长期风险与金融新秩序(英文版)（ppt 31页)

长期风险与金融新秩序内容摘要：
Financial Modernization
Fundamental role of financial institutions
Manage risks
Maintain incentives
Effective financial institutions are found in all successful economies
Institutions must continually be adapted to take account of changing nature of risks, new technology
China’s Spectacular Modernization Since 1990
Established stock market
Issued shares to public
Established futures markets
Created Insurance industry
Personal credit/Mortgage
Speculation
Human impulse towards gambling, must be directed towards constructive ends
Capitalism is a set of rules that redirects the human gambling urge in constructive directions
Capitalism is vulnerable to market-generated instabilities
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