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1、毕业设计（论文）外文参考文献译文本原文出处FinancialStudies&Research毕业设计(论文)题目：人民币内外价值背离原因分析ComparativeFinancialSystemsFranklinAllenWhartonSchoolUniversityofPennsylvaniaPhiladelphia,PA19104allenf@wharton.upenn.eduDouglasGaleEconomicsDepartmentNewYorkUniversityNewYork,NY10003Douglas.Gale@nyu.e
2、duApril20011WhatisaFinancialSystem?Thepurposeofafinancialsystemistochannelfundsfromagentswithsurplusestoagentswithdeficits.Inthetraditionalliteraturetherehavebeentwoapproachestoanalyzingthisprocess.Thefirstistoconsiderhowagentsinteractthroughfinancialmarkets.Thesecondlooksat
3、theoperationoffinancialintermediariessuchasbanksandinsurancecompanies.Fiftyyearsago,thefinancialsystemcouldbeneatlybifurcatedinthisway.Richhouse-holdsandlargefirmsusedtheequityandbondmarkets,whilelesswealthyhouse-holdsandmediumandsmallfirmsusedbanks,insurancecompaniesandothe
4、rfinancialinstitutions.Table1,forexample,showstheownershipofcorporateequitiesin1950.Householdsownedover90percent.By2000itcanbeseenthatthesituationhadchangeddramatically.Bythenhouseholdsheldlessthan40percent,nonbankintermediaries,primarilypensionfundsandmutualfunds,heldove
5、r40percent.Thischangeillustrateswhyitisnolongerpossibletoconsidertheroleoffinancialmarketsandfinancialinstitutionsseparately.Ratherthanintermediatingdirectlybetweenhouseholdsandfirms,financialinstitutionshaveincreasinglycometointermediatebetweenhouseholdsandmarkets,ontheoneh
6、and,andbetweenfirmsandmarkets,ontheother.Thismakesitnecessarytoconsiderthefinancialsystemasanirreduciblewhole.Thenotionthatafinancialsystemtransfersresourcesbetweenhouseholdsandfirmsis,ofcourse,asimplification.Governmentsusuallyplayasignificantroleinthefinancialsystem.Theyarem
7、ajorborrowers,particularlyduringtimesofwar,recession,orwhenlargeinfrastructureprojectsarebeingundertaken.Theysometimesalsosavesignificantamountsoffunds.Forexample,whencountriessuchasNorwayandmanyMiddleEasternStateshaveaccesstolargeamountsofnaturalresources(oil),thegovernm
8、entmayacquirelargetrustfundsonbehalfofthepopulation.Inadditiontotheirrolesasborrowersorsavers,governmen
