why has the global capital market grown so rapidly in recent decades-will this growth continue throughout the 2000s-

why has the global capital market grown so rapidly in recent decades-will this growth continue throughout the 2000s-

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时间:2018-10-28

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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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