析模型。因此，用一個替代的概念，從功能的角度來看，是在就業(yè)和資本市場的數(shù)據(jù)和指標(biāo)以及影響參數(shù)的研究下，來探討資本市場可能的發(fā)展影響（第3.3章）。 3.1金融體系設(shè)計(jì)的一般方面 金融體系從以下三

47、個方面進(jìn)行了討論，因?yàn)樗鼈兠枋龅幕疽?guī)則是決定金融體系內(nèi)的資本市場的作用和特點(diǎn)。一般來說，金融系統(tǒng)被定義為“...收集的市場，機(jī)構(gòu)，法律，法規(guī)和技術(shù)，通過它的債券，股票和其他證券進(jìn)行交易，這些存在于利率的確定。這項(xiàng)聲明指向第一個功能，在本節(jié)審查，對長期圍繞優(yōu)勢話題歸結(jié)為銀行為基礎(chǔ)，以市場為基礎(chǔ)的金融體系（第3.1.1）。同樣，也有關(guān)于什么構(gòu)成一個有效的金融體系在所有廣泛的考慮。盡管融資模式的理論描述競爭力與市場，現(xiàn)實(shí)表明，不完善之處，包括信息不對稱和交易成本，這是一個高度發(fā)達(dá)的金融系統(tǒng)不可避免的一面（第3.1.2）。除此之外，第三個方面在這一點(diǎn)上考慮涉及的不斷變化，需要從不斷的創(chuàng)新和長期進(jìn)化的

48、角度來看（第3.1.3）。 3.1.1恢復(fù)銀行為基礎(chǔ)與市場為基礎(chǔ)的辯論 多年來，經(jīng)濟(jì)學(xué)家一直在爭論到底該不該有銀行為基礎(chǔ)的系統(tǒng)，其中最重要的是Hvered信貸銀行，或以市場為基礎(chǔ)的系統(tǒng)，其中大部分資金是由股票和債券市場的成長，是更適合經(jīng)濟(jì)發(fā)展。大多數(shù)研究都集中為銀行為基礎(chǔ)的系統(tǒng)和以市場為基礎(chǔ)的系統(tǒng)的是英格蘭和美國。不過，對于德國和日本，在銀行是否或基于市場為基礎(chǔ)的系統(tǒng)產(chǎn)生更高的效率辯論在執(zhí)行金融服務(wù)是懸而未決，并沒有真正被有效利用德政策的制定。從這家銀行為基礎(chǔ)的角度聲稱，銀行更在調(diào)動儲蓄，資本配置，以及高效率的公司控制權(quán)，特別是在經(jīng)濟(jì)發(fā)展初始階段在一個相當(dāng)無效的體制框架的情況。以市場為基礎(chǔ)

49、的角度，又是基于這樣一個鼓勵創(chuàng)新和長期經(jīng)濟(jì)增長的金融服務(wù)是由股票和債券市場表現(xiàn)的假設(shè)。但是，一項(xiàng)調(diào)查在更廣泛的國家進(jìn)行則會顯示出其他不足，德國和日本為一方和比較研究英國和美國的信息和洞察力。其實(shí)，這四個國家的特點(diǎn)是人均國內(nèi)生產(chǎn)總值和長期增長率相似。這使得結(jié)論是，無論是銀行為基礎(chǔ)或以市場為基礎(chǔ)的系統(tǒng)都對長期增長具有重要意義。 這也是一個由羅斯列文的跨國研究，包括從1980至95年48個國家的結(jié)果表明在金融系統(tǒng)和生長率之間的差異很大。經(jīng)過測量活動，大小和效率方面的財(cái)務(wù)結(jié)構(gòu)，并考慮對商業(yè)銀行的監(jiān)管約束，結(jié)果顯示，他們之間沒有特定的金融結(jié)構(gòu)與經(jīng)濟(jì)增長的重大關(guān)系，不支持銀行與市場為基礎(chǔ)的角度為。相反，

50、調(diào)查表明，一些友好發(fā)達(dá)的金融體系對經(jīng)濟(jì)增長的積極影響，而主要的法律制度是一個重要因素影響的金融體系。 達(dá)成了類似的結(jié)論由Sergio Schmukler和Esteban Vesperoni在研究融資的非金融企業(yè)在整個80年代和90年代在五個新興的有那些由金融抑制，金融自由化，挑戰(zhàn)和危機(jī)序列的國家的選擇，即阿根廷和印度，這些是以銀行為基礎(chǔ)，巴西，馬來西亞，墨西哥，韓國和泰國，這些是以市場為基礎(chǔ)的。一個杠桿水平，債務(wù)期限，和外部/內(nèi)部融資選擇他們的調(diào)查結(jié)果顯示，企業(yè)的特定功能的影響，并在兩個系統(tǒng)之間，即銀行為基礎(chǔ)，以市場為基礎(chǔ)的系統(tǒng)差的金融結(jié)構(gòu)在新興市場和發(fā)達(dá)的市場有不一樣的差距。 程度和對項(xiàng)目

51、的盈利能力的信息成本，會導(dǎo)致不同的最優(yōu)的融資渠道的選擇。此外，據(jù)觀察，資本市場交易正變得日益復(fù)雜和更加迅速，這是指一個金融中介機(jī)構(gòu)在資本市場發(fā)展過程中的意義。最后，金融市場和中介機(jī)構(gòu)不履行兼任和互補(bǔ)的職務(wù)。同樣道理，非正式融資渠道，其中資金由家庭，朋友和商業(yè)伙伴，在促進(jìn)發(fā)展方面確實(shí)發(fā)揮了很大作用.因此一個重要的角色，一個有效率的金融市場采取適當(dāng)?shù)慕M合全面的融資制度，中介機(jī)構(gòu)和非正式融資方案的全面發(fā)展需求的最佳適應(yīng)。這是金融政策的明確指示：而不是在建立任何所謂的以銀行為基礎(chǔ)或以市場為基礎(chǔ)的系統(tǒng)集中，為金融體系的演變可行的框架需要創(chuàng)建，使之有一個適當(dāng)?shù)南到y(tǒng)，包括不同市場中介組織，民間融資具有互補(bǔ)性

52、的任務(wù)。在此，一個重要的推理線已提出由Colin Mayer和奧倫蘇斯曼著：“對可以適用于不同的系統(tǒng)不同的活動看法的含義是，政策應(yīng)該是有利的，而不是限制或規(guī)范，應(yīng)該提倡多元化。創(chuàng)新金融機(jī)構(gòu)，而不是試圖挑選優(yōu)勝者." 3.1.2有限的適用性的效率的總體構(gòu)想 有效市場，在眾多智慧的參與者競爭導(dǎo)致的情況下，在任何時間點(diǎn)，個別證券的實(shí)際價(jià)格已經(jīng)反映了雙方的信息對已經(jīng)發(fā)生的事件和事件的影響，其中，市場會以現(xiàn)在的狀況預(yù)計(jì)會在將來的情況。換句話說，在任何時間點(diǎn)有效率的市場的一個安全的實(shí)際價(jià)格將是其內(nèi)在價(jià)值."根據(jù)這一觀點(diǎn)有很好的估計(jì)，任何有關(guān)新的信息將立即改變資產(chǎn)價(jià)格從而反映其真實(shí)價(jià)值，因?yàn)樗械耐顿Y者

53、都是利用這些信息搜索和優(yōu)化他們的理性的投資策略。因此，它不是一般不可能實(shí)現(xiàn)持續(xù)高于平均水平的回報(bào)。 然而，信息不對稱構(gòu)成理論成果是對轉(zhuǎn)化為實(shí)踐的重大挑戰(zhàn)。事實(shí)上，市場是由各種有機(jī)會獲得的各種信息，導(dǎo)致交易價(jià)格從實(shí)際值偏離或沒有完成的交易者，有特色的眾所周知的挑戰(zhàn)，在投資者與管理者的關(guān)系和公司治理辯論的日期。桑福德格羅斯曼和約瑟夫斯蒂格利茨還表明，作為權(quán)衡信息傳播效率和激勵機(jī)制的后果獲取信息，有效市場假說不工作時，采集的信息的內(nèi)在費(fèi)用：如果資產(chǎn)價(jià)格反映所有資料，就沒有吸引投資者支付的信息，因?yàn)樗麄儫o法實(shí)現(xiàn)其投資回報(bào)率。 從更務(wù)實(shí)的角度看，一個金融體系可以考慮當(dāng)資產(chǎn)價(jià)格反映資產(chǎn)的實(shí)際價(jià)值，從而

54、充分，及時履行對地方，國家和國際各級的特殊情況，其資本配置功能。隨著時間的推移，其能力發(fā)展這最大化的最適當(dāng)?shù)慕Y(jié)構(gòu)根據(jù)融資需求的私人和公共住戶及在任何特定時刻的商業(yè)社會。然而，沒有藍(lán)圖無法設(shè)計(jì)一個有效的金融體系。正如富蘭克林艾倫和道格拉斯蓋爾強(qiáng)調(diào)，金融市場和中介機(jī)構(gòu)，總的來說，不準(zhǔn)確的操作與理論模型一致。此外，任何金融體系的特點(diǎn)是由特定的政治環(huán)境，以及當(dāng)時的產(chǎn)權(quán)，會計(jì)和披露規(guī)則，并作為由政府成立.而且它的規(guī)管安排考慮到，即使是體制問題的方式適合于對整個一定時期內(nèi)需求處理，始終保持有失敗的可能不適用為市場參與者設(shè)計(jì)的一些獎勵設(shè)置，這可能導(dǎo)致腐敗或無能的結(jié)果，并在這樣會對效率產(chǎn)生不利影響。