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A．True
B．False
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更多“Financial innovation refers to the process that gives birth to new financial institutions,”相关的问题
第2题
Banks are important to the study of money and the economy because they______.
A．provide a channel for linking those who want to save with those who want to invest
B．have been a source of rapid financial innovation that is expanding the alternatives available to those wanting to invest their money
C．are the only important financial institutions in economy
D．all of the above
E．only A and B of the above
第3题
Effective Banking Supervision
Effective supervision of banking organisations is an essential component of a strong economic environment in that the banking system plays a central role in making payments and mobilising and distributing savings. The task of supervision is to ensure that banks operate in a safe and sound manner and that they hold capital and reserves sufficient to support the risks that arise in their business. Strong and effective banking supervision provides a public good that may not be fully provided in the marketplace and, along with effective macro-economic policy, is critical to financial stability in any country. While thecost of banking supervision is indeed high, the cost of poor supervision has proved to be even higher.
Banking supervision should foster an efficient and competitive banking system that is responsive to the public's need for good-quality financial services at a reasonable cost. Generally, it should be recognised that there is a trade-off between the level of protection that supervision provides and the cost of financial intermediation. (9)
Supervision cannot, and should not, provide an assurance that banks will not fail. In a market economy, failures are a part of risk-taking. (10) Such matters cannot therefore always be entirely the responsibility of banking supervisors; however, supervisors should have in place adequate arrangements for resolving problem bank situations.
1. Providing sound and sustainable macro-economic policies are not within the competence of banking supervisors. Supervisors, however, will need to react if they perceive that existing policies are undermining the safety and soundness of the banking system. (11) Therefore, sound macro-economic policies must be the foundation of a stable financial system.
2．A well-developed public infrastructure needs to cover the following facilities, which, if not adequately provided, can significantly contribute to the destabilization of financial systems: A system of business laws including corporate, bankruptcy, conttact, consumer protection and private property laws; Comprehensive and well-defined accounting principles and rules that command wide international acceptance; A system of independent audits for companies of significant size.
3．Effective market discipline depends on an adequate flow of information to market participants, appropriate financial incentives to reward well-managed institutions and arrangements that ensure that investors are not insulated from the consequences of their decisions. (12)
4．Sufficiently flexible powers are necessary in order to effect an efficient resolution of problems in banks. (13) Where they are not, the prompt and orderly exit of institutions that are no longer able to meet supervisory requirements is a necessary part of an efficient financial system. Forbearance, whether or not the result of political pressure, normally leads to worsening problems and higher resolution costs.
5．Deciding on the appropriate level of systemic protection is by and large a policy question to be taken by the relevant authorities, particularly where it may result in a commitment of public funds. (14) In order to preserve the operational independence of supervisors, it is important to draw a clear distinction between this systemic protection role and day-to-day supervision of solvent institutions.
A In the absence of sound macro-economic policies, banking supervisors will be faced with a virtually impossible task.
B The way in which failures are handled, and their costs borne, is in large part a political matter involving decisions on whether, and the extent to which, public funds should be committed to supporting the banking system.
C Where problems are remediable, supervisors will normally seek to identify and implement solutions that fully address their concerns.
D Supervisors will also normally have a role to play because of their in-depth knowledge of the institutions involved.
E The lower the tolerance of risk to banks and the financial system, the more intrusive and costly supervision is likely to be, eventually having an adverse effect on innovation and resource allocation.
F Off-site monitoring can often identify potential problems, particularly in the interval between on-site inspections.
G While thecost of banking supervision is indeed high, the cost of poor supervision has proved to be even higher.
H Among the issues to be addressed are corporate governance and ensuring that accurate, meaningful, transparent and timely information is provided by borrowers to investors and creditors.
(9)
第4题
根据短文回答 23～30 题。
Even Intelligent People Can Fail
1 The striking thing about the innovators who succeeded in making our modern world is how often they failed. Turn on a light, take a photograph, watch TV, search the Web, jet across the Pacific Ocean, talk on a cellphone (手机). The innovators who left us these things had to find the way to success through a maze (错综复杂) of wrong turns.
2 We have just celebrated the 125th anniversary of American innovator Thomas Edison's success in heating a thin line to white-hot heat for 14 hours in his lab in New Jersey, US. He did that on October 22, 1879, and followed up a month later by keeping a thread of common cardboard alight (点亮着) in an ,airless space for 45 hours. Three years later he went on to light up half a square mile of downtown Manhattan, even though only one of the six power plants in his design worked when he turned it on, on September 4, 1882.
3 “Many of life's failures,“ the supreme innovator said, "are people who did not realize how close they were to success when they gave up." Before that magical moment in October 1879, Edison had worked out no fewer than 3,000 theories about electric light, but in only two cases did his experiments work.
4 No one likes failure, but the smart innovators learn from it. Mark Gumz, the head of the camera maker Olympus America Inc, attributes some of the company's successes in technology to understanding failure. His popular phrase is: "You only fail when you quit."
5 Over two centuries, the most common quality of the innovators has been persistence. That is another way of saying they had the emotional ability to keep up what they were doing. Walt Disney, the founder of Disneyland, was so broke after a succession of financial failures that he was left shoeless in his office because he could not afford the US$1.50 to get his shoes from the repair shop. Pioneering car maker Henry Ford failed with one company and was forced out of another before he developed the Model T car.
6 Failure is harder to bear in today's open, accelerated world. Hardly any innovation works the first time. But an impatient society and the media want instant success. When amercing music and movie master David Geffen had a difficult time, a critic said nastily that the only difference between Geffen Records (Geffen's company) and the Titanic (the ship that went down) was that the Titanic had better music. Actually, it wasn't. After four years of losses, Geffen had so many hits (成功的作品) he could afford a ship as big as the Titanic all to himself.
第 23 题 Paragraph2______________
A．Importance of learning from failure
B．Quality shared by most innovators
C．Edison'S innovation
D．Edison'S comment on failure
E．Contributions made by innovators
F．Miseries endured by innovators
第5题
A.By sustained innovation in products.
B.By sustained innovation in channels.
C.By sustained innovation in sales and services.
D.All of the abov
第7题
(作文)innovation创新
Directions：For this part，you are allowed 30 minutes to write a short essay on innovation. Your essay should include the importance of innovation and measures to be taken to encourage innovation/creation/invention. You are required to write at least 150 words but no more than 200 words.
第8题
Continuous improvement is a preferred method of innovation and produces ______results.
A．affecting
B．effective
C．exciting
D．surprising
第9题
A.改变收入模式(revenue model innovation)
B.改变企业模式(enterprise model)
C.改变产业模式(industry model innovation)
D.改变技术模式(technology-driven innovation)
