北京大学光华管理学院-金融技术、经济增长与文化(3)

Key point: the more informationally opaque
the market, the more severe the adverse
selection problem
the more likely
for the market to shutdown
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The railroad, the steamship vessels, and the telegraph in mid 1800’s, ……
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As relationship finance has been gradually replaced by arm’s-length finance
忽视了证券类金融技术的 价值
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What does it take to develop securities markets?
Contract enforcement is key Financial market development depends
In English-speaking world, The Weekly News of 1622 was probably the first.
In America, the first was Publick Occurrences in 1690. The first successful newspaper was the Boston NewsLetter in 1704. By 1783, there were 43 newspapers. By 1814, the number: 346
colorห้องสมุดไป่ตู้ style, engine, mechanical
quality, ….
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But, service sector depends more on the rule of law and press freedom
Consider buying a stock:
When perhaps the largest corp., NY Central Railroad, was formed in 1853, it had 2445 investors.
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Brief History of Newspapers
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金融技术、经济增长与文化
陈志武
耶鲁大学管理学院金融经济学教授 北京大学光华管理学院特聘教授
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科学技术 与 金融技术
我们很熟悉科学技术的重要性。 终于接受了“赛先生”
但是，金融技术呢？
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critically on the informational environment:
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Akerlof (1970)
The Market for "Lemons": Quality Uncertainty and the Market Mechanism
以“货币”创新为例
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货币金融创新的作用
大大加快市场交易速度：生产力直 线上升
促进专业分工的空前细化：
使“向钱看”有了基础
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但是，
以往，我们只注意到货币 创新的意义。
In 1813, Boston Manufacturing Company, the first important manufacturing company to go “public”:
11 investors in 1813, 76 investors in 1830 123 investors in 1850
A free press and informational environment is equally important for economic/market development.
6 corporations in the U.S. manufacturing industry in 1800.
You cannot look at or testdrive it:
XYZ Corp.
No color, no style, no engine, no mechanical quality, ….
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Implications of this Contrast between Tangible Goods Mkt & Services
Explains why historically press freedom was more of a politically needed institution
But, as the industrial revolution helped integrate markets within countries and cross-regional trading become more wide-spread, …
Manufacturing and mining can get by even without rule of law or free press
Consider manufacturing and trading a car:
You can look at and testdrive it:
By 1880, there were 11,314 newspapers
The first business- and markets-dedicated newspaper, The Wall Street Journal, did not occur until 1889.