A critique on the theory of financial intermediation
A critique on the theory of ®nancial intermediationBert Scholtensa,*,Dick van Wensveen b,c a Department of Finance,University of Groningen,P.O.Box 800,9700AV Groningen,Netherlands b Erasmus University,Rotterdam,Netherlands c University of Amsterdam,Amsterdam,NetherlandsReceived 25September 1998;accepted 22April 1999AbstractThis comment discusses the review by Franklin Allen and Anthony Santomero of the theory of ®nancial intermediation in the 20th anniversary special issue of the Journal of Banking and Finance.We do not fully agree with their view that risk management is only of recent importance to the ®nancial industry and with putting central the concept of participation costs.We suggest how the theory of ®nancial intermediation might be developed further in order to understand present-day phenomena in the ®nancial ser-vices sector.Ó2000Elsevier Science B.V.All rights reserved.JEL classi®cation:E51;G10;G20;L23Keywords:Banks;Financial intermediation;Financial system;Risk management;Transformation1.IntroductionIn a recent paper,Allen and Santomero (1997)review the state of inter-mediation theory and attempt to reconcile it with the observed behavior of Journal of Banking &Finance 24(2000)1243±1251*Corresponding author.Tel.:+31-50-363-7064;fax:+31-50-363-7207.E-mail address:l.j.r.scholtens@eco.rug.nl (B.Scholtens).0378-4266/00/$-see front matter Ó2000Elsevier Science B.V.All rights reserved.PII:S 0378-4266(99)00085-01244 B.Scholtens,D.van Wensveen/Journal of Banking&Finance24(2000)1243±1251 institutions in modern capital markets.They argue that current theory of®-nancial intermediation too heavily focuses on the functions of®nancial insti-tutions that are no longer crucial in mature®nancial systems.They suggest that the emphasis on the role of intermediaries as reducing the frictions of trans-action costs and asymmetric information is too strong;while these factors may once have been central to the role of intermediaries,they are increasingly less relevant.Allen and Santomero suggest a view on®nancial intermediaries that centers on two of their roles.First,they are the facilitators of risk transfer and deal with an increasingly complex maze of®nancial instruments and markets. The key area of intermediary activity therefore has become risk management, whereas traditional intermediation theory o ers little to explain why institu-tions should perform this function.Second,®nancial intermediaries reduce participation costs±the costs of learning about e ectively using markets as well as participating in them on a day-to-day basis±and this plays an im-portant role in understanding the changes that have taken place.We welcome their e ort to bring the theory of®nancial intermediation further.We basically agree with Allen and Santomero but we think that their analysis is incomplete.In this comment,we go into some points which,in our opinion,are missing in their theory of®nancial intermediation.We question whether risk management is something that is undertaken only recently in the ®nancial industry,we focus on their concept of participation costs,we argue that some of their critique on the existing literature goes too far and we argue that some of their critique does not go far enough.We hope to bring the fundamental discussion about®nancial intermediation a small step further by suggesting elements for a theory that is helpful in understanding and explaining the daily operations of®nancial institutions and markets and their function and signi®cance in the real economy.2.Do®nancial intermediaries face extinction?We wholeheartedly agree with Allen and SantomeroÕs(hereafter AS)anal-ysis in terms of a functional perspective,rather than an institutional perspec-tive.Countries use di erent de®nitions of various types of®nancial intermediaries.Furthermore,regulations in some countries still forbid the formation of certain types of®nancial institutions that are an essential part of the economy elsewhere.The paradigm used in the current theory of®nancial intermediation is the famous classical idea of the perfect market,introduced by Marshall and Walras and since then the leading principle,the central point of reference in the theory of monopolistic competition and the neo-classical growth theory,the portfolio investment theory and the theory of®nancial intermediation.This paradigm is formalized in the traditional Arrow±Debreu model of resource allocation.Financial intermediaries,according to that theory,have a function only be-cause ®nancial markets are not perfect.They exist by the grace of market imperfections.As long as there are market imperfections,there are interme-diaries;as soon as markets are perfect,intermediaries are redundant:they lose their function as soon as savers and investors have the perfect information to ®nd each other directly,immediately and without any impediments,so without costs.Thus,in a world with a tendency towards greater market transparency and e ciency,®nancial intermediaries are an endangered species.However,despite globalization,the information revolution and a much more prominent role of public markets,®nancial intermediaries appear to survive.A tendency towards a relative reduction of certain activities of some ®nancial intermediaries is going on,most clearly in the US.For example,Fig.1indicates that the relative size of depository institutions (commercial banks,savings institutions,credit unions)in the ®nancial system diminishes.The same applies to insurance companies.In contrast,the relative size of pension funds (both private and government funds)as well as that of mutual funds (including money market funds)increases considerably.The overall size of the assets held by US ®nancial institutions in relation to gross domestic product is depicted in Fig.2(left-hand scale).It rose from 100%in 1950to 120%in 1960,it remained 120%in 1970but rose to 210%in 1980.In the eighties,it became somewhat smaller,namely 200%in 1990.However,in the nineties,the increase continued,and in 1995the combined assets of the ®nancial intermediaries in the US stood at 250%of GDP.1Banks,both uni-versal and investment banks,are under pressure,not only from competition amongst themselves but increasingly also from other intermediaries such aslife Fig.1.Distribution of US ®nancial assets by the main types of ®nancial intermediaries (Source :Barth et al.,1997).1Based on Barth et al.(1997)and the IMF Õs international ®nancial statistics.B.Scholtens,D.van Wensveen /Journal of Banking &Finance 24(2000)1243±12511245insurance companies,investment funds,leasing companies and other ®nance companies,such as specialized daughters of big industrial or trade companies,merger and acquisition specialists and advice departments of auditor or lawyer ®rms.And large companies are entering the money market directly instead of dealing with a bank.The growth of securitized assets re¯ects the upcoming role of stock exchanges at the expense of traditional banking.But it is a miscon-ception to interpret the relative declining role of banks in Fig.1as a general process of disintermediation.Fig.2(right-hand scale)shows that the ratio of depository institutions Õassets to GDP was 0.53in 1950.Thereafter,it fell to 0.45in 1960and it was 0.46in 1970.The 1970s saw a huge increase in the growth of bank assets and in 1980the ratio had become 0.73.The savings and loans crisis of the 1980s was very much responsible for a decline to 0.56in 1990.In the 1990s we witnessed a renewed increase in the ratio of bank assets to GDP as it was 0.63in 1995.Thus,the relative size of depository institutions in the US in the mid-1990s was more than one third larger than that in the mid-1960s.Note that Fig.2does not take into account the rise in o -balance sheet items that took place in the banking industry in the 1980s and 1990s.From Fig.2,we conclude that ®nancial intermediaries are not fading away.Neither is the banking industry.Only an institutional perspective might conclude (on the basis of Fig.1)to disintermediation of the banking industry.ThefunctionalFig.2.Relative size of the US ®nancial sector and the banking industry (Source :Barth et al.,1997).1246 B.Scholtens,D.van Wensveen /Journal of Banking &Finance 24(2000)1243±1251B.Scholtens,D.van Wensveen/Journal of Banking&Finance24(2000)1243±12511247 view,however,reveals that®nancial intermediaries are of increasing impor-tance to the modern economy.Why is it that the relative importance of®nancial intermediaries increases? Financial intermediaries perform gradually more sophisticated functions in the modern±more and more complex±economy.Despite the ongoing perfection, indicating a declining price of information,asymmetric information and transaction costs seem to be still important elements in intermediation pro-cesses.This suggests that there is something extra that is relevant for®nancial intermediation.But what is thatÔextraÕ?We agree with AS that risk manage-ment has become a prominent function of®nancial intermediation.However, in our opinion,it is not the only factor that can be held responsible for the seemingly steady rise of the®nancial industry within the modern economy. In the next section,we evaluate ASÕs suggestion of risk management as responsible for modern®nancial intermediation.In Section4,we put forward ideas that may complement the justi®cation of the growth of the®nancial in-dustry as given by AS.3.Risk management and participation costsIn our opinion,AS are right in suggesting a central role of risk in the in-termediation process and proposing that risk management become the main item in the research agenda.Risk analysis is,since the emergence of the modern portfolio theory,fully incorporated on the micro level in pricing models and plays the central role in the research on securities and derivatives.But the risk/ reward relation has not yet been analyzed on an industry level or on a macro-economic level.What is the remuneration of the industry for its risk trans-forming activity?How is the relation of this part of its revenues to total revenues?Is the remuneration adequate in view of risk losses(bad debtors, interest rate¯uctuations,stock price movements,mortality)?Is risk well paid for at the industry level?Furthermore,is risk management really a new phenomenon?Something that emerged in the1960s or1970s as AS argue?We very much doubt it.Risk management has not become important only in the recent past.In contrast,we see risk as the root of®nancial intermediation and as its main raison dÕ e tre.The origins of banking and insurance lie in their risk transforming and risk man-aging functions.The merchant bankers in the Italian Renaissance already managed the®nancial risks not only of kings and popes but also of merchants. Insurers took over the risks of merchants sending their goods overseas.In the Dutch Republic in the eighteenth century,true investment bankers emerged who not passively managed assets but actively assumed underwriting risk themselves.And even the seemingly dull business of savings and loans asso-ciations and credit unions in the US in the1950s and1960s is risk management,1248 B.Scholtens,D.van Wensveen/Journal of Banking&Finance24(2000)1243±1251as they manage interest rate risk,credit risk,and liquidity risk.Therefore, dealing with risk is±and always has been±the bread and butter of®nancial intermediaries.By specializing in information production and processing,and by diversifying individual credit and term risks,they have been able to absorb risk.AS associate the risk management function of®nancial intermediaries with the growing importance of new®nancial instruments and markets(fu-tures,options,swaps)and characterize their role as facilitators of risk transfer as a new role(p.1462).As such,AS appear to overlook the traditional role of banks in the process of risk transfer,taking deposits from savers and extending credit to borrowers with risky business.We agree with AS that intermediation theory has o ered little to explain why institutions should perform this func-tion(pp.1462,1465),the more so because risk management,contrary to what AS say,has always beenÔa key area of intermediary activityÕ.Informational asymmetries and transaction costs do not fully explain why savers deposit money in banks and do not select investors themselves.A second key concept in ASÕs theory of®nancial intermediation isÔpartic-ipation costÕ.This is the cost of participation in a®nancial market.AS argue that participation costs are crucial to understanding the current activities of intermediaries and in particular to their focus on risk management.Trading costs have fallen dramatically in the1980s and mid-1990s which would have encouraged the direct participation of households and reduced the role of mutual funds.However,AS argue,the value of peopleÕs time has increased signi®cantly in the last15years(p.1482),which promoted the role of mutual funds,whose participation costs are low and thus are an e cient means to invest for individuals whose costs of direct participation have risen.Further-more,there has been a spreading of the income distribution and a resulting increase in the value of time at the high end of this distribution.This argument is rather weak as we®nd that the growth of wages was much higher in the 1970s than in the1980s and1990s.2And not only has the size of mutual funds risen rapidly(see Fig.1),but also the direct participation of the public in the stock market has increased substantially.In all,ASÕs explanation on the basis of lower participation costs is not very convincing.AS also point to the fact that the use of derivatives by®nancial institutions for risk management has increased enormously.AS argue that the concept of participation costs sug-gests that intermediaries create products with a relatively stable distribution of returns.However,this also happened before the widespread and intense use of2For example,the average increase in the unit labor costs in the business sector in the US in the 1970s was7.0%per year.In the1980s it fell to4.0%per year,and for the years1991±1997it averaged2.5%per year.Furthermore,the compensation per employee in the business sector stood at7.9%in the1970s.In the1980s,it was5.1%.For1991±1997it was3.4%per year(OECD, Economic Outlook63,1998,236±237).B.Scholtens,D.van Wensveen/Journal of Banking&Finance24(2000)1243±12511249®nancial derivatives,as it is an important rationale for savers to put their money into a bank(see Bryant,1980).Therefore,we conclude that although participation cost can be relevant in understanding new roles of the®nancial intermediary,it does not seem to be able to explain drastic changes in the®-nancial industry such as the dramatic rise of mutual funds and the widespread use of®nancial derivatives.The key word for their growth is againÔriskÕ. AS discuss the current rationales for the interest in risk management that is evident in the market.They can be divided into four cases:(1)managerial self-interest,(2)the non-linearity of taxes,(3)the costs of®nancial distress,and(4) the existence of capital market imperfections.The plausibility of these four explanations varies especially if not only the bene®ts of hedging but also the costs of risk management are taken into account,as AS rightly state.It should be clear that the bankruptcy costs as discussed by AS should be viewed as the total economic costs of the®nancial distress and/or bankruptcy.We think that the most important rationale of®nancial risk management is the prevention of bankruptcy of a company induced by monetary and®nancial factors.Financial risk management aims to protect the companyÕs balance sheet against severe losses of a monetary nature(e.g.exchange rate shocks)and the companyÕs operational cash¯ow against serious®nancial uncertainties(interest rate and exchange rate¯uctuations,credit risk).4.How further?How must we move further in constructing a theory of®nancial interme-diation that can understand and explain the day-to-day operations of®nancial institutions and markets and their role within the real economy?It will be obvious thatÔriskÕwill need to get a central place in that theory.But there is more.In order to place risk transfer as an entrepreneurial activity in its proper context,the theory of®nancial intermediation should move beyond its present borders.It should leave its paradigm of static perfect markets and assume a more dynamic concept in which new markets are developed for new products, where®nancial institutions do not act asÔagentsÕwho intermediate between savers and investors and thus alleviateÔmarket imperfectionsÕlike asymmetric information and participation costs,but are independent market parties that create®nancial products and whose value added to their clients is the trans-formation of®nancial risk,term,scale,location,and liquidity.Table1gives in key words an overview of how the stylized present theory might be amended to come nearer to this goal.Stylized present theory,as already clearly summarized by AS,has the perfect market as its benchmark.Financial intermediaries emerge to make do with the market imperfections that mainly stem from informational asymmetries.They may reduce the information and transaction costs within the economy,butthey still have to make do with agency problems and with moral hazard and adverse selection.In all,the ®nancial intermediary is a more or less passive agent who intermediates between ultimate savers and investors.The process of disintermediation threatens the agent,as public ®nancial markets promote a more e cient and transparent handling of the allocation of scarce resources in the economy,thanks to deregulation and information technology.In line with AS,we think the traditional approach should be amended.The right-hand column of Table 1shows the main elements that the theory of ®-nancial intermediation,in our opinion,should include to explain the present-day ®nancial industry.Instead of the static case of the perfect market that is hampered by incidental imperfections,the theory of ®nancial intermediation needs to have the dynamic process of ®nancial innovation and market di er-entiation at its basis.We need to explain changes instead of describing com-parative statics.Furthermore,as in our vision,the ®nancial intermediary provides consumer and business households with a variety of services that ful®ll their di erent needs,the ®nancial intermediary is involved in a complex process of ®nancial transformation.In the course of qualitative asset trans-formation ±with respect to maturity,liquidity,risk,scale,and location ±it adds value for ultimate savers and investors.This active role contrasts sharply with the passive intermediating of savings to investments within the economy,a thought that prevails in the traditional theory of ®nancial intermediation.Value-addition appears to be a major drive of the modern ®nancial interme-diary.Therefore,value-addition should be the focus of intermediation theory.This may be accomplished through participation cost reduction as AS suggest,and/or through an expansion of the set of services in the ®nancial sector.This means that though asymmetric information is relevant in understanding certain policies of the ®nancial intermediary,customer orientation is his general de-vice.His business is selling ®nancial services to customers and making a pro®tTable 1Stylized and amended theory of ®nancial intermediationStylized (present)theoryAmended theory Static:perfect market Dynamic:market di erentiation Market imperfections Product innovation Financial intermediary is an agent between savers and investors Financial intermediary is an entrepreneurial provider of ®nancial services E cient allocation of savings Financial transformation Costs Value Asymmetric informationCustomer orientation,both to borrowers and savers Adverse selection,moral hazard,credit rationing Risk/reward optimization and risk management Disintermediation Dynamics of intermediation (new markets,new products)1250 B.Scholtens,D.van Wensveen /Journal of Banking &Finance 24(2000)1243±1251B.Scholtens,D.van Wensveen/Journal of Banking&Finance24(2000)1243±12511251 on it.Reducing costs and informational asymmetries may be part of this process,but it occurs as a by-e ect.We suggest that the analysis of policies of optimization of risks and rewards by®nancial intermediaries helps to better understand the essence of its business than does paying attention to the po-tential e ects of asymmetric information,i.e.adverse selection,moral hazard, credit rationing.As an illustration,the modern®nancial intermediation theory would see the rise of the mutual fund industry not as disintermediation,but as the involvement of a new type of®nancial intermediary in providing®nancial transformation services.Of course,we cannot present here a complete modern theory of®nancial intermediation yet.The aim of our critique was only to illuminate some issues not dealt with by AS and some suggestions on how to proceed further.We hope the discussion started by AS will result in a better understanding of the ®nancial world.AcknowledgementsThe authors wish to thank one anonymous referee for helpful comments and suggestions on a previous version of this paper.ReferencesAllen,F.,Santomero,A.M.,1997.The theory of®nancial intermediation.Journal of Banking and Finance21,1461±1485.Barth,J.R.,Nolle,D.E.,Rice,T.N.,mercial banking structure,regulation,and performance:An international comparison.Working Paper97-6,March,Comptroller of the Currency Economic,Washington,DC.Bryant,J.,1980.A model of reserves,bank runs,and deposit insurance.Journal of Banking and Finance4,335±344.。
econometric policy evaluation_a critique
OUTLINE
Background Main idea Structure 1. Introduction 2. The theory of econometric policy
3. Adaptive forecasting 4. Theoretical considerations: general 5. Theoretical considerations: examples 5.1 Consumption 5.2 Taxation and investment demand 5.3 Phillips curves 6. Policy considerations 7. Concluding remarks
The condition of maximization: The current cost of an additional unit of investment = the expected discounted net return The current cost of acquiring an additional unit of capital: The expected discounted return per unit of investment in t:
5.1 consumption
Permanent consumption is proportional to permanent income: (1) Actual consumption:
(2)
Actual, current income: (3) Permanent income with the subjective discount factor
5.2 taxation and investment demand Task: to estimate the consequences, current and lagged, of tax policies on the demand for producers’ durable equipment.(Hall and Jorgenson, 1967) Notion: : output-capital ratio : capital at the beginning of year t : output during t : investment during t Next period’s capital: kt 1 it (1 )kt where is constant physical rate of depreciation : rate of taxation : rate of investment tax credit : the constant cost of capital
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社会学是从社会哲学演化出来的现代学科。
下面是店铺精心为您整理的社会学必读书籍推荐，希望您喜欢!100本最经典的社会学著作书籍推荐1、Weber, Max：Economy and Society马克斯.韦伯：《经济与社会》2、Mills, Charles Wright：The Sociological Imagination查尔斯.赖特.米尔斯：《社会学的想象力》3、Merton, Robert K.：Social Theory and SocialStructure罗伯特.默顿：《社会理论与社会结构》4、Weber, M.：The Protestant Ethic and the Spirit ofCapitalism马克斯.韦伯：《新教伦理与资本主义精神》5、Berger, P.L. and Luckmann, T.：The Social Construction of Reality彼得.柏格，汤姆斯.卢克曼：《知识社会学：社会实体的建构》6、Bourdieu, Pierre：Distinction: A Social Critique of the Judgment of Taste皮埃尔.布迪厄：《区隔：趣味判断的社会学批判》7、Elias, Norbert：The Civilizing Process诺伯特.埃利亚斯：《文明的进程》8、Habermas, Jürgen：The Theory of Communicative Action尤尔根.哈贝马斯：《交往行动理论》9、Parsons, Talcott：The Structure of Social Action塔尔科特.帕森斯：《社会行动的结构》10、Goffman, Erving：The Presentation of Self inEveryday Life欧尔文.戈夫曼：《日常生活的自我呈现》11、Mead, George Herbert：Mind, Self and Society乔治.赫伯特.米德：《心灵、自我与社会》12、Parsons, Talcott：The Social System塔尔科特.帕森斯：《社会系统》13、Durkheim, Emile：The Elementary Forms ofReligious Life爱弥尔.涂尔干：《宗教生活的其本形式》14、Giddens, Anthony：The Constitution of Society安东尼.吉登斯：《社会的构成》15、Wallerstein, Immanuel：The Modern World-System伊曼纽尔.沃勒斯坦：《现代世界体系》16、Foucault, Michel：Discipline and Punish : the Birth ofthe Prison米歇尔.福柯：《规训与惩罚：监狱的诞生》17、Kuhn, Thomas S.：The Structure of ScientificRevolutions托马斯.库恩：《科学革命的结构》18、Simmel, Georg：Sociology格奥尔格.齐美尔：《社会学》19、Beck, Ulrich：Risk Society乌尔里希.贝克：《风险社会》20、Braverman, Harry：Labour and Monopoly Capital哈里.布雷弗曼：《劳动与垄断资本——二十世纪中劳动的退化》21、Adorno, Theodor W. and Horkheimer, Max：Dialecticof Enlightenment西奥多.阿多诺，麦克斯?霍克海默：《启蒙辩证法》22、Gramsci, Antonio：Prison Notebooks安东尼奥.葛兰西：《狱中札记》23、Coleman, James Samuel：Foundations of SocialTheory詹姆斯.萨缪尔.科尔曼：《社会理论的基础》24、Habermas, Jürgen：Knowledge and Human Interests尤尔根.哈贝马斯：《知识与人类利益》25、Moore, B.：The Social Origins of Dictatorship andDemocracy巴林顿.摩尔：《民主与专制的社会起源》26、Polanyi, Karl：The Great Transformation卡尔.波兰尼：《大转型》27、Blau, Peter Michael and Duncan, Otis Dudley：TheAmerican Occup彼得.布劳，奥迪斯.戴德里.邓肯：《美国职业结构》28、Gouldner, Alvin W.：The Coming Crisis of WesternSociology阿尔文.古德纳：《西方社会学即将到来的危机》29、Luhmann, Niklas：Social Systems尼克拉斯.卢曼：《社会系统》30、Mannheim, Karl：Ideology and Utopia卡尔.曼海姆：《意识形态与乌托邦》31、Becker, Howard S.：Outsiders: Studies in theSociology of Deviance霍华德.贝克尔：《局外人：越轨的社会学研究》32、Marx, Karl：Capital. A Critique of Political Economy卡尔.马克思：《资本论》33、Olson, Mancur：The Logic Collective Action曼库尔?奥尔森：《集体行动的逻辑》34、Durkheim, Emile：The Division of Labor in Society爱弥尔.涂尔干：《劳动分工论》35、Durkheim, Emile：The Rules of Sociological Method爱弥尔.涂尔干：《社会学方法的准则》36、Garfinkel, Harold：Studies in Ethnomethodology哈罗德.加芬克尔：《常人方法学研究》37、Goffman, Erving：Asylums欧尔文.戈夫曼：《避难所》38、Lipset, Seymour Martin：Political Man西摩.马丁.李普塞特：《政治人》39、Mills, Charles Wright：The Power Elite查尔斯.赖特.米尔斯：《权力精英》40、Bourdieu, Pierre：The Logic of Practice皮埃尔.布迪厄：《实践的逻辑》41、Cardoso, Fernando Henrique and, Faletto, Enzo：Dependency and Development in Latin America费南多.恩希齐.卡多索，恩佐.法雷图：《拉丁美洲的依附与发展》42、Dahrendorf, R.：Class and Class Conflict in anIndustrial Society拉夫.达伦多夫：《工业社会中的阶级与阶级冲突》43、Giddens, Anthony：The Consequences of Modernity安东尼.吉登斯：《现代性的后果》44、Goffman, Erving：Stigma欧尔文.戈夫曼：《污记》45、Kanter, R.M.：Men and Women of the Corporation罗莎贝丝.坎特：《公司里的男人和女人》46、Schütz, Alfred：The Phenomenology of the SocialWorld阿尔弗雷德.舒茨：《社会世界的现象学》47、Berger, Peter L.：Invitation to Sociology彼得.柏格：《社会学的邀请》48、Bourdieu, Pierre and Passeron, Jean-Claude：Reproduction in Education, Society and Culture皮埃尔.布迪厄，让-克劳得.帕松：《教育、社会和文化中的再生产》49、Etzioni, Amitai：The Active Society阿米泰.埃奇奥尼：《积极的社会》50、Glaser, Barney G. and Strauss, Anselm L.：The Discovery of Grounded Theory巴尼.格拉斯，安瑟伦.斯特劳斯：《扎根理论的发现》51、Habermas, J.：The Structural Transformation of thePublic Sphere尤尔根.哈贝马斯：《公共领域的结构转型》52、Sorokin, Pitirim A.：Social and Cultural Dynamics皮特林.索罗金：《社会和文化的动力》53、Touraine, A.：Production de la societe阿兰.图海纳：《社会的生产》54、Weber, Max：Sociology of Religion马克斯.韦伯：《宗教社会学》55、Weber, Max：The Methodology of the SocialSciences马克斯.韦伯：《社会科学方法论》56、Arendt, Hannah：The Origins of Totalitarianism汉娜.阿伦特：《极权主义的起源》57、Boudon, Raymond：The Logic of Social Action雷蒙.布东：《社会行动的逻辑》58、Braudel, Fernand：Civilization and Capitalism费尔南?布罗代尔：《文明和资本主义》59、Durkheim, Emile：The Suicide爱弥尔.涂尔干：《自杀论》60、Geertz, Clifford：The Interpretation of Cultures柯利弗德.格尔兹：《文化的阐释》61、Giddens, Anthony：Sociology安东尼.吉登斯：《社会学》62、Janowitz, Morris：The Professional Soldier莫里斯.加诺维：《职业士兵》63、Lazarsfeld, Paul Felix and Rosenberg, Morris：TheLanguage of Social Research保尔.拉扎斯菲尔德，莫里斯.罗森伯格：《社会研究的语言》64、Lukács, Georg：History and Class Consciousness格奥尔格.卢卡奇：《历史与阶级意识》65、Mies, Maria：Patriarchy and Accumulation on WorldScale玛丽亚.密斯：《父权制与世界范围内的资本积累》66、Nisbet, Robert A.：The Sociological Tradition罗伯特.尼斯贝特：《社会学传统》67、Palmer Thompson, Eric：The Making English LabourClass埃里克.汤普森：《英国工人阶级的形成》68、Riesman, David：The Lonely Crowd大卫.里斯曼：《孤独的人群》69、Schütz, Alfred：Collected Papers阿尔弗雷德.舒茨：《舒茨文选》70、Simmel, Georg：The Philosophy of Money格奥尔格.齐美尔：《货币哲学》71、Whyte, William Foote：Street Corner Society威廉.富特.怀特：《街角社会》72、Alexander, Jeffrey C.：Theoretical Logic in Sociology杰弗里.亚历山大：《社会学的理论逻辑》73、Althusser, L.：Reading Capital路易斯.阿尔都塞：《阅读<资本论>》74、Anderson, Benedict：Imagined Communities本尼迪克.安德森：《想像的共同》75、Arendt, Hannah：The Human Condition汉娜.阿伦特：《人的境况》76、Baumann, Zygmunt：Postmodern Ethics齐格蒙特.鲍曼：《后现代伦理学》77、Beauvoir, Simone de：The Second Sex西蒙.波伏娃：《第二性》78、Benedict, Ruth：Patterns of Culture鲁斯.本尼迪克特：《文化模式》79、Blumer, Herbert：Symbolic Interactionism.Perspective and Method赫伯特.布鲁默：《符号互动论：视角与方法》80、Boudon, Raymond：The Unintended Consequencesof Social Action雷蒙.布东：《社会行动的意外后果》81、Bourdieu, Pierre：Outline of a Theory Practice皮埃尔.布迪厄：《实践理论大纲》82、Castells, Manuel：The Urban Question曼纽尔.卡斯特尔：《都市问题》83、Crozier, Michel J.：The Bureaucratic Phenomenon米歇尔.克罗齐埃：《科层现象》84、Crozier, Michel J. and Friedberg, Erhard：Actors andSystems米歇尔.克罗齐埃，埃哈尔.费埃德伯格：《行动者与系统》85、Fanon, Frantz：The Wretched of the Earth弗朗茨.法农：《地球上的不幸者》86、Friedmann, G.：Problemes humains du machinismeindustriel乔治斯.弗里德曼：《工业社会》87、Gans, Herbert J.：The Urban Villagers赫伯特.甘斯：《城市村民》88、Gerth, H.H. and Mills, Ch.W.：From Max Weber:Essays in Sociology汉斯.格斯，赖特.米尔斯：《马克思?韦伯：社会学论文集》89、Giddens, Anthony：New Rules of the SociologicalMethod安东尼.吉登斯：《社会学方法的新规则》90、Giddens, Anthony：Modernity and Self-Identity安东尼.吉登斯：《现代性与自我认同》91、Goffman, Erving：Frame Analysis欧尔文.戈夫曼：《框架分析》92、Hughes, Everett Charrington：The Sociological Eye埃弗雷特.休斯：《社会学见解》93、Mann, Michael：The Sources of Social Power迈克尔.曼：《社会权力的来源》94、Marx, Karl：Economic and Philosophic Manuscriptsof 1卡尔.马克思：《1844年经济学和哲学手稿》95、Mauss, Marcel：The Gift马塞尔.莫斯：《论礼物》96、Popper, Karl R.：The Logic of Scientific Discovery卡尔.波普尔：《科学发现的逻辑》97、Poulantzas, Nicos：Political Power and Social Class尼科斯.普兰查斯：《政治权力与社会阶级》98、Sorokin, Pitirim A.：Social and Cultural Mobility皮特林.索罗金：《社会和文化动力》99、Thomas, William Isaac and Znaniecki, Florian：ThePolish Peasant in Europe and America威廉.伊萨克.托马斯，兹纳涅茨基：《身处欧美的波兰农民》100、Wittgenstein, Ludwig：Philosophical Investigations路德维希.维特根斯坦：《哲学研究》。
马克思主义英文作文万能句子
马克思主义英文作文万能句子Marxism is a socioeconomic and political theory developed by Karl Marx and Friedrich Engels in the 19th century. It is a comprehensive system of thought that offers a unique perspective on the nature of society, the dynamics of social change, and the role of individuals in shaping their own destinies. At its core, Marxism is a critique of capitalism and a vision for a more equitable and just social order.One of the fundamental tenets of Marxism is the belief that the means of production, such as land, factories, and resources, should be collectively owned and controlled by the workers rather than a small capitalist class. Marx argued that under capitalism, the owners of these means of production, known as the bourgeoisie, exploit the labor of the working class, or proletariat, in order to generate profits. This exploitation, he claimed, was the root cause of the vast inequalities and social tensions that characterized the capitalist system.According to Marxist theory, the only way to overcome this exploitation and create a more just society is through a revolutionled by the proletariat. Marx envisioned a future in which the workers would seize control of the means of production and establish a socialist or communist system, where the fruits of their labor would be distributed more equitably among all members of society.Marxism also emphasizes the role of class struggle in driving social change. Marx believed that the inherent conflict between the interests of the bourgeoisie and the proletariat was the driving force behind the evolution of human societies. He argued that as the working class became increasingly aware of their exploitation and oppression, they would inevitably rise up and overthrow the capitalist system.One of the most influential aspects of Marxist thought is its analysis of the economic base and the cultural superstructure of society. Marx argued that the economic base, which includes the means of production and the social relations of production, determines the cultural and political superstructure of a society. This means that the ideas, beliefs, and institutions that shape a society's culture and political system are ultimately rooted in the underlying economic structure.Marxism has had a profound impact on the world, inspiring revolutionary movements and political parties around the globe. From the Russian Revolution to the Chinese Communist Revolution,Marxist ideas have been at the forefront of some of the most significant social and political upheavals of the 20th century.However, Marxism has also faced significant criticism and challenges over the years. Critics have argued that Marxist theory is overly deterministic, failing to account for the complexities and nuances of real-world social and political dynamics. They have also criticized the authoritarian tendencies of some Marxist-inspired regimes, which have often failed to live up to the egalitarian ideals of Marxism.Despite these criticisms, Marxism remains a powerful and influential intellectual tradition, with its insights and critiques continuing to shape the way we understand and engage with the social, economic, and political realities of our time. Whether one agrees or disagrees with Marxist thought, it is undeniable that it has had a profound and lasting impact on the course of human history.In conclusion, Marxism is a complex and multifaceted theory that offers a unique perspective on the nature of society and the dynamics of social change. While it has faced significant criticism and challenges over the years, its insights and critiques continue to shape the way we think about and engage with the world around us. As we navigate the social, economic, and political challenges of the 21st century, the enduring relevance of Marxism is a testament to the power of ideas to shape the course of human history.。
马克思基本原理的英语
马克思基本原理的英语The Fundamental Principles of MarxismMarxism, also known as scientific socialism, is a political and economic theory developed by Karl Marx and Friedrich Engels in the 19th century. It is based on the analysis of capitalism and seeks to provide a critique of the system and offer an alternative model for society.One of the fundamental principles of Marxism is historical materialism. According to this principle, the development of society is determined by the material conditions and means of production. It emphasizes the importance of economic factors in shaping social relations and class struggle. Marx argued that the clash between the ruling bourgeoisie and the working class, or proletariat, is inevitable and will eventually lead to the overthrow of capitalism.Another principle is the theory of surplus value. Marx believed that the value of a commodity is derived from the labor expended in its production. However, under capitalism, the capitalist class appropriates the surplus value generated by workers, leading to exploitation. This accumulation of surplus value perpetuates economic inequality and class divisions.Marxism also advocates for the abolition of private property and the establishment of a classless society. Marx argued that private ownership of the means of production leads to the exploitation of the working class by the capitalist class. He proposed that workers should collectively own and control the means of production toensure a fair distribution of wealth and resources.Furthermore, Marxism critiques the concept of the state. Marx believed that the state is an instrument of the ruling class to maintain its power and protect its interests. He envisioned a transitional period, known as the dictatorship of the proletariat, during which the working class would seize control of the state and use it to dismantle capitalist structures and establish socialism.Lastly, Marxism emphasizes internationalism and the global struggle against capitalism. Marxists argue that capitalism is inherently exploitative and imperialistic, perpetuating inequalities not only within nations but also between them. They advocate for solidarity among workers worldwide and the eventual establishment of a communist society on a global scale.In conclusion, the principles of Marxism provide a framework for understanding and critiquing capitalist societies. They highlight the importance of economic factors, class struggle, and the need for revolutionary change to create a more equitable and just society.。
黑格尔法哲学批判导言英语
黑格尔法哲学批判导言英语Introduction to Hegelian Critique of JurisprudenceIntroduction:The Hegelian critique of jurisprudence is a groundbreaking analysis of legal theory presented by the renowned philosopher Georg Wilhelm Friedrich Hegel. Hegel's philosophy is known for its complex and systematic approach to understanding reality. This article aims to provide an overview of the key concepts and ideas in Hegel's critique of jurisprudence.I. Hegel's Philosophy of Law:Hegel's philosophy of law is based on the idea that law is not simply a set of rules imposed by external forces but rather an expression of the inherent rationality and freedom of individuals. According to Hegel, law reflects the collective will of a society and plays a crucial role in maintaining social order.A. Freedom and Rationality:Hegel argues that the essence of law lies in the recognition and protection of individual freedom. He sees freedom as the ability to act in accordance with one's own reasoning and desires while respecting the freedom of others. This concept of freedom is rooted in rationality, as individuals must possess the capacity to understand and follow the laws that govern their actions.B. Dialectical Process:Central to Hegel's philosophy is the concept of dialectics, which refers to the process of thesis, antithesis, and synthesis. In the context of law, Hegel suggests that legal conflicts arise when individuals clash over their different interpretations of their rights and duties. Through the dialectical process, these conflicts can be resolved, leading to the formation of a higher level of legal consciousness.II. Critique of Traditional Jurisprudence:Hegel's critique of traditional jurisprudence focuses on its formalistic and abstract nature. He argues that traditional legal theories fail to address the dynamic and evolving nature of society and its understanding of justice.A. Abstract Rights:One of Hegel's main criticisms is directed towards the concept of abstract rights, which he believes divorces law from its social context. Abstract rights, according to Hegel, cannot adequately account for the complexities of human relationships and the interplay between individual and community interests.B. Isolation of Legal Principles:Hegel also criticizes jurisprudence for isolating legal principles from their historical and social context. He argues that by separating legal concepts from their lived realities, traditional jurisprudence fails to grasp the true nature of law as a product of societal evolution.III. Hegel's Concept of Objective Spirit:To overcome the limitations of traditional jurisprudence, Hegel introduces the concept of objective spirit. Objective spirit refers to the collective consciousness of a society and encompasses its language, customs, laws, and institutions. It represents the embodiment of human freedom in the form of shared values and norms.A. Spirit vs. Abstract Rights:Hegel argues that objective spirit should be the primary focus of legal theory, rather than abstract rights. By considering the social and historical context, objective spirit provides a more comprehensive understanding of the role of law in society.B. Role of Institutions:According to Hegel, institutions play a crucial role in shaping the objective spirit. By embodying the values and norms of a society, institutions ensure the stability and coherence of the legal system. They provide a framework within which individuals can exercise their freedom in a harmonious and mutually beneficial manner.IV. Conclusion:In conclusion, Hegel's critique of jurisprudence offers a groundbreaking perspective on the nature and function of law in society. By emphasizing the importance of freedom, rationality, and the objective spirit, Hegel provides a comprehensive framework for understanding the complexities of legal theory. His ideas continue to be influential in shaping contemporary legal philosophy and offer valuable insights into the dynamic relationship between law and society.。
财务管理专业英语unit6
Words study
12.Allocationally efficient markets 配置有效市场
operationally efficient markets 运营有效市场
informationally efficient markets 信息有效市场
When prices are determined in a way that equates the marginal rates of return (adjusted for risk) for all producers and savers, the market is said to be allocationally efficient.
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14.Anomaly 异常 15.Underpricing 价格低估 16.Monday effect 星期一效应 January effect 元月效应
On average, stocks have lower (negative) returns on Monday, compared to (positive) returns on other days of the week.
place, nor is my whole estate upon the fortune of this present years; Therefore, my merchandise makes me not sad.
——Shakespear, Merchant of Venice
我的买卖的成败并不完全寄托在一艘船上，更不是倚赖着一处地方；我 的全部财产，也不会因为这一年的盈亏而受到影响，所以我的货物并不 能使我忧愁。
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《马克思主义基本原理》的英文
《马克思主义基本原理》的英文Marxism is a comprehensive socioeconomic, political, and philosophical system developed by Karl Marx and Friedrich Engels in the 19th century. It is a critique of capitalism and a vision for a socialist and communist society. The fundamental principles of Marxism are the analysis of the capitalist mode of production, the class struggle, and the eventual establishment of a classless, communist society.One of the core tenets of Marxism is the labor theory of value. This theory states that the value of a commodity is determined by the amount of socially necessary labor time required to produce it. In other words, the value of a product is not determined by its utility or scarcity, but by the amount of labor that has been expended in its production. This leads to the concept of surplus value, which is the difference between the value created by the worker and the wage they receive.According to Marxism, the capitalist system is inherently exploitative because the capitalist class, or bourgeoisie, appropriates the surplus value created by the working class, or proletariat. The proletariat is forced to sell their labor power to the bourgeoisie in order to survive,and the bourgeoisie uses this labor to generate profits. This creates a fundamental conflict of interests between the two classes, which is known as the class struggle.Marxism argues that the class struggle is the driving force of historical change. The proletariat, being the majority of the population and the producers of wealth, will eventually rise up and overthrow the capitalist system, seizing the means of production and establishing a socialist or communist society. In this new society, the means of production will be owned collectively by the workers, and the exploitation of the proletariat by the bourgeoisie will be eliminated.Another key concept in Marxism is the historical materialist view of society. This holds that the material conditions of production, such as the level of technological development and the organization of labor, are the primary determinants of the social, political, and cultural superstructure of a society. The economic base, or mode of production, shapes the political, legal, and ideological institutions that govern a society.Marxism also emphasizes the dialectical nature of social change. This means that the contradictions and conflicts within a society, such as the class struggle, are the driving forces of historical development. The resolution of these contradictions through revolutionary changeleads to the emergence of a new social order.The influence of Marxism has been widespread and profound, shaping the political and economic systems of many countries throughout the 20th century. The ideas of Marx and Engels have been interpreted and applied in various ways, leading to the development of different strains of Marxism, such as Leninism, Stalinism, and Maoism.Despite the collapse of the Soviet Union and the decline of communist regimes in the late 20th century, Marxism continues to be a significant force in political and intellectual discourse. Its analysis of the inherent contradictions of capitalism and its vision of a more equitable and just social order continue to resonate with many people around the world.In conclusion, Marxism is a complex and multifaceted system of thought that has had a profound impact on the course of history. Its core principles of the labor theory of value, the class struggle, and the historical materialist view of society continue to be the subject of ongoing debate and discussion. As the world grapples with the challenges of inequality, exploitation, and environmental degradation, the ideas of Marx and Engels remain relevant and compelling.。
现代金融经济学主要包含三个核心内容
1. 所有投资者都是风险规避的 2. 所有投资者处于同一单期投资期 3. 投资者根据收益率的均值（期望收益率）和方差(风险）
来选择投资组台。投资者的效用是关于投资组合的期 望收益率和标准差的函数，使在给定风险水平下期望 收益率最高或者在给定期望收益率水平风险最小。理 性的投资者通过选择有效的投资组合，实现期望效用 最大化。
资本资产定价理论(CAPM)(1)
威廉·夏普(William F. Sharpe,1964)和约翰·K·林特纳 （John K.Lintner1965)在马柯维茨均值-方差组合投资模 型理论的基础上提出著名的资本资产定价模型（CAMP）。
假设条件:
在假设条件(1)(2)(3)的基础上, (4)所有投资者对同一证券的所有统计特征（均值，协方差）等有
where:
d1
ln( S
/
K)
(r
1 2
T t
2 )(T
t)
d2 d1 T t
N () distribution function for N(0,1)
These formulas are basic...know them!!!
24
二项式期权定价
Cox，Ross，Rubinstein （1979）用一个离散时的二项 随机过程去模拟股票的变动，用无套利方法导出了二 项期权定价公式。对B-S模型进行了简化。
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金融学用英语怎么说
金融学用英语怎么说金融学是研究价值判断和价值规律的学科。
主要包括传统金融学理论和演化金融学理论两大领域，是现代经济社会的产物。
那么你知道金融学用英语怎么说吗?下面来学习一下吧。
金融学的英语说法1：science of banking金融学的英语说法2：Finance金融学的相关短语：会计与金融学 Accounting and Finance金融学研究方法 Research Methods in Finance金融学大专学位 associate of finance金融学原理 Principle of Finance项目金融学 Project Finance金融学专业 Finance ; financial specialty ; finance major金融学季刊 Quarterly Journal of Finance金融学专题 Special Topics in Finance金融学的英语例句：1. People focus on why financial intermedia exiting renewedly with banking crisis emergence.金融中介机构为什么会存在,这一金融学的最基本问题,随着银行业危机的出现又一次重新被人们所重视.2. The Finance program is the Shanghai Municipal Key Program.金融学专业为上海市重点学科.3. Application and development of law and economics of law and finance theory.法律金融理论是法律经济学在金融学领域的运用和发展.4. This paper introduces the problem of option pricing inmathematical finance.粗略地介绍数学金融学中的期权定价问题.5. Behavior finance learns to get again of the whole world fixupon.行为金融学再次受到全球的瞩目.6. Yantai University finance expert Shijia Yue said.烟台大学金融学专家施嘉岳说.7. His book is a critique bordering on an assault on mathematical – or quantitative – finance.本书是对数学(或者定量)金融学几近抨击的一种批判.8. Finance theory prescribes holding well - diversified portfolios to reduce the overall risk of your investments.金融学理论主张通过持有多样化的投资组合来降低投资风险.9. The new discipline of emotional finance aims to show how emotion drives investors'behaviour.情感金融学这门新兴学科旨在表明情感如何驱动投资者的行为.10. Broadly speaking, liquidity and financial intermediation have emerged as key topics in macroeconomics and finance.从广义上讲, 流动性和金融调解在宏观经济学和金融学方面已经逐步成为一个关键的课题.11. Regional finance science is a boundary subject growing from regional economics, finance, and ecogeography.区域金融学是在区域经济学、金融学、经济地理学等学科的边界上生长起来的一门边缘学科.12. Cape was invented by Robert Shiller, professor of economics and finance Yale University.Cape是经周期调整的市盈率,由耶鲁大学YaleUniversity) 经济金融学教授罗伯特?希勒(RobertShiller) 发明.13. At Cornell University's Johnson School, finance professor Andrew Karolyi strikes a similar note.康奈尔大学( CornellUniversity )约翰逊学院(JohnsonSchool) 金融学教授卡洛伊(AndrewKarolyi)也持有类似的观点.14. This is about a theorem in finance. I will put it the fold.这是一个金融学的理论问题. 我将在接下来讨论它.15. This paper introduces this theory in the aim at broadening the scope of Knowledge.本文试图对行为金融学作一点介绍,以便开拓学界的视野.。
马克思原理正道沧桑观后感
马克思原理正道沧桑观后感Karl Marx's theory provides a deep and profound reflection on the vicissitudes of life. 马克思的理论深刻地反映了生活的沧桑。
His ideas on class struggle and the inevitable collapse of capitalism resonate across time and space. 他对阶级斗争和资本主义不可避免的崩溃的想法在时空中回响。
As I ponder upon Marx's principles, I am struck by the relevance of his observations in the context of modern society. 当我思考马克思的原理时，我对他的观察在现代社会中的相关性感到震撼。
His emphasis on the ever-changing nature of social structures and the need for constant revolution continues to hold true today. 他对社会结构不断变化的强调和对持续革命的需求至今仍然成立。
The stark realities of economic inequality and the exploitation of the working class are a testament to the enduring relevance of Marx's ideas. 经济不平等和对工人阶级的剥削的残酷现实证明了马克思思想的长久相关性。
On a personal level, Marx's theories offer solace and understanding in times of adversity. 在个人层面上，马克思的理论在逆境时提供了安慰和理解。