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1、Whyhastheglobalcapitalmarketgrownsorapidlyinrecentdecades?Willthisgrowthcontinuethrou
2、第1lunentTutors:IreneGreaves,LindaOnyekaStudentName:SihaoXieDate:14JANUARY2002IntroductionDictionaryofBusinessdefinesthecapitalmarketasamarketincapitalisraisedbyindus
3、tryandmerce,thegovernment,andlocalauthorities.Themoneyesfromprivateinvestors,insurancepanies,pensionfunds,andbanksandisusuallyarrangedbyissuinghousesandmerchantbanks.Stockexchangesarealsopartofthecapitalmarketinthattheyprovideamarketforthesharesandloa
4、nstocksthatrepresentthecapitalonceithasbeenraised.Itisthepresenceandsophisticationoftheircapitalmarketsthatdistinguishestheindustrialcountriesfromthedevelopingcountries,inthatthisfacilityforraisingindustrialandmercialcapitaliseitherabsentorrudimentary
5、inthelatter.Theglobalcapitalmarkethasgroarketgroarketgroarkethasgroainly.arket-BasedFinanceCapitalmarket-basedfinancehasinfactbeenincreasinginimportance,bothabsolutelyandrelativetofinancialintermediary-basedfinance,inbothdevelopedanddevelopingcountrie
6、soverthepastdecade.Andalsocapitalmarketsareinfactlikelytodominatethefutureofcorporatefinanceindevelopedanddevelopingcountriesalike.a.TheStableRoleofmercialBankinginModernEconomiesOrdinary"relationshipbanking"appearstobe(atbest)holdingitsoorelikelyinde
7、cline.Thebitsofbankingthataregroanagementtools)andprovidelarge-scalesyndicatedcreditstocorporateborroanyappearedtobeoutperformingmajorcapitalmarket-orientedcountriessuchasBritainandtheUS,theacademicliteratureoftenfavoredbank-basedsystems.Examplesofnbs
8、p;thisliteratureincludeProentsaresummarizedinMaherandAndersson(1999)andTsuru(2000).Morerecently,hoarketshavedecisiveparativeadvantagesoverbanksandotherfinancialintermediariesasoptimalmonitorsandfinanciersofanation'scorporatelife.Thisreassessmenthasbee
9、ndriveninpartbytheobservation,discussedatlengthabove,thatcapitalmarketshavebeenprosperingrelativetobanksformany;yearsnoassivecosts--ofbankingcrisesindevelopinganddevelopedcountriesalikehasalsoconvincedmanyobserversthatbanksareinherentlyfragile