毕业论文外文翻译-金融体系的比较.docVIP

毕业设计（论文）外文参考文献译文本 2011届 原文出处 Financial Studies Research 毕业设计(论文)题目：人民币内外价值背离原因分析 院（系）经济与管理学院 专业名称 金 融 学 学生姓名 学生学号 指导教师 Comparative Financial Systems Franklin Allen Wharton School University of Pennsylvania Philadelphia, PA 19104 allenf@ Douglas Gale Economics Department New York University New York, NY 10003 Douglas.Gale@ April 2001 1 What is a Financial System? The purpose of a ?nancial system is to channel funds from agents with surpluses to agents with de?cits. In the traditional literature there have been two approaches to analyzing this process. The ?rst is to consider how agents interact through ?nancial markets. The second looks at the operation of ?nancial intermediaries such as banks and insurance companies. Fifty years ago, the ?nancial system could be neatly bifurcated in this way. Rich house-holds and large ?rms used the equity and bond markets,while less wealthy house-holds and medium and small ?rms used banks, insurance companies and other ?nancial institutions. Table 1, for example, shows the ownership of corporate equities in 1950. Households owned over 90 percent. By 2000 it can be seen that the situation had changed dramatically.By then households held less than 40 percent, nonbank intermediaries, primarily pension funds and mutual funds, held over 40 percent. This change illustrates why it is no longer possible to consider the role of ?nancial markets and ?nancial institutions separately. Rather than intermediating directly between households and ?rms, ?nancial institutions have increasingly 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 the ?nancial system as anirreducible whole. The notion that a ?nancial system transfers resources between households and ?rms is, of course, a simpli?cation. Governments usually play a significant role in the ?nancial system. They are major borrowers, particula