THE BENEFITS OF FINANCIAL INNOVATION

THE BENEFITS OF FINANCIAL INNOVATION

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时间:2019-05-27

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1、HAZARDSANDPRECAUTIONS:TALESOFINTERNATIONALFINANCEGaryClydeHufbauerandErikaWadaInstituteforInternationalEconomicsSeptember1999InthewakeoffinancialcrisesinMexico(1994-95),Asia(1997-98),Russia(1998)andBrazil(1998-99),respectedobservershavequestionedthebenefitsofwide-openinternationalcapita

2、lmarkets(Bhagwati,1998;Krugman,1998;Rodrik,1998;Eichengreen,1999).Ourpurposeistoidentifytruehazardsandsuggestappropriateprecautions.THEBENEFITSOFFINANCIALINNOVATIONInternationalfinancialmagnitudeshaveexpandedfarmorerapidlyoverthepasttwentyyearsthaninternationalmerchandisetrade(seethecom

3、parisonsinTable1).Moreover,financialcriseshavebeenfrequent(byhistoricalstandards)duringthesetwodecades.Ontheotherhand,financialinnovationranksamongthefoundationsofstrongeconomicperformance,alongsidehighsavings,disciplinedbudgets,lowinflation,goodeducation,andinformationtechnology.Countr

4、iesdifferenormouslyintheirdegreeoffinancialmaturity.Atoneextreme,incountriesatalowstageoffinancialdevelopment,banksdominatethefinancialsystemandeachbanklendsmostofitsfundstorelatedbusinessfirms.Thestockandbondmarketsaresmall,futuresandoptionsmarketsdonotexist,privatemutualfundsandpensio

5、nfundsaretiny,securitizedmortgagesandequipmentleasingareunknown,andconceptofamarketforcorporatecontrol(throughhostilemergersandacquisitions)seemsalien.Inthesesettings,itisnosurprisethatscarcecapitalispoorlyallocated,whilebankspaylowornegativerealratesofinteresttohouseholds.Attheotherext

6、reme,incountrieswithmaturefinancialsystems,the“missing”financialmarketsarewellestablished.Capitalisallocatedmoreefficientlybetweencompetingusesandhouseholdsearnbetterreturnsontheirsavings.Asimpleexampleillustratesthevalueofefficientcapitalmarkets.IfcountryAhasnetannualsavingsequalto20pe

7、rcentofGDP,andfinancialintermediariesallocatethosesavingssoGaryHufbaueristheReginaldJonesSeniorFellowandErikaWadaisaResearchAssociateattheInstitute.thatthereturnoncapitalis5percentonaverage,capitalformationwillcontribute1.0percentannuallytonationalgrowth(20percenttimes5percente

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