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

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

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时间:2018-10-28

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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

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