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1、外文翻译FinancialDevelopmentandEconomicGrowth:ViewsandAgendaMaterialSource:JournalofEconomicLiteratureAuthor:ROSSLEVINETheFunctionsoftheFinancialSystemA.FacilitatingRiskAmeliorationInthepresenceofspecificinformationandtransactioncosts,financialmarketsandinstitutionsmayarisetoeas
2、ethetrading,hedging,andpoolingofrisk.Thissubsectionconsiderstwotypesofrisk:liquidityandidiosyncraticrisk.Liquidityistheeaseandspeedwithwhichagentscanconvertassetsintopurchasingpoweratagreedprices.Thus,realestateistypicallylessliquidthanequities,andequitiesintheUnitedStatesar
3、etypicallymoreliquidthanthosetradedontheNigerianStockExchange.Liquidityriskarisesduetotheuncertaintiesassociatedwithconvertingassetsintoamediumofexchange.Informationalasymmetriesandtransactioncostsmayinhibitliquidityandintensifyliquidityrisk.Thesefrictionscreateincentivesfor
4、theemergenceoffinancialmarketsandinstitutionsthataugmentliquidity.Liquidcapitalmarkets,therefore,aremarketswhereitisrelativelyinexpensivetotradefinancialinstrumentsandwherethereislittleuncertaintyaboutthetimingandsettlementofthosetrades.Theory,however,suggeststhatenhancedliq
5、uidityhasanambiguousaffectonsavingratesandeconomicgrowth.''Inmostmodels,greaterliquidity(a)increasesinvestmentreturnsand(b)lowersuncertainty.Higherreturnsambiguouslyaffectsavingratesduetowell-knownincomeandsubstitutioneffects.Further,loweruncertaintyambiguouslyaffectssavings
6、rates(DavidLevhariandT.N.Srinivasan1969).Thus,savingratesmayriseorfallasliquidityrises.Indeed,inamodelwithphysicalcapitalexternalities,savingratescouldfallenough,sothatgrowthactuallydecelerateswithgreaterliquidity(TullioJappelliandMarcoPagano1994).Besidesreducingliquidityris
7、k,financialsystemsmayalsomitigatetherisksassociatedwithindividualprojects,firms,industries,regions,countries,etc.Banks,mutualfunds,andsecuritiesmarketsallprovidevehiclesfortrading,pooling,anddiversifyingrisk.Thefinancialsystem'sabilitytoprovideriskdiversificationservicescana
8、ffectlong-runeconomicgrowthbyalteringresourceallocationandthesavingrates.Th
