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1、金融技术、经济增长与文化陈志武耶鲁大学管理学院金融经济学教授北京大学光华管理学院特聘教授1科学技术与金融技术我们很熟悉科学技术的重要性。 终于接受了“赛先生”但是，金融技术呢？2以“货币”创新为例34货币金融创新的作用大大加快市场交易速度：生产力直线上升促进专业分工的空前细化：使“向钱看”有了基础5但是，以往，我们只注意到货币创新的意义。忽视了证券类金融技术的价值6Whatdoesittaketodevelopsecuritiesmarkets?ContractenforcementiskeyFinancialmarketdevelopmentdependscriticallyonth
2、einformationalenvironment:7Akerlof(1970)TheMarketfor"Lemons":QualityUncertaintyandtheMarketMechanismKeypoint:themoreinformationallyopaquethemarket,themoreseveretheadverseselectionproblemthemorelikelyforthemarkettoshutdown8ManufacturingandminingcangetbyevenwithoutruleoflaworfreepressConsidermanufa
3、cturingandtradingacar:Youcanlookatandtest-driveit:color,style,engine,mechanicalquality,….9But,servicesectordependsmoreontheruleoflawandpressfreedomConsiderbuyingastock:Youcannotlookatortest-driveit:Nocolor,nostyle,noengine,nomechanicalquality,….XYZCorp.10ImplicationsofthisContrastbetweenTangibleG
4、oodsMkt&ServicesExplainswhyhistoricallypressfreedomwasmoreofapoliticallyneededinstitutionBut,astheindustrialrevolutionhelpedintegratemarketswithincountriesandcross-regionaltradingbecomemorewide-spread,…Therailroad,thesteamshipvessels,andthetelegraphinmid1800’s,……11Asrelationshipfinancehasbeengrad
5、uallyreplacedbyarm’s-lengthfinanceAfreepressandinformationalenvironmentisequallyimportantforeconomic/marketdevelopment.6corporationsintheU.S.manufacturingindustryin1800.In1813,BostonManufacturingCompany,thefirstimportantmanufacturingcompanytogo“public”:11investorsin1813,76investorsin1830123invest
6、orsin1850Whenperhapsthelargestcorp.,NYCentralRailroad,wasformedin1853,ithad2445investors.12BriefHistoryofNewspapersInEnglish-speakingworld,TheWeeklyNewsof1622wasprobablythefirst.InAmerica,thefirstwasPublickOccurrencesin1690.ThefirstsuccessfulnewspaperwastheBostonNews-Letterin1704.By1783,therewere
7、43newspapers.By1814,thenumber:346By1880,therewere11,314newspapersThefirstbusiness-andmarkets-dedicatednewspaper,TheWallStreetJournal,didnotoccuruntil1889.13不同股市上的股价互动称度波兰中国一周中，多少股票往同一方向走？14新闻自由与一国股市的股价互动程度媒体言论保护最差国家媒体言
