1、 2050 单词， 10500 英文字符， 3150 汉字 出处： Beck H. Banking is essential, banks are not. The future of financial intermediation in the age of the InternetJ. Netnomics, 2001, 3(1):7-22. 毕 业 论 文 外 文 文 献 翻 译 毕业论文题目 翻译题目 银行业是必要的 ,而银行不是 互联网时代金融中介的未来 学 院 会计学院 专 业 会计学 姓 名 班 级 学 号 指导教师 Banking is essential, banks are
2、 not. The future of financial intermediation in the age of the Internet Hanno Beck This paper examines the question how the future of financial intermediaries and banks as special financial intermediaries may look like in the age of the Internet. The reduction of transaction costs caused by the Inte
3、rnet will reduce the barriers to enter the market for financial products, because there may be no longer a need to run a large system of cost-intensive branches. But as closer examination of the functions of financial intermediaries shows, not everybody can sell and distribute financial products. Th
4、is is true because of asymmetric information problems in financial business which require an intermediary with a good reputation and because of the need to keep large funds of capital to transform the risk of assets. Both requirements represent an important barrier to enter the market for financial
5、intermediation.Not every financial product will be exposed to more competition due to the rise of the Internet but only products which are standardized and have a low risk. Moreover, large firms with high amounts of capital and a good reputation can be considered as new competitors for banks. Keywor
6、ds: banks, banking, financial intermediaries, Internet 1. Introduction “Banks are the steel industry of the nineties.” This statement is often heard when it comes to a discussion of the consequences of new information technologies for banks. More in general, it can be asked, how the success of new i
7、nformation technologies, especially of the Internet, may change business and market situation for financial intermediaries. With the help of the Internet it will be possible to execute all banking business from home without the need of a bank. This would mean the end of traditional banking by means
8、of branches. Moreover, the Internet already enables customers to buy stocks directly without visiting a local branch of a bank. In some years it may be even possible to buy stocks via the Internet directly from the issuer without the need of a stock exchange and a broker. In a broader sense, with th
9、e help of the Internet it may be possible that supply and demand on financial markets may meet via the Internet without the help of financial intermediaries. Is the rise of the Internet really a threat for financial intermediaries? How will business and competition change in a world with extremely s
10、trong reduced transaction costs? This paper examines the consequences of the success of the Internet for financial intermediaries and banks. 2. Developments in financial intermediation For centuries, many financial transactions required personal presence. This has changed with the rise of modern com
11、munication techniques. Nowadays a customer can do all his financial business without entering a local branch of a bank. This can be demonstrated with online-banking: The customer does all his banking (business) at home via the Internet. The transfer of payments and the payment of bills can be done v
12、ia the net and information about personal financial transactions as well as consultation about financial questions can also be given via the net. Moreover, innovations like smart cards or other electronic payment systems eliminate the need to visit a branch in order to get some cash. But the Interne
13、t will also change consulting activities: it may even reduce the need for personal presence in many cases. Many financial intermediaries provide not only a lot of customer-relevant information via the net, but also recommendations on stocks and other investment opportunities. Moreover, techniques li
14、ke video-conferencing or Web-TV by means of a so-called settop-box will enforce this development. The Internet will enable intermediaries to bundle the capacities of their consultants wherever they may be located. This means that a customer can consult many experts from without even leaving his home
15、. The Internet will enable a customer to have a comprehensive personal financial management system without the need of a branch or personal contacts. Another important business are payment transactions: At the moment, the debit and credit business as well as cash payment is mostly done by banks and
16、credit card companies. Because electronic transmissions are much cheaper, quicker and easier than conventional payment systems, it may be only a matter of time until traditional payment schemes will be replaced completely by electronic purses. Opposite to these developments, the rise of modern commu
17、nication techniques may also enable financial intermediaries to improve the personal contact to their customers. In the future, the working place for a consultant in a bank may not be a branch or an office, but the home of the customer. 3. Functions of financial intermediaries The functions of financial intermediaries can be divided into three categories (for an overview over theories of financial intermediation see also 1):
