外文翻译----金融业和经济发展的关系-金融财政(编辑修改稿)

外文翻译----金融业和经济发展的关系-金融财政(编辑修改稿)内容摘要：

the predominant legal system is a major factor influencing the financial system. Similar conclusions were reached by Sergio Schmukler and Esteban Vesperoni when examining the financing choices made by nonfinancial firms in five emerging countries that were challenged by a sequence of financial repression, financial liberalisation, and crisis throughout the 1980s and 1990s, namely Argentina and India, which are bankbased, and Brazil, Malaysia, Mexico, South Korea, and Thailand, which are marketbased. Their results of an investigation of leverage levels, debt maturity, and external / internal financing choices revealed that firmspecific features impact the financial structure in both systems and that the difference between bankbased and marketbased systems is not as important as the gap between emerging and developed markets. As a general rule, development is a plex process in which private and public households as well as businesses have multifaceted financing needs. In respect thereof, Franklin Allen and Douglas Gale observed that one financing channel alone cannot be optimal for all projects, as different parameters, such as the degree of investor optimism and costs for information on the project39。 s profitability, will result in different optimal financing channels. Besides, it has been observed that capital market transactions are being increasingly plex and swifter, which denotes a growing significance of financial intermediaries in capital market processes. Eventually, financial markets and intermediaries do perform their roles concurrently and plementarily. By the same token, informal financing channels, among them funds provided by family, friends, and business angels, do play an important role in promoting development as well.*^^ Hence, a prehensive financing system with an appropriate bination of efficient financial markets, intermediaries, and informal financing alternatives suits prehensive development needs best. This is a clear indication for financial policy: instead of focussing on establishing either a socalled bankbased or a marketbased system, a viable framework for financial system evolution needs to be created, which allows for an appropriate system, including different markets, intermediaries, and informal financing with plementary tasks. On this note, an important line of reasoning has been put forward by Colin Mayer and Oren Sussman: The implication of the view that different systems are suited to different activities is that policy should be enabling rather than restrictive or prescriptive. It should promote diversity and innovation in financial institutions, rather than attempting to pick winners. Limited Applicability of an Overall Concept of Efficiency Financial system development is qualified by its extent, that is the share of private and public households and firms with easy access to financial markets and services provided by financial intermediaries, and its efficiency pertinent to how well financial markets and intermediaries allocate capital into most productive uses, while withdrawing it from less or even nonproductive uses. Textbooks usually refer to an efficient market as: A petitive market in which the prices of financial instruments traded th。