金融技术、经济增长与文化(陈伦志武--北京大学讲稿--金融技术_).pptVIP

金融技术、经济增长与文化 陈志武 耶鲁大学管理学院金融经济学教授 北京大学光华管理学院特聘教授 科学技术 与 金融技术 我们很熟悉科学技术的重要性。终于接受了“赛先生” 但是，金融技术呢？ 以“货币”创新为例 货币金融创新的作用 大大加快市场交易速度：生产力直线上升 促进专业分工的空前细化： 使“向钱看”有了基础 但是， 以往，我们只注意到货币创新的意义。 忽视了证券类金融技术的价值 What does it take to develop securities markets? Contract enforcement is key Financial market development depends critically on the informational environment: Akerlof (1970) The Market for Lemons: Quality Uncertainty and the Market Mechanism Key point: the more informationally opaque the market, the more severe the adverse selection problem the more likely for the market to shutdown Manufacturing and mining can get by even without rule of law or free press Consider manufacturing and trading a car: You can look at and test-drive it: color, style, engine, mechanical quality, …. But, service sector depends more on the rule of law and press freedom Consider buying a stock:  You cannot look at or test-drive it: No color, no style, no engine, no mechanical quality, ….  Implications of this Contrast between Tangible Goods Mkt Services Explains why historically press freedom was more of a politically needed institution But, as the industrial revolution helped integrate markets within countries and cross-regional trading become more wide-spread, … The railroad, the steamship vessels, and the telegraph in mid 1800’s, …… As relationship finance has been gradually replaced by arm’s-length finance A free press and informational environment is equally important for economic/market development. 6 corporations in the U.S. manufacturing industry in 1800. In 1813, Boston Manufacturing Company, the first important manufacturing company to go “public”: 11 investors in 1813, 76 investors in 1830 123 investors in 1850 When perhaps the largest corp., NY Central Railroad, was formed in 1853, it had 2445 investors. Brief History of Newspapers In English-speaking world, The Weekly News of 1622 was probably the first. In America, the first was Publick Occu