第一章：市场深化与金融自由化。
金融自由化会腐蚀特许权价值。
金融自由化是金融全球化、一体化的主要特征。
Financial liberalization is the main characteristic of financial globalization and integration.
当然，就金融自由化来说，政策制定者完全有理由谨慎行事。
Of course, policymakers have every reason to move cautiously when it comes to financial liberalisation.
论文分三个部分：第一部分论述了金融自由化的内、外动因。
This thesis consists of three parts. The first part focus on the internal and external causes of financial liberalization.
本文的目的是研究金融自由化对新兴市场的经济增长的影响。
The purpose of this essay is to examine the effect of financial liberalization on the economic growth in emerging markets.
全球金融自由化和收入不平等的加剧可能是导致公共债务上升的原因。
Liberalised global finance and rising inequality may thus have led to surging public debts.
若实施金融自由化战略又可能导致经济系统的脆弱性，影响金融安全。
However, if the strategy is put into effect, it might result in fragility of economic system and affect financial security.
得益于金融自由化(这正是美国所鼓励的)，现在纽约面临着远比以前更多的竞争。
Thanks to financial liberalisation (which America encouraged), New York faces a lot more competition than it used to.
不过即便如此，还是有很多其他因素需要我们考虑，证明金融自由化的合理性远非易事。
And even if it had not, there are so many factors to consider that the pro-liberalisation case may be hard to prove.
加入WTO与金融自由化对金融稳定的挑战关系到一国应否实现自由化问题。
Whether should a country realize liberalization or not has something to do with the challenge of WTO entry and finance liberalization to finance stabilization.
自20世纪70年代以来，西方发达国家普遍推行了一场旨在金融自由化的变革。
Since the 70's of 20 centuries, the west developed countries prosper the nation the widespread promoting an aim to replace in the financial liberalism.
随着金融自由化与全球化的日益加深，混业经营已经成为国际金融业的发展趋势。
With liberalization and globalization of finance, multi-operation becomes the development trend of international financial industry.
美国实现这一目标最重要的步骤是要中国放弃金融主权，进一步推动金融自由化。
One of the most important steps towards the goal is to force China to give up its monetary sovereignty, and to further propel financial deregulation.
因此各个国家都在加快金融自由化的进程，使本国货币在国际货币体系中占有一席之地。
So each country is accelerating the process of financial liberalization to make the national currency occupy a tiny space in the international monetary system.
在金融一体化和金融自由化的国际形势下，混业经营体制取代分业经营已成为一种时代潮流。
In the international situation of financial integration and liberalization, mixed operation system to replace divided operation system has become a trend of The Times.
悄然已逝的20世纪是金融自由化剧烈变革的世纪，我们的国家也不由自主的加入了这场变革。
During the 20th century the financial liberalization has changed dramatically, and our country also participating this trend involuntarily.
然而，伴随着金融自由化和国际资本在全球的快速流动，金融危机也频频在新兴市场国家爆发。
However, along with the financial liberalization and international capital rapid flow in the world, financial crises in emerging market countries frequently outbreak.
以利率管制为中心的金融压抑在实践中产生了严重的负面效应，各国相继掀起了金融自由化运动。
The financial oppression centering on interest rate control caused a grievous negative reaction in the practice. Many country raised a financial liberalization movement one after the other.
这一现象归因于结构缺陷、汇率制度僵化、过早金融自由化、高度财政赤字化和债务化等多个方面。
The causes of this phenomenon include defects in the economic structure, a rigid foreign exchange regime, early-coming financial liberalization, the high budget deficit and high foreign debt.
明年将出现确凿的证据，显示转向消费的经济再平衡以及推进金融自由化的计划是否已被彻底抛弃。
Next year will provide conclusive evidence on whether plans to rebalance the economy towards consumption and continue financial liberalisation have gone out the window.
70年代布雷顿森林体系在巨大的通胀压力下瓦解，富裕国家在随后30年中走上了金融自由化道路。
The Bretton Woods system fractured amid the inflationary pressures of the 1970s, around the time the rich world embarked on a three-decade process of financial liberalisation.
理论界由此开始重新审视金融自由化的作用和意义，“金融压制”理论又在许多国家开始重新崛起。
Many economists began to reexamine the role and meaning of financial liberalization, and financial repression theory came back in some countries.
通过对有关利率理论的回顾，以经济学派为线索，着重介绍了金融自由化理论中的麦金农-肖模型。
The interest theories are also reviewed in the sequence of Economics Schools, focusing on McKinnon-Shaw Model.
不过，这场危机肯定标志著对金融自由化态度的转捩点，而美联储将安全网延伸至投行并不是唯一原因。
Yet the extension of the Fed's safety net to investment Banks is not the only reason this crisis must mark a turning-point in attitudes to financial liberalisation.
不过，这场危机肯定标志著对金融自由化态度的转捩点，而美联储将安全网延伸至投行并不是唯一原因。
Yet the extension of the Fed's safety net to investment Banks is not the only reason this crisis must mark a turning-point in attitudes to financial liberalisation.
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