浅析why has the global capital market grown so rapidly in re

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1、浅析WhyhastheglobalcapitalmarketgrownsorapidlyinreBU2207InternationalBusinessEnvironmentTutors:IreneGreaves,LindaOnyekaStudentName:SihaoXieDate:14JANUARY2002IntroductionDictionaryofBusinessdefinesthecapitalmarketasamarketincapitalisraisedbyindustryandmerce,thegovernment,andlo

2、calauthorities.Themoneyesfromprivateinvestors,insurancepanies,pensionfunds,andbanksandisusuallyarrangedbyissuinghousesandmerchantbanks.Stockexchangesarealsopartofthecapitalmarketinthattheyprovideamarketforthesharesandloanstocksthatrepresentthecapitalonceithasbeenraised.Itis

3、thepresenceandsophisticationoftheircapitalmarketsthatdistinguishestheindustrialcountriesfromthedevelopingcountries,inthatthisfacilityforraisingindustrialandmercialcapitaliseitherabsentorrudimentaryinthelatter.Theglobalcapitalmarkethasgroarketgroarketgroarkethasgroainly.arke

4、t-BasedFinanceCapitalmarket-basedfinancehasinfactbeenincreasinginimportance,bothabsolutelyandrelativetofinancialintermediary-basedfinance,inbothdevelopedanddevelopingcountriesoverthepastdecade.Andalsocapitalmarketsareinfactlikelytodominatethefutureofcorporatefinanceindevelo

5、pedanddevelopingcountriesalike.a.TheStableRoleofmercialBankinginModernEconomiesOrdinary"relationshipbanking"appearstobe(atbest)holdingitsoorelikelyindecline.Thebitsofbankingthataregroanagementtools)andprovidelarge-scalesyndicatedcreditstocorporateborroanyappearedtobeoutperf

6、ormingmajorcapitalmarket-orientedcountriessuchasBritainandtheUS,theacademicliteratureoftenfavoredbank-basedsystems.ExamplesofthisliteratureincludeProentsaresummarizedinMaherandAndersson(1999)andTsuru(2000).Morerecently,hoarketshavedecisiveparativeadvantagesoverbanksandother

7、financialintermediariesasoptimalmonitorsandfinanciersofanation'scorporatelife.Thisreassessmenthasbeendriveninpartbytheobservation,discussedatlengthabove,thatcapitalmarketshavebeenprosperingrelativetobanksformanyyearsnoassivecosts--ofbankingcrisesindevelopinganddevelopedcoun

8、triesalikehasalsoconvincedmanyobserversthatbanksareinherentlyfragileinstitutions,i