摘要
本文首先从我国资本市场发展过程中暴露的问题和弊端提出问题,然后通过简单的迭代模型从理论层面上对以银行为主导的中介机构和以股票市场为主导的金融市场之间的竞争问题进行了分析,本文认为中介机构比金融市场能够更好的分担风险、跨期平滑以及提高投资者的经济福利水平。最后通过得出的结论对我国金融市场的发展所暴露出的一些问题以及将来的发展前景提出了看法。
Firstly this paper suggests questions from some disadvantages that emerge in our security market development. Afterward depending on some simple overlapping generation models we bring up some new standpoint and take some new explanations on the competition between bank-based intermediaries and security-based financial market. This paper considers that intermediaries are better off than security market in avoiding risk and intertemporal smoothing. At last we sum up some conclusions and then table some policy proposals for the financial market development of our country.
出处
《产业经济研究》
2006年第3期27-31,52,共6页
Industrial Economics Research
关键词
资本市场
跨期平滑
风险分担
security market
intertemporal smooth
risk sharing
