银行、市场的有效性与稳定性

传统上,金融系统主要有两种形式,一种是以银行为基础的,另一种是以市场为基础的。它们的有效性需要从几个方面来比较,包括风险分担、信息供给、资助新兴产业、法人治理、法律、政治对金融的影响。这两种金融系统各有利弊。就其稳定性来讲,它们都会遭受经济危机的危害。展望未来的金融系统,应该是以金融中介和市场共为基础,具有很多的优点而几乎没有缺陷。

The Efficiency and Stability of Banks and Markets

Traditionally,financial systems have been bank-based or market-based.The efficiency proper- ties of these systems are compared in various dimen- sions.These include risk sharing,information provi- sion,funding new industries,corporate governance, and law,finance and politics.Both systems have ad- vantages and disadvantages.With regard to stability, both bank-based and market-based systems are sub- ject to crises.Going forward a financial system with financial intermediaries and markets would have many advantages and few disadvantages.