传统上,金融系统主要有两种形式,一种是以银行为基础的,另一种是以市场为基础的。它们的有效性需要从几个方面来比较,包括风险分担、信息供给、资助新兴产业、法人治理、法律、政治对金融的影响。这两种金融系统各有利弊。就其稳定性来讲,它们都会遭受经济危机的危害。展望未来的金融系统,应该是以金融中介和市场共为基础,具有很多的优点而几乎没有缺陷。 Traditionally, there are two main types of financial systems, one based on banks and the other based on markets. Their effectiveness needs to be compared in several aspects, including risk sharing, information supply, financing of emerging industries, corporate governance, law, politics and the financial impact. Both financial systems have their pros and cons. In terms of their stability, they all suffer from the economic crisis. The financial system that looks to the future should be based on a combination of financial intermediaries and markets, with many advantages and few flaws.