本文在分析了典型国家证券市场国际化进程和经验，诚然，有些成熟的经验和模式可供国内证券市场借鉴。
This article conducts the research from the narrow angle, namely the opening of securities market to the outside world.
文章将分析金融危机期间世界主要国家证券市场的联动性和波动的因果关系，同时探讨这些国家间的证券市场是否具有长期平衡关系。
This article tries to analyze the cause-effect relation between the interactivity and fluctuation of the stock markets of important countries during the monetary crisis.
官员争论说因为美国比其他国家依靠证券市场更多，依靠银行更少，他的危机更多的是因为流动性不足而不是无偿还能力。
Officials argue that because America relies more on securities markets and less on Banks than other countries, its crisis was rooted more in illiquidity than in insolvency.
证券市场是重要的国家资产，必须予以保护和加强。
The securities markets are important national assets that must be preserved and strengthened.
然而，世界银行的盖斯奇埃尔(FrancisGhesquiere)怀疑，一个像海地一样穷的国家，在国际证券市场上也没有任何经验，究竟可不可以发行这样的灾难债券呢？
But Francis Ghesquiere of the World Bank doubts that a country as poor as Haiti, with no experience on international bond markets, will start issuing catastrophe bonds.
世界证券市场没有被说服，欧元区国家将同意，紧急援助计划。
World markets are not convinced the eurozone will agree a bail-out.
这些国家的央行将不得不猛烈的提高利率以维持稳定，这将使得他们进入衰退，并且导致证券市场的剧烈抛售。
Their central Banks may have to raise interest rates aggressively to maintain stability, which could push them into recession and result in a significant stock market sell-off.
在许多国家，证券市场都在下跌。美元对欧元和日圆的比价已经下降到创记录的低点。石油和黄金价格则上升到新的高位。
Stock prices are down in many countries, the dollar has hit record lows against the euro and the yen, and oil and gold prices have hit new highs.
作为一种制度形态，它曾引起广泛的学术争鸣和政策分歧，在具有最发达的证券市场的国家乃至转型经济国家内，遭遇巨大的挑战。
As a system form, it used to bring broad learning contend and policy branching, and encounter arduous challenge in the countries where the security market was very developed.
公开规制作为国家干预证券市场的特定形式，恰是克服信息不完全的一种有效的制度选择。
As a special form of state intervention in the security market, disclosure regulation can become an effective choice for the information deficiency.
在西方发达国家，成熟的证券市场有四个方面的机制促进产业组织优化。
In western countries mature stock market has four aspects of mechanism to enhance industry organization optimization.
在更加发达的国家中，证券市场拥有更高的信誉，所以我们不需要如此依赖银行。
In the more advanced countries, there is more trust in the securities markets, so we don't need this relationship banking as much.
通过对西方主要发达国家在证券市场虚假陈述的立法进行比较研究，发掘我国在此方面进行制度设计上可资借鉴的地方。
Adoption of the West of the major developed countries in the securities market legislation false representation comparative study to explore in this area of our system design will be able to build on.
第七十八条禁止国家工作人员、传播媒介从业人员和有关人员编造、传播虚假信息，扰乱证券市场。
Article 78 State functionaries and employees and the relevant persons of the media are prohibited from fabricating or disseminating false information so as to disrupt the securities markets.
我国证券市场仅用10多年时间就走完了欧美发达国家上百年的路。
Our country securities market with 10 years time only walked euramerican developed country hundreds of years of road.
在证券市场发达的国家，对上市公司的会计信息从披露到监管都作了严格的规范。
In the securities markets of developed countries, the disclosure and supervision systems for accounting information of public companies are strictly managed and implemented.
但由于我国证券市场的特殊制度背景，与发达国家成熟市场相比，我国股市出现了严重的市场扭曲。
But due to especial institutional background in Chinese security market, the stock market has been seriously distorted compared with the developed country mature market.
在新兴国家的信息不对称证券市场，人们更多地关注激励和约束问题。
At the imbalanced market of information in the new and expanding countries, people focus more on the problem of encouraging and binding.
俄罗斯地方市政债券市场在俄国家有价证券市场中也占有较重要的地位。
Russia's capital market divides into securities market of nation and securities market of companies.
由于新兴国家市场还没有可靠的、流动的证券市场，因此恐慌的投资者转而将他们钱用来购买美国和其他发达国家的国债。
Because there is as yet no reliable and liquid bond market in the emerging world to flee to, scared investors put their money into us Treasury bonds and a few other rich-country havens instead.
在任何一个国家的证券市场中，投资者都是整个市场赖以生存的基石。
In any country's securities market, the market investors are the cornerstone for the survival.
特别是大企业的破产甚至会使整个国家或地区的经济和证券市场产生波动。
Especially the bankruptcy of big corporation may fluctuate the whole securities market and region economy.
内幕交易和市场操纵属于市场欺诈行为，由于其对证券市场具有严重的危害，因此受到大多数国家的严格监管。
Insider trading and market manipulation belong to security fraud, which the authorities all over the world supervise because of their great harmfulness.
在许多已开发中国家的证券市场里，现金增资扮演著非常重要的地位。
In many developed countries, seasoned equity offerings have played a very important role.
由于我国的证券市场有着其特殊的制度背景，与发达国家成熟市场相比，我国股市出现了严重的市场扭曲。
As China's stock market has its unique system background, compared to mature markets in developed countries, China's stock market appears serious market distortions.
通过法律规制证券内幕交易是证券市场正常运作的必然要求，许多国家都制定了较完善的证券交易法。
To legally standardize the inside stock trading is the requirement of stock markets for their good working. Relatively perfect laws of stock trading have been drawn up in many countries.
我国证券市场还是一个新兴的市场，投资者心理变化对市场的影响比在美国这样发达的国家中还要大。
Our stock-market has got a nice progress, but some problems are serious. The effect of psychological change are greater than that in developed countries, such as America.
那时候，大多数经济发达国家都陷入经济危机，公司纷纷破产倒闭，股票和债券在证券市场上被大量抛售，工人失业，成千上万的股东和债权人蒙受巨额损失。
Large Numbers of companies went bankrupt, people scrambled to undersell their stocks and bonds, workers were out of job, and millions of Stockholders and creditors suffered from heavy loss.
那时候，大多数经济发达国家都陷入经济危机，公司纷纷破产倒闭，股票和债券在证券市场上被大量抛售，工人失业，成千上万的股东和债权人蒙受巨额损失。
Large Numbers of companies went bankrupt, people scrambled to undersell their stocks and bonds, workers were out of job, and millions of Stockholders and creditors suffered from heavy loss.
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