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  3. The basic function of financial system iS to channel funds from savers who have an excess of funds to spenders who have a shorta

The basic function of financial system iS to channel funds from savers who have an excess of funds to spenders who have a shorta

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问题 The basic function of financial system iS to channel funds from savers who have an excess of funds to spenders who have a shortage of funds．Financial system can do this either through direct finance，in which borrowers borrow funds directly from lenders by selling them securities，or through indirect finance，which involves a financial intermediary that stands between the lender－savers and the borrower－spenders and helps transfer funds from one to the other．This channeling of funds improves the economic welfare of every one in the society．because it allows funds to move from people who have no productive investment op portunities to those who have such opportunities，thereby contributing to increased efficiency in the economy．In addition，channeling of funds directly benefits consumers by allowing them to make purchases when they needthem most．
Financial markets can be classified as debt and equity markets，primary and secondary markets，exchanges and over—the—counter markets，and money and capital markets．Financial intermediaries are financial institutions that acquire funds by issuing liabilities and in turn use those funds to acquire assets by purchasing securities or making loans．Financial intermediaries play an important role in the financial system，because they reduce transaction costs，allow risk sharing，and solve problems created by adverse selection and moral hazard．As a result，financial intermediaries allow small savers and borrowers to benefit from the existence of financial markets，thereby increasing the efficiency of the economy．
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答案金融系统的基本功能是在资金过剩的储蓄者和资金短缺的借贷者之间构建一个渠道。金融系统既可以通过直接融资来完成这一功能，在这种方式中借款者直接从通过向贷款者出售证券来获得贷款者的资金。或者可以通过间接融资方式，在这种方式中包含金融中介机构介于贷款储蓄者和借款花费者之间并且帮助在两者之间转移资金。资金流通提高了社会每一个人的经济福利．因为它允许资金从没有生产投资机会的人手中转移到有生产投资机会的人手中，从而增加了经济的有效性。同时，资金流通通过允许消费者在他们最需要的时候购买商品来使消费者获利。 金融市场可以划分为债券和股票市场，一级和二级市场，交易所和场外柜台市场，货币和资本市场。金融中介机构是指收购资金通过发行债务，进而用这些资金通过购买证券或发放贷款，以收购资产的金融机构。金融中介发挥在金融体系中的重要作用，因为他们减少了交易成本，使风险分担，并解决逆向选择和道德风险造成的问题。因此，金融中介机构允许小储蓄者和借款人在金融市场的存在中受益，从而提高了经济效率。
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金融硕士（金融学综合）

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