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Financial efficiency theory - theory and practice of optimal allocation of financial resources

Author: WangZhenShan
Tutor: XiaDeRen
School: Dongbei University of Finance
Course: Finance
Keywords: Allocation of financial resources Efficiency theory Theory and Practice Optimal allocation of Financial Efficiency Pareto efficiency Financial regulation Pareto conditions Financial transaction costs Marginal rate of substitution
CLC: F830
Type: PhD thesis
Year: 1999
Downloads: 1541
Quote: 18
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Abstract


Without transaction of money or monetary capital, society will not succeed in the allocation of economy resource in modern economy, Which is actually a kind of money credit economy. Then, whether the allocation of resource could meet the de- mand of economy growth and welfare improvement and achieve the Pareto ?opti- mal, will, to some extend, depend on the result of financial transaction and itself, and the allocation of money or monetary capital. Financial System is so important in the modern economy that it?s not only a factor for economy development, but also a kind of existing form of financial re- source. From the interactive relation between material and monetary economy, it gets to the conclusions that financial resource is a kind of independent form of econ- omy resource, financial efficiency mean the Pareto option of financial resource allo- cation and the promotion of economy efficiency. Since the economy reform, the growth of financial resource and the develop- ment of market ?oriented allocation mechanism have contributed significantly to the rapid growth of economy in China. However, the financial inefficiency and wasting of financial resource are the increasing menace to sustained, healthy and stable de- velopment of economy and finance. So, it is very important in theory and practice to study the criteria of financial efficiency and the premise and limited factors to achieve financial efficiency and get the solution to the improvement of financial effi- ciency. Following the principle of financial efficiency, on financial efficiency redefined some basic conception, such as financial resource, financial efficiency. It expanded the theory of Pareto ?efficiency to the field of financial resource allocation, and made systematically theoretical and positive analysis on the Pareto premise and the exogenous and endogenetic factors that have great effect on the financial efficiency. The author discussed the premise for the Pareto efficiency of financial resource allocation. These premises are 1) for the demander for financial resource or fi- nancier, the marginal financial substitution of any two types of financial product must be equal and equal to the rate of price of the two products. Or the marginal cost of financing by financial product must be equal. 2) For saver or investors, the 2 marginal substitution of any types of financial product must be equal and equal to the rate of price of the product. Or the marginal investment return of any types of financial product must be equal; 3) For both financiers and savers, to achieve the optimal condition, the marginal transfer rate of any type of financial product must equal to the marginal substitution of the investment in the two types of product. The improvement for the market mechanism of financial resource allocation is help- ful to meet the premise for Pareto option and to achieve the financial efficiency. These discussions have great contribution to the theory of efficiency and financing and make initial steps on a new field in the studying of financing theories. The doctrine concluded: except that the performance of gross economy is the most important exogenous factor affecting the financial efficiency, the market mechanism, availability of transaction information and the cost of financial transac- tion have substantial effect on the financial efficiency as well. The doctrine conduct- ed the theoretical and positive analysis on the innovation in f

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CLC: > Economic > Fiscal, monetary > Finance, banking > Finance, banking theory
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