金融体系的微观传导机制(1)

(TheTransmissionMechanisminFinancialSystems)120032------(1930)()()()()()JEL:E32G14G321,20043365313825,[e-mail]23Mckinnon(1973)Shaw(1973)(FinancialRepression),(Mckinnon,1993)StiglitzandWeiss(1981)Fazzari,HubbardandPetersen(1988)(FinancialRestrain)()Patrick(1966)(leadingapproach)(followingapproach)(BerthélemyandVaroudakis,1996)(market-basedview)(Hellwig1991;Rajan1992;Obstfeld1993)(bank-basedview)2()()(AllenandGale,2000)320Schumpeter(1911)Fisher,I.(1933)TobinandDolde(1963)Robinson(1952)FriedmanandSchwarts(1963)DavidRomer(2001)BernankeandBlinder(1988,1989)(creditchannel)()(moneychannel)2(AllenandGale,2000,2001)4------()()()()()()()(Fisher,1930)()11B3B2B1A3A2A1200160900144228250BA34(Levine,R.,2002)()AABBA2211()()A228B(B)2()(OC)(I)(MNAB)5INMABC2mY2C1mY1C1nC0-(1+r)CC2n2()()()6()()75AB(C1,C2)(Y1,Y2)rYYrCC++=++1121216ModiglianiandMiller(1958)(MM)74a.b.c.d.e.f.(,1998)------(Saunders,2000)8()Saint-Paul1982(Bryant,1980;DiamondandDybvig,1983;HolmströmandTirole,1998)9AllenandGale(1994)AllenandGale(1994;1997;2000a,Chapter6)89Jacklin(1987)5()(incompletemarket)(AllenandGale2001)(contractualincompleteness)(ThakorandWilson,1995)(BerlinandMester,1992)(GortonandKahn,1993)(Detragiache,1994)HartandMoore(1998)(relationshipspecificinvestment)()(hold-upproblem),(DiamondandRajan,1998)(timeinconsistency)(Mayer,1988)6(I)(MN)(BodieandMerton,2000)10(O’hara,1995)()Arrow-Debreu-Mackenzie11------()(CAPM)()(APT)(spreads)(volatility)(,2003)PerraudinandVitale(1996)(spreads)(),10BodieandMerton(2000)Black(1989)117(O’hara,1995;Madhavan,2000;Stoll,2002;Harris,2002)KahnemanandRiepe(1998)1.2.3.12(I)()(1),(Aklof,1970)(2),()(JensenandMechling,1976)(3),()(StiglitzandWeiss,1981;BesterandHellwig,1987;JaffeeandRussell,1976)()------1312(BootandThakor,1997a):123BootThakor13()(Spence,1973)(DanielandTitman,1995)(moneyburning)Welch(1989)GrinblattandHwang(1989)AllenandFaulhaber(1989)IPO(JohnandWilliams,1985;Choe,MasulisandNanda,1993)(Krasker,1986;GiammarinoandLewis,1988)(Ambarish,JohnandWilliams,1987)814(self-selection)(AllenandGale,1992;NachmanandNoe,1994;DeandKale,1993)Baster(1985)(incentivecompatible)15(BoltonandSchartstein,1990;Allen,1983;EatonandGersovitz,1981;HartandMoore,1994)(LaffontandMartimort,2002)(Okun,1981)(vonThadden,1995;DewatripontandMaskin,1990)(screening)(Yabushita,1983;BoydandPrescott,1986)(monitoring)(Diamond,1991;Hoshi,etal.,1993)16(stateverification)(Townsend,1979)17Myers(1984)andMyers-Majluf(1984)(peckingorderhypothesis)(internalfinance)(debt)(juniordebt,convertibles)(equity)18()(BesankoandKanatas,1993)------(Rajan,1992)=14HartandHolmstrom(1987)1516CambellandKracaw(1980),RamakreshnanandThakor(1984),Millon&Thakor(1985),Allen(1990)17Fama(1985),Diamond(1991)BootandThakor(1997)18GiammarinoandNeave(1982)91920------(I)()(discipline)1.(Kaplan,1994)21(WeinsteinandYafeh,1998)(FamaandJensen,1983)2.,(Stiglitz,1985;ShleiferandVishney,1986;LaPortaetal.,1999;HackethalandSchmidt,2000)(PaganoandRöell,1998)3.(McConnellandServaes,1990;1995)1.(freecashflow)Jensen(1986)2.(ChemmanurandFulghieri,1994)3.(relationshiplending),(HackethalandSchmidt,2000)(BootandThakor,1997)(Hellwig1998;Wengerand19(Kaplan,1994;JensenandMurphy,1990;MilgromandRoberts,1992)20(ShleiferandWishny,1997)21(Poisonpills)(goldenparachutes)10Kaserer,1998)()11();()1122()()()()()(2002;OgawaandSun,2001)------(3)()---------23MertonandBodie1995andLevine1997()(LaPorta,Lopez-Silanes,ShleiferandVishny,1998)()()()()(2223financialservicesviewlawandfinanceview1213)()()(bestfinancialsets)(optimumfinancialsystems)()()()24Boot&Thakor,(2000),“CanRelationshipBankingSurviveCompetition?”,TheJournalofFinance55(2):pp.579-713.Demirgüç-Kunt,AsliandHarryHuizinga,(2000),“MarketDisciplineandFinancialSafetyNetDesign”,PolicyResearchPaperno.2183,WorldBank,Washington,D.CHellmann,T.,K.MurdockandJ.Stiglitz,(1997),“FinancialRestraint:TowardsaNewParadigm”,inTheRoleofGovernmentinEastAsianEconomicDevelopment,ComparativeInstitutionalAnalysis,M.Aoki,H-K.Kim&M.Okuno-Fujiwara,eds.,ClarendonPress:Oxford,pp.163-207.Levine,Ross,(1997),“FinancialDevelopmentandEconomicGrowth:ViewsandAgenda”,JournalofEconomicLiterature,Vol.XXXV,pp.668-726.Jarrow,R.A.,V.MaksimovicandW.T.Ziemba(editors).(1995),HandbooksinOperationsResearchandManagementScience,Volume9:Finance.Amsterdam:Elsevier-NorthHolland.Mckinnon,RonaldI.(1973),MoneyandCapitalinEconomicDevelopment.Washington,D.C.:BrookingsInstitution.Ogawa,E.andSunlijian,(2001),“HowwerecapitalinflowssimulatedundertheDollarpegsystem?,”inTakatoshiItoandAnneO.Krugereds.,GlobalCapitalFlows:Macroeconomiccausesandconsequences,UniversityofChicagoPress.pp.151-195.=(2002)()(1998)()1002-1003pp.42-48.(2002)2002,pp.11-20.24