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提要：
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
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
China’s Uncertainties
Will the spectacular economic growth continue?
As low wage advantage gradually disappears, will be harder to sustain growth
Possible disruptions of smooth-functioning economic system can slow growth.
Growth of 3% a year vs. 9% a year: means China overall catches up to advanced countries in 90 years instead of 30 years
Economic Inequality
Economic incentives must allow for some chance of success—and of failure
Some inequality is necessary
Worldwide trend towards greater inequality is seen in China as well
China’s Gini coefficient has risen from 0.33 in 1980 to 0.46 in 2000, not just due to farmers’ incomes
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