In the part of the catastrophe risk securitization, a new explanation has been done according to the theory new Institutional Economics.

在风险证券化部分则从新制度经济学的角度对风险证券化的起缘做了一个解释。

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Regarding this question, this article attempts to make an economic explanation to this phenomenon from two aspects: the dissimilation of the economic growth aim and the institutional cost.

对此，从经济增长目标的异化和制度耗费两方面对该现象进行经济解析。

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But there is an institutional as well as a personal explanation for that.

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One explanation for the divisions, therefore, is an institutional one.

ECONOMIST: Working out the world