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时间:2018-10-28
《why has the global capital market grown so rapidly in recent decades-will this growth continue throughout the 2000s-》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、Whyhastheglobalcapitalmarketgrownsorapidlyinrecentdecades?Willthisgrowthcontinuethroughoutthe2000s?BU2207InternationalBusinessEnvironmentTutors:IreneGreaves,LindaOnyekaStudentName:SihaoXieDate:14JANUARY2002IntroductionDictionaryofBusinessdefinesthecapital
2、marketasamarketincapitalisraisedbyindustry和merce,thegovernment,和localauthorities.Themoneyesfromprivateinvestors,insurancepanies,pensionfunds,和banks和isusuallyarrangedbyissuinghouses和merchantbanks.Stockexchangesarealsopartofthecapitalmarketinthattheyprovide
3、amarketfortheshares和loanstocksthatrepresentthecapitalonceithasbeenraised.Itisthepresence和sophisticationoftheircapitalmarketsthatdistinguishestheindustrialcountriesfromthedevelopingcountries,inthatthisfacilityforraisingindustrial和mercialcapitaliseitherabse
4、ntorrudimentaryinthelatter.Theglobalcapitalmarkethasgroarketgroarketgroarkethasgroainly.arket-BasedFinanceCapitalmarket-basedfinancehasinfactbeenincreasinginimportance,bothabsolutely和relativetofinancialintermediary-basedfinance,inbothdeveloped和developingc
5、ountriesoverthepastdecade.和alsocapitalmarketsareinfactlikelytodominatethefutureofcorporatefinanceindeveloped和developingcountriesalike.a.TheStableRoleofmercialBankinginModernEconomiesOrdinary"relationshipbanking"appearstobe(atbest)holdingitsoorelikelyindec
6、line.Thebitsofbankingthataregroanagementtools)和providelarge-scalesyndicatedcreditstocorporateborroanyappearedtobeoutperformingmajorcapitalmarket-orientedcountriessuchasBritain和theUS,theacademicliteratureoftenfavoredbank-basedsystems.Examplesofthisliteratu
7、reincludeProentsaresummarizedinMaher和和ersson(1999)和Tsuru(2000).Morerecently,hoarketshavedecisiveparativeadvantagesoverbanks和otherfinancialintermediariesasoptimalmonitors和financiersofanation'scorporatelife.Thisreassessmenthasbeendriveninpartbytheobservatio
8、n,discussedatlengthabove,thatcapitalmarketshavebeenprosperingrelativetobanksformanyyearsnoassivecosts--ofbankingcrisesindeveloping和developedcountriesalikehasalsoconvincedmanyobserversthatbanksareinherentlyfragileins
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