金融制度效率:交易费用经济学的诠释

在阿罗-德布鲁模型中,银行与证券市场是等价的。然而,现实中却存在银行与证券市场两种不同的金融制度。交易费用经济学对此的解释是正的交易费用现实及交易费用结构。两种金融制度效率的高低取决于金融功能发挥其作用所需的交易成本大小。各个国家之所以出现不同的金融制度结构,关键在于各国降低交易费用所依赖的路径不同。

Which Financial System is More Efficient:An Interpretation of Transaction Cost Economics

In Arrow-Debreu's model, a bank is equal to the stock market. However, there are two kinds of financial systems named banking and stock market in reality, which are interpreted as positive transaction cost and its structures by the transaction cost economics. The two financial systems efficiency depends on costs of the financial functions. It is the different ways for every country to reduce its transaction costs that causes arouse of different financial systems.