金融市场不完善的后果【外文翻译】

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1、外文翻译ConsequencesofimperfectfinancialmarketsMaterialSource:YaleuniverityeconomicgrowthcenterdiscussionAuthor:JonathanConningEvenifasmalltight-knitgroupcouldaccomplishthefeatofefficientriskpooling,individualswouldstillverylikelyremainexposedtosubstantialrisksb

2、ecausetheveryphysicalproximityandclosenessthatisrequiredofagentstobeabletoenforcestate-contingentrisk-sharingarrangementswilltypicallyexposetheseindividualstocorrelatedrisks.Forexample,ashortfallofrainislikelytoaffectmostoftheagriculturalhouseholdsinthesames

3、malldrylandfarmingcommunity.Localswillwanttoexchangeriskswithindividualsoutsideofthevillage.Sincerealisticallyitwouldquicklybecomeprohibitivelycostlyandcomplicatedforeachindividualtoseparatelycontractdirectlywitheachofmanyhundredsofotherindividualsspreadouto

4、verlargedistances,itisnaturaltoexpectthistocreatedemandfortheentryofspecializedfinancialintermediariestohelplowerthetransactioncostsofpoolingrisksandinthiswayhelpsocietytofurthercompletethemarketandreapthegainstofinancialtrade.Theentryofefficiency-enhancingf

5、inancialintermediationmayhoweverbedelayedorcomplicatedforseveralreasons.Thefirstproblemisthatoutsidefinancialinstitutions(FIS)arejustthat:outsidersthatmaynothavethekindoflocalinformationandenforcementmechanismsnecessarytoverifyandenforcedetailedstate-conting

6、entcontractswithinthe　village.Asreviewedinmoredetailbelow,thismayendupseverelylimitingthesetoffeasiblecontractsaFImaybewillingtooffer.Hence,eitherbecausethemembersoftheirtradingnetworksfacecorrelatedrisksand/orbecausefinancialcontractingisincompletewithinvil

7、lages,householdsandindividualsinruralareasarelikelytobeleftfacingconsiderableresidualrisk.Thisleadshouseholdstosearchforandadoptother,possiblyquitecostly,strategiestosmoothincomeorconsumption.Italsocreatessignificantlatentdemandforfinancialtradewithoutsiders

8、.Incomesmoothingstrategiesincludescatteringplots(McCloskey1976;Townsend1993),choosingalowerreturnbutmorediversifiedmixofcropsandnon-farmproductionactivities,migrationandmarriagepatterns(Rosenzwe