chapter8 Financial Structure 货币金融教材.pptVIP

总结： Ⅲ Asymmetric Information  and Financial Structure Problems： 1、Would moral hazard and adverse selection still arise in financial markets if information were not asymmetric? Explain. （课后题3题） 2、Do you think the lemons problem would be more severe for stocks traded on the New York Stock Exchange or those traded over-the-counter（场外市场）? Explain. （课后题5题） 3、Would you be more willing to lend to a friend if she put all of her life savings into her business than you would if she had not done so? Why? （课后题8题） 4、How does the free-rider problem aggravate（恶化） adverse selection and moral hazard problems in financial markets?（课后题11题） Ⅲ Asymmetric Information  and Financial Structure Application 1：Financial Development and Economic Growth Explain how an underdeveloped financial system（financial repression, 金融压制/金融抑制） leads to a low state of economic development and economic growth in many developing countries(发展中国家） or transition countries（转轨国家）. 金融抑制是指一国的金融体系不健全，金融市场机制未充分发挥作用，经济生活中存在过多的政府金融管制措施，而受到压制的金融反过来又阻滞着经济的成长和发展，从而造成了金融抑制和经济落后的恶性循环。 1）金融价格控制：发展中国家一般都对存贷款利率、汇率进行管制，时而采取规定上下限的形式，时而又采用规定某一百分比的形式。 2）特别的信贷机构：这些信贷机构以非均衡的低利率将资金用于促进出口、对小农户的信贷和政府想补贴的工业项目，如此等等。这些信贷机构承担了部分政府的功能，中央银行的信贷也可以直接流向财政部，弥补政府预算赤字。 金融自由化指政府放弃对金融市场和金融体系的过度干预，放松对利率和汇率的严格管制，使利率和汇率成为反映资金供求和外汇供求对比变化的信号，从而有利于增加储蓄和投资，促进经济增长。 Ⅲ Asymmetric Information  and Financial Structure Application 1：Financial Development and Economic Growth It blocks the effective use of tools； The adverse selection and moral hazard problems will be worse; Lenders will be less willing to lend; Productive investment will be less; The growth rate for the economy will be lower. Ⅲ Asymmetric Information  and Financial Structure Application 1：Financial Development and Economic Growth 1、Pool legal system（落后的法律体系） （bankruptcy procedures are often extremely slow and cumbersome） collateral, restrictive covenants 2、