金融上

Chapter 2 summarizes the literatures relating to this issue, and discusses the relationship between China's financial development and economic growth during the period 1978-2006, with the approach of Multivariate Vector Autoregression.

实证结果表明，我国金融发展与经济增长存在较为稳定的关系，金融发展总体上是影响经济增长的因素之一，而且金融发展与经济增长之间存在双向因果关系。

Generally, foreign commercial banks make full use of modern network and communication technology, via the scientific and technological methods, make the continuous innovation in the products, cannel, customer management and other fields on the base of market subdivision, and thus greatly improve the value of customer service.

其次对国外商业银行个人金融业务的现状和发展历程进行了研究，发现个人金融业务是了国外商业银行最重要的利润来源之一，发达国家和地区商业银行充分利用现代的网络和通讯技术，以科技为依托，在市场细分的基础上对产品、渠道、客户管理等营销领域不断创新，极大提高了为客户服务的价值，我国商业银行应以发达国家和地区的先进经验为镜，实现我国商业银行个人金融业务的跨越式发展。

Then positively ana.lyzed transmission effect of monetary policy of China in recent years, and with relative theories, discussed rr~ore deeply the existing principal problems on transmission mechanisms of monetary policy in our state under the realistic institutional situation of economy and finance:(1)Monetary policy tools lag behind the economic and financil background;(2)Separated and uneven money markets, the lack of transaction agents and defect in the relation between money markets and c~potal markets, have rendered the transaction of monetary policy lack on effective channel;(3)over-speculating, illegal operation and insufficient competition have severely weakened the transmission fumction;(4) systematic defect of state -owned commercial bank, asymmetry between financial and economic composition have made monetary policy lose an effective carrier;(5) factors beyond the financial system, such as soft cornstraint over state - owned enterprises policy decision, imperfect social insurance system, etc.

接下来对我国近年来的货币政策传导效果进行了实证分析，在此基础上运用相关传导机制理论并结合我国实际经济、金融制度与环境论述了我国当前货币政策传导机制的主要问题：（1）货币政策工具相对于经济、金融环境显得落后；（2）货币市场的分割、不平衡、交易主体不全以及货币市场与资本市场的联系机制缺位使得货币政策缺乏一个有效的场所；（3）资本市场特别是股票市场的过渡投机、违规操作以及不充分竞争严重地削弱了证券市场的传导功能；（4）国有商业银行现行体制的缺陷，金融结构与经济结构的非对称使得货币政策传导受阻；(5)金融体系外的因素（如国企决策行为软约束、社会保障制度不健全）。

Then positively ana.lyzed transmission effect of monetary policy of China in recent years, and with relative theories, discussed rr~ore deeply the existing principal problems on transmission mechanisms of monetary policy in our state under the realistic institutional situation of economy and finance:(1)Monetary policy tools lag behind the economic and financil background;(2)Separated and uneven money markets, the lack of transaction agents and defect in the relation between money markets and c~potal markets, have rendered the transaction of monetary policy lack on effective channel;(3)over-speculating, illegal operation and insufficient competition have severely weakened the transmission fumction;(4) systematic defect of state -owned commercial bank, asymme try between financial and economic composition have made monetary policy lose an effective carrier;(5) factors beyond the financial system, such as soft cornstraint over state - owned enterprises' policy decision, imperfect social insurance system, etc.

接下来对我国近年来的货币政策传导效果进行了实证分析，在此基础上运用相关传导机制理论并结合我国实际经济、金融制度与环境论述了我国当前货币政策传导机制的主要问题：（1）货币政策工具相对于经济、金融环境显得落后；（2）货币市场的分割、不平衡、交易主体不全以及货币市场与资本市场的联系机制缺位使得货币政策缺乏一个有效的场所；（3）资本市场特别是股票市场的过渡投机、违规操作以及不充分竞争严重地削弱了证券市场的传导功能；（4）国有商业银行现行体制的缺陷，金融结构与经济结构的非对称使得货币政策传导受阻；(5)金融体系外的因素（如国企决策行为软约束、社会保障制度不健全）。

In this paper the research reviews firstly the theory about financial development and economic growth, in which the equilibrium and mutual effect between financial development and economic growth are analyzed in three aspects: the function of financial intermedium, the structure of financial system, the research of economic growth.

本文首先回顾了经济增长理论和金融发展理论，从金融中介的功能、金融体系的结构和经济增长研究的演进等方面进行了阐述，从理论上说明了经济增长和金融发展二者之间的均衡和互动关系。

This article builds a measure system of financier behavior which competence characteristics, knowledge characteristics, experience characteristics, ideological and morality quality, psychology characteristics, physiological characteristics, individual basic characteristics, leading manner are included in, and suggests the calculating formula of a measure index of financier behavior.

在以上理论分析的基础上，本文初步构建了一个以激励相容和过程监管为主要原则，纳入金融家行为的包括金融监管的法律支持系统、金融监管信息系统、职业金融家制度、金融机构的内部控制以及完善的外部市场约束机制的金融监管体系。

The "battle of the letters"– two letters in the FT, from Lord Skidelsky and others and Lord Layard and others, replying to a letter in the Sunday Times from Professor Tim Besley and others – brings this hoary joke to mind.

英国《金融时报》与《星期日泰晤士报》上的"信件大战"让我想起了这个古老的笑话。斯基德尔斯基勋爵等人与莱亚德勋爵等人在《金融时报》上发表了两封信，对蒂姆贝斯利教授等人发表于《星期日泰晤士报》上的一封信作了回应。

The Fourth part analyzed the necessity and conditional foundation of offshore financial market, combined abroad experience of development of offshore financial market, such as choosing mode which suit oneself etc. This part also analyzed the present condition of Chinese offshore financial market and problem which appeared during the development of Chinese offshore financial market.

第四部分在分析了中国建立离岸金融市场的必要性和条件的基础上，结合国外发展离岸金融市场的经验如选择适合自身的模式等，分析了中国离岸金融市场的现状，剖析了中国离岸金融市场在发展过程中出现的问题。

"We will continue to play in the real estate business with financial advantages sustained steady development of the real estate finance industry, the Construction Bank of the city try to create a bright spot for investors." July 2, was held in Beijing the "21st Century China Real Estate Finance and Urban Development Forum", the China Construction Bank Assistant Governor Chen got a line of the property demonstrates the attitude of monetary policy adjustment phase.

&我们将一如既往地发挥在房地产金融业务方面的特色优势，持续稳健地发展房地产金融业务，把其打造成为建设银行面向市尝面向投资者的亮点&。7月2日，在北京举办的&21世纪中国城市房地产金融与发展论坛&上，中国建设银行行长助理陈佐夫表明了建行在房地产金融政策调整阶段的态度。

The euromarket, which is defined as a market where financial instruments traded are denominated in currencies other than the currency of the country where the market is located.it is, in the true sense, an external financial market.the important distinction between the external financial market and the domestic financial market lies in that eurocurrecy banking is not subject to domistic banking regulations.

欧洲市场，就是在该市场上交易的金融工具都是用欧洲货币来标价而不是用市场所在地国家的货币来标价。欧洲市场是真正意义上的境外金融市场。境外金融市场和国内金融市场的重要区别是欧洲货币银行业务不受国内银行规章制度的管辖。

I didn't watch TV last night, because it .

昨晚我没有看电视，因为电视机坏了。

Since this year, in a lot of villages of Beijing, TV of elevator liquid crystal was removed.

今年以来，在北京的很多小区里，电梯液晶电视被撤了下来。