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1TheInterrelationsofFinanceandEconomicsAbstract:Withtherapiddevelopmentoffinancialstudy,howtounderstandthefinancesubjectandhowtodistinguishbetweenthesubjectoffinanceandeconomicshasbecomeaveryimportantissuetofinancialresearcherswhowouldliketoadvancefinancialstudyfurther.Thisarticlereviewsthehistoryoffinancialstudy,describesthemajorframeworkofthefinancialstudy,getsacomparativelycleardefinitionoffinanceandpointsouttheunique“no-arbitrage”intuitionandanalyticalmethodinfinancialstudy.Itisreasonabletoconcludethatfinanceisasubjectwithuniquecharacteristicsandthefinancialintuitionisquiteimportantinfinancialstudy.Keywords:Finance,Economics,InterrelationsNon-arbitrage,GenenralEquilibriumZviBodieRobertC.MertonFinanceBodieMerton21821Wicksell(1898)1728GabrielCramer1738Bernoulli20Marschak1938RulesofThumb2050VonNeumann-Morgenstern1947Markowitz1952CorporateFinanceInvestmentsM-M1958Fama1965MorkovitzSharpe1964Lintner1965Mossin1966CAPMRossAPT1976TechnicalAnalysis1CAPM70Merton1971,1973Ito1MonteCarlo3ICAPMCCAPMMerton,1996M-MBlack&Scholes1973Ross19761976CoxRossRiskNeutralHarrisonD.Kreps1979HarrisonD.Pliska19812050Arrow1953Debreu195980Duffie&Huang1985BodieMertonFinancialEconomics/8090BodieMertonNeoclassicalFinance1141.ISLM2.CCAPMICAPMAPT1Outputs521Black&ScholesBlack&Scholes1fS∂∂ΠΠΠΠΠΠΠ16rtrt∆Π=Π∆∆BlackScholesBlack-Scholes3OutputInputIndicativeGirsanov7Intuition……Ross1987MMRoss1987[1]Arrow,K.,1953,“theRoleofSecuritiesintheOptimalAllocationofRiskBearing”,translatedinReviewofEconomicStudies,1964(31),91-96.[2]Bernoulli,Daniel,1738,SpecimenTheoriaeNovaedeMensuraSortis,CommentariiAcademiaeScientiarumImperialisPetropolitanae5,175-192.TranslatedintoEnglishbyLouiseSommer,1954,ExpositionofaNewTheoryontheMeasurementofRisk,Econometrica22,23-36.[3]Black,F.andScholes,M.,1973,“ThePricingofOptionsandCorporateLiabilities”,JournalofPoliticalEconomy81(3),May-June,637-54.[4]Bodie,Z.,andRobertC.2000,Merton,Finance.London:PearsonEducationInc.8[5]Cox,JohnC.andStephenA.Ross,1976,“TheValuationofOptionsforAlternativeStochasticProcesses”,JournalofFinancialEconomics,3,145-166.[6]Cramer,Gabriel,1728,LetterfromCramertoNicholasBernoulli.TranslatedintoEnglishbyLouiseSommerinBernoulli,Daniel,1954,ExpositionofaNewTheoryontheMeasurementofRisk,Econometrica22,23-36.[7]Debreu,G.,1959,TheoryofValue,YaleUniversityPress.[8]Duffie,D.,2001,DynamicAssetPricingTheory,ThirdEdition,PrincetonUniversityPress,Princeton.[9]DuffieD.andHuang,C.,1985,“ImplementingArrow-DebreuEquilibriumbyContinuousTradingofFewlong-livedSecurities”,Econometrica,53,1337–1356.[10]Fama,E.,1965,“TheBehaviorofStockMarketPrices”,JournalofBusiness,38,34-105.[11]Harrison,M.andD.Kreps,1979,“MartingalesandArbitrageinMultiperiodSecuritiesMarkets”,JournalofEconomicTheory20,381-408.[12]Harrison,J.M.andPliska,S.R.,1981,“MartingalesandStochasticIntegralsintheTheoryofContinuousTrading”,StochasticProcessesApplications11,215–260.[13]Leroy,StephenF.,andJanWerner,2001,PrinciplesofFinancialEconomics.NYCambridgeUniversityPress.[14]Lintner,J.,1965,“TheValuationofRiskyAssetsandtheSelectionofRiskyInvestmentsinStockPortfoliosandCapitalBudgets”,ReviewofEconomicsandStatistics47,346-382.[15]Markowitz,H.,1952,“PortfolioSelection”,JournalofFinance7(1),March:77-91.[16]Marschak,J,1938,“MoneyandtheTheoryofAssets”,Econometrica6,311-325.[17]Merton,R.,1971,“OptimumConsumptionandPortfolioRulesinaContinuousTimeModel”,JournalofEconomicTheory3,373-413;Erratum6:213-214.[18]Merton,R.1973,“AnIntertemporalCapitalAssetPricingModel”,Econometrica,41,867–888.[19]Merton,R.,1973,“TheTheoryofRationalOptionPricing”,BellJournalofEconomicsandManagementScience4,141-183.[20]MertonR.,1996,Continuous-timeFinance.Blackwell.2ed.[21]Modigliani,F.andMiller.M.H,1958,“TheCostofCapital,CorporationandtheTheoryofInvestment”,TheAmericanEconomicReview,Volume48,Issue3Jun.,261-269.[22]Morgenstern,O.,andJ.VonNeumann,1944,TheoryofGamesandEconomicBehavior.Princeton:PrincetonUniversityPress.2ndedn1947,3rdedn1953.[23]Mossin,1966,“EquilibriuminaCapitalAssetMarket”,Econometrica34.1966.768-783[24]Ricardo,David,1821,OnthePrincipleofPoliticalEconomyandTaxation.London:M.Dent&Sons,1911.Reprinted1960.[25]Ross,S.A.,1976,“TheArbitrageTheoryofCapitalAssetPricing”,JournalofEconomicTheory13,341-360.[26]Ross,StephenA.1987,“TheInterrelationsofFinanceandEconomics:TheoreticalPerspectives,”TheAmericanEconomicsReview,May,Volume77,Issue2,29-34.[27]Sharpe,W.,1964,“Capitalassetprices:Atheoryofcapitalmarketequilibriumunderconditionsofrisk”,JournalofFinance19,425-442.[28]Wicksell,K.,1898,InterestandPrices.Trans.,London:Macmillan,1936..[29]..:,2003.