摘要:本文研究的是金融部门的发展问题,是一篇留学生金融学论文,金融部门是一套机构、工具、市场机制,同时还包括允许通过信贷扩展交易的法律和监管框架。当金融工具、市场和中介机构相互配合减少了信息,执法和交易成本时,部门就会得到发展。
r development by different literature and analysis the situation of financial sector development in Ethiopia.
Secondary source of data from journals, working papers, reports, websites and research papers are used in order to discuss and explain financial sector development in Ethiopia. The method of analysis is deductive and descriptive type of analysis.
3. Literature review
3.1. Conceptual definitions
Financial development can be defined as the factors, policies, and institutions that lead to effective financial intermediation and markets, as well as deep and broad access to capital and financial services (Financial development report 2012).
3.2. The financial sector development report 2012
According to 2012 financial development Report Measurement of financial development are captured across the seven pillars of the Index:
Institutional environment: The institutional environment encompasses the macro prudential oversight of financial systems, as well as the laws and regulations that allow the development of deep and efficient financial intermediaries, markets, and services. It includes financial sector liberalization, corporate governance, legal and regulatory issue and contract enforcement.
business environment: considers the availability of human and physical capital, and other aspects of the business environment, including taxation policy and the costs of doing business for financial intermediaries.
Financial stability: captures the risk of currency crises, systemic banking crises, and sovereign debt crises. The severe negative impact of financial instability on economic growth emerged sharply in the recent financial crisis, as well as in past financial crises. Such instability can lead to significant losses to investors, resulting in systemic banking and corporate crises, currency crises, and sovereign debt crises.
Banking financial services: measures size, efficiency, and financial information disclosure. Bank-based financial systems emerge to improve acquisition of financial information and to lower transaction costs, as well as to allocate credit more efficiently, which is particularly important in developing economies.
Non-banking financial services: includes broker-dealers, traditional asset managers, alternative asset managers, and insurance companies. They can be both an important complement and a potential substitute to banks. Their complementary role lies in their efforts to fill any vacuum created by commercial banks. Their competition with banks allows both parties to operate more efficiently in meeting market needs. Activities of non-bank financial intermediaries include their participation in securities markets as well as the mobilization and allocation of financial resources of a longer-term nature.
Financial markets: encompasses foreign exchange and derivatives markets, and equity and bond market development. The four major types of financial markets include bond markets (for both government and corporate bonds), stock markets where equities are traded, foreign exchange markets, and derivatives markets.
Financial access: evaluates commercial and retail access. Empirically, greater access to financial services is associated with the usual proxies for financial development and the resulting economic growth.
Based on the above
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