However, a large number of empirical studies on financial markets in 1980s found many anomalies that modern finance can't explain. In order to explain these anomalies, some financial economists applied the research results of cognitive psychology to the analysis of investors' behavior. By 1990s, a large number of high-quality theoretical and empirical documents emerged in this field, forming the most dynamic behavioral finance school. Matthew Rabin, winner of Clark Prize in 20001year, and Daniel·Kahne- man and Vernon·Smith, winners of Nobel Prize in 2002, are both representatives in this field and have made important contributions to the basic theory in this field. Awarding these awards to experts in this field also shows that mainstream economics affirms this booming field and promotes the further development of this discipline. This field is called behavioral finance abroad, and it is called "behavioral finance" in most domestic literatures and monographs.
2. What are the famous financial events in history/kloc-tulip bubble in the 6th century was the earliest recorded economic bubble in history, and the madness of Clivia was also staged in Changchun, China in the 1990s.
After tulip bubble, the stock incident in the South China Sea made Newton, a great scientist who was the director of the Royal Mint, lose all his money. There are countless financial bubbles on Wall Street, as evidenced by the three ups and downs of Lee Venmore, the most famous trader in the early 20th century.
In essence, bubbles are all speculation of capital. When the social liquidity exceeds the needs of the real economy and the interest rate is not enough to keep the funds in financial institutions, the funds will flow into a certain field to find profit opportunities, and push up the prices of commodities in this field, and form a very attractive profit-making effect.
More and more funds are attracted, forming a "snowball" effect. When the price of this commodity is too high for the follow-up funds to support, or the price expectation of this commodity is reversed, the bubble will burst. Just like pass the parcel, if no one takes the last stick, the game is over.
When the bubble burst, the funds were continuously withdrawn, which accelerated the decline of prices and accelerated the collapse of the bubble itself. In fact, the bubble is a spontaneous pyramid scheme of capital, which depends on the development of offline survival. Once there is no injection of fresh funds and no more people to participate, the bubble will not last.
3. The development history of the financial industry The modern financial industry developed slowly after 1 1 century, and its origin began with an institution called the Knights Templar.
In the Middle Ages, Christianity in Europe was occupied by Christianity. In the 1 1 century, the Pope made a crusade, which soon liberated Jerusalem, the holy place of Christianity, and then opened it to pilgrims from all over Europe to worship. The Knights Templar was established to protect these pilgrims.
But soon, these knights discovered that protecting pilgrims can be done as a business. Because the pilgrimage is a long way, it is unsafe for pilgrims to carry a lot of property, and a system of custody of property in different places is needed. However, there were many small countries and barriers in Europe at that time, so it was impossible for any country to establish such a transnational financial custody system in different places. Only armed military forces like the Knights Templar all over Europe could do it.
Therefore, the Knights Templar found it convenient and especially profitable to carry out such business: pilgrims can save money in Europe and then take it in Jerusalem, and cross-border remittance has become particularly popular. Soon, this business went beyond the protection of pilgrims and expanded throughout Europe.
On the basis of financial custody and currency exchange, the Knights discovered that financial business was the most profitable business, so they expanded their business: keeping his crown for the king of England, collecting taxes and fees for the king of England, managing royal debts and bonds for Britain and France, and managing wealth by trust for nobles of various countries.
With the financial strength, when the kings of various countries need money to fight, the Knights will give them loans. Therefore, the influence of the Knights Templar is growing. By the14th century, these standard credit intermediary businesses such as remittance, deposit and loan, wealth management and payment have become popular throughout Europe with the expansion of the Knights Templar. Not only kings and nobles, but also many ordinary people have begun to do savings and wealth management business here.
Therefore, when Europe was in the14th century, the whole society had a strong financial consciousness, and the Knights Templar played the role of "bank" and played the role of a European financial enlightener.
Extended data:
/kloc-After 0/4th century, with the rise of Britain, Spain and France, the Knights slowly declined. After its decline, Europe still had a vacuum in social structure, and then other credit institutions developed and took its place.
At first, the banking industry in northern Italy rose, replacing the role of the Knights Templar in the Mediterranean region, providing financial services to nobles and civilians in various countries. By the16th century, the stock, securities and bill market in the Netherlands, a small western European country, also began to rise and became the bill settlement center in Europe. 17 and 18 centuries later, the banking industry in Britain and France also began to develop slowly, especially the bond exchange in London soon became the bond trading center in Europe and even the world.
This series of financial business has continued the financial legacy of the Knights Templar. On this basis, Europe has gradually formed a credit system with "bank as the center" and "separation of powers and checks and balances", which I call Europe's "bank currency credit system". This system is the embryonic form of European and American financial markets that we see now.
Financial industry _ Baidu Encyclopedia
4. Overview of the development history of China's financial market Overview of the development history of China's financial market: The starting point of China's financial industry can be traced back to the institutions that handled credit business in the Zhou Dynasty before 256 BC, and Zhou Li called it "Quanfu".
In the Southern Qi Dynasty (479~502), there appeared an institutional "quality bank" which used the collected objects as collateral to lend money, that is, the later pawnshop. At that time, it was operated by temples, but it was monopolized by nobles in the Tang Dynasty, and a private quality bank appeared in the Song Dynasty. At the end of the Ming Dynasty, money houses (called banks in the north) were once the main body of the financial industry, and later, other financial institutions such as bank houses and official bank money houses appeared one after another.
Capitalism sprouted in China in the Ming Dynasty, but it developed slowly, and the major business groups that emerged in it contributed to the development of China's financial market. There are ten famous business gangs, such as Huizhou, Shanxi, Shandong, Fujian, Guangdong, Ningbo, Dongting, Jiangyou and Longyou. Among them, Huizhou merchants and Shanxi merchants have the largest scale and the strongest strength. They have been in business for 500 years, but in the late Qing Dynasty and the Republic of China, Ningbo gangs came from behind and replaced them.
The position of Shanxi merchants in the history of China's economic development: it has been prosperous for 500 years; Trade routes are all over the country and neighboring countries such as Russia, Japan and Mongolia. The financial institutions' draft banks, which originated from Shanxi merchants, held the position of the financial bull in China in the late Qing Dynasty for more than a hundred years, and were known as "Huitong World". Among the top ten business gangs, the first to rise is the merchants in Shanxi and western Shaanxi.
In the early years of Ming Hongwu (1368- 1398), Shanxi merchants rose rapidly by virtue of their geography. In Ming Dynasty, Shanxi merchants mainly lived in the Yellow River basin, major salt fields and Sichuan area.
With the unification of the country in the Qing Dynasty and the expansion of the map, Shanxi merchants' activities expanded, becoming the main merchant force in Northeast China, Mongolia and Xinjiang, and their activities were even as far away as * * *. Shanxi merchants also monopolized the trade with Russia's Chaktu and engaged in long-distance trafficking trade from the southeast to the northwest. Shanxi merchants not only manage salt industry, but also manage tea, grain, cotton, cloth, silk and usury, etc. Shanxi merchants are famous for their pawn business and usury, which is called "western debt".
Merchants in the Ming and Qing Dynasties accumulated huge wealth. It is said that the assets of Huizhou merchants in the Ming Dynasty reached one million taels, and the wealth of Shanxi merchants exceeded that of Huizhou merchants. In the Qing Dynasty, Shanxi was not only "one hundred thousand investors, but also many people with assets of ten million taels". During the Daoguang period, Shanxi merchants created a draft bank to operate the exchange industry, which was famous all over the world.
However, the ticket number is almost unique in the Shanxi merchants industry in the late Qing Dynasty. Due to the persistent financial default in the late Qing Dynasty, the stubborn and conservative banks, and the influence of the war in the Revolution of 1911, the banks completely declined shortly after the Revolution of 1911.
From the middle of Ming Dynasty to the middle of Qing Dynasty, Huizhou merchants dominated the Chinese business community for more than 300 years and were in the golden age of development. At that time, there were ten rooms and nine merchants in Baiyue, Huangshan, and the giant merchants appeared one after another, and the natural beauty, humanistic modality and commercial economy complemented each other and flourished.
Then, in the late Qing Dynasty, social unrest, the change of government policies and the rise of capitalism, however, Huizhou merchants failed to implement business transformation in time due to their own reasons, did not take the ship of China's modern capitalist development, and irretrievably fell from the peak to the bottom, and Huizhou was in a dilemma. Longyou Business Group refers to the Qushang Group centered on Longyou County, Quzhou Prefecture, Zhejiang Province. It sprouted in the Southern Song Dynasty and flourished in the middle of the Ming Dynasty. It is famous for its jewelry, book and paper industries.
During the Wanli period of the Ming Dynasty (1573-1602), it competed with merchants from Huizhou, Shanxi and Jiangyou in shopping malls for a while, so it was known as "Wandering around the land". Based on the land of one government and one county, it gathered a lot of funds and became one of the top ten business gangs in China, which was gradually replaced by Ningshao business gangs in Qing Dynasty.
Undoubtedly, China's business gangs not only promoted China's economy, but also promoted the development of China's financial market through their ability to develop China's financial market and the use of tools. Due to the long-term feudal rule, modern banks appeared late in China.
After the Opium War, foreign banks began to enter China, the earliest of which was Liru Bank of England (1845). Subsequently, Macquarie Bank (Standard Chartered Bank) and HSBC Bank in Britain, Dehua Bank in Germany, Yokohama Zhengjinyin Bank in Japan, Credit Suisse Oriental Bank in France, and China-Russia Daosheng Bank in Russia were successively established.
The first bank founded by China people was 1897, the Commercial Bank of China. After the Revolution of 1911, especially after the beginning of the First World War, the banking industry in China began to develop rapidly, and banks gradually became the main body of the financial industry, while banks and banks were relegated to secondary positions and gradually declined.
The development of China's banking industry is basically mutually promoted with the development of national capitalist industry and commerce. This shows the close relationship between finance and industry and commerce, and its important influence on the national economy.
China in the Qing Dynasty, Shanxi Shanxi merchants built a financial system covering many provinces in China, but the function of this financial system was mainly limited to access and acceptance, and there were not many investment factors, which could not be regarded as the emergence of financial markets. After the Revolution of 1911, the development of China's banking and securities industry really opened the door to the development of China's financial market.
The financial industry of the People's Republic of China was founded in the revolutionary base areas. The earliest financial institutions were rural credit cooperatives in Guangdong, Hunan, Jiangxi, Hubei and other places during the first revolutionary civil war, and 19261February in Chaishanzhou Special Zone, Hengshan, Hunan Province, the First Farmers Bank of Chaishanzhou Special Zone founded by farmers' associations.
With the development of revolutionary war, rural credit cooperatives and banks have been established in various revolutionary base areas. 1948 1 February1day, China people's bank was established in Shijiazhuang, Hebei province.
After the founding of the People's Republic of China, banks in revolutionary base areas and liberated areas were gradually merged into the People's Bank of China. * * * confiscated the bureaucratic capital bank of * * * and carried out socialist transformation of the private financial industry.
On this basis, a highly centralized and unified national banking system is established. At the same time, in the vast rural areas, * * * mobilized and organized farmers to establish a large number of collective rural credit cooperatives, and enabled them to play the role of national banks in rural basic institutions.
The combination of highly centralized "unified" national banking system and numerous rural credit cooperatives was the most remarkable feature of China's financial industry in the 1950s and 1970s. From 1979, China began to reform the financial system.
People's Bank of China.
5. What is the history of financial development in New China? The financial industry in New China originated in the revolutionary base areas. The earliest financial institutions were rural credit cooperatives in Guangdong, Hunan, Jiangxi, Hubei and other places during the first revolutionary civil war, and 19261February in Chaishanzhou Special Zone, Hengshan, Hunan Province, the First Farmers Bank of Chaishanzhou Special Zone founded by farmers' associations. With the development of revolutionary war, rural credit cooperatives and banks have been established in various revolutionary base areas. 1948 1 February1day, China people's bank was established in Shijiazhuang city, Hebei province.
After the founding of New China, banks in revolutionary base areas and liberated areas were gradually merged into the People's Bank of China. * * * confiscated the bureaucratic capital bank of * * * and carried out socialist transformation of the private financial industry. On this basis, a highly centralized and unified national banking system is established. At the same time, in the vast rural areas, * * * mobilized and organized farmers to establish a large number of collective rural credit cooperatives, and enabled them to play the role of the national bank in rural grassroots institutions. The combination of highly centralized "unified" national banking system and numerous rural credit cooperatives was the most remarkable feature of China's financial industry in the 1950s and 1970s.
From 1979, China began to reform the financial system. The People's Bank of China got rid of the specific industrial and commercial credit business and began to exercise the functions of the central bank; National specialized banks were established one by one; Insurance companies are re-established and vigorously develop domestic and foreign businesses; Joint-stock comprehensive banks and regional banks began to be established; A large number of trust and investment institutions have developed; Leasing companies, finance companies, urban credit cooperatives, cooperative banks, securities companies, stock exchanges, credit rating companies, Sino-foreign joint venture banks and foreign banks have all developed to a certain extent, forming a modern financial system with professional banks as the main body, central banks as the core and various banks and non-bank financial institutions coexisting.
The financial industry refers to banks and related capital cooperatives, as well as the insurance industry. Except for industrial economic activities, all other economic-related activities are financial industries.
Financial industry refers to a special industry dealing in financial commodities, which includes banking, insurance, trust, securities and leasing.
6. What are the major financial crises in history? The financial crisis refers to the crisis of financial assets, financial institutions and financial markets, which is manifested in the sharp drop in the price of financial assets, the collapse or near collapse of financial institutions or the collapse of a financial market such as stock market or bond market.
Systemic financial crisis refers to those crises that affect the whole financial system and even the whole economic system, such as the financial crisis that triggered the Great Depression in the West in 1930 (the year of Geng Wu), and the financial crisis that broke out on 15 in September 2008 and triggered the global economic crisis.
Chinese name
financial crisis
foreign name
Financial Crisis
field
Financial field, etc.
characteristic
The value of the currency has depreciated considerably 1. American financial crisis 2. Hong Kong financial defense 3. 1873, the economic prosperity of Germany and Austria attracted capital to stay at home, and foreign credit suddenly stopped, which led to the operating difficulties of American Jay Cook Company; 1890, Bahrain Brothers Investment Bank in London suffered a payment crisis against Argentine creditor's rights. In addition, a financial crisis occurred in new york in that year 10/0, and a series of enterprises in London closed down. Bahrain Bank almost closed down in that year 1 1 0, only with the help of a syndicated guarantee fund led by William Lidderdale, governor of the Bank of England. However, Britain's loans to South Africa, Australia, the United States and other Latin American countries fell sharply because of this, resulting in the economic crisis of these countries and regions lasting until 1893; 1in the spring of 928, new york's stock market began to prosper, draining the source of credit that could have been invested in Latin America, which led to the economic depression of the above countries and regions. The suspension of overseas credit is likely to accelerate the overseas economic recession, which in turn will have an impact on the countries that have caused all this. In 1990s, with the expansion of international hot money, international monetary and financial crises broke out frequently. According to a study completed by Barry Eisengreen and Michael Bodo in 200 1 year, the probability of financial crisis in a country randomly selected in 200 1 year is higher than that in 1973/kloc-0. The media left many words to describe this phenomenon: 1994 Mexican crisis "tequila effect", "Asian flu", "Russian virus" and so on, and the research on the contagion mechanism of currency and financial crisis also rose rapidly. Because a variety of crisis contagion mechanisms need to be realized under the conditions of open capital account and financial market, to a great extent, China survived the Asian financial crisis in 1997 by relying on moderate control of capital account and low openness of financial service market. But today, with the changes of China's economic and financial situation, although China's capital account is still not fully open, the risk of crisis contagion has greatly increased, and the American subprime mortgage crisis that shocked the international financial market has sounded the alarm for us. 4. Asian financial crisis
197 Asian financial crisis
7. Five or six hundred years ago, due to the limitation of transportation and production technology, human financial and trade activities were usually unable to break through national boundaries. However, this situation quickly changed in less than a hundred years.
The geographical discovery at the end of15th century and the industrial revolution in18th century greatly shortened the original space-time distance between people. Transnational trade exchanges, liquidation of creditor's rights and debts, capital transfer and other activities not only deduced the initial international financial phenomenon, but also included the ups and downs of international financial disputes and coordination from the beginning.
Since then, with the expansion of the division of labor network in human society and the rapid development of science and technology, international financial cooperation has been at a low level for a long time, but the overall process has been accelerating. Especially in the 20th century, after two world wars and1929-1933 economic crisis, in order to rebuild the international monetary and financial order in order to survive and develop, different countries launched unprecedented large-scale coordination and cooperation in financial history. The Genoa World Economic and Financial Conference in April 1922, the "Golden Agreement of the Three Kingdoms" in April 1936 10, the "Bretton Woods Agreement" in July 1944 and the subsequent establishment of the International Monetary Fund (IMF) are all typical examples.
What is more striking is that since the collapse of the Bretton Woods system in 1973, the international monetary and financial order has entered an era of "no system". The exchange rates of major international currencies, such as the US dollar, often fluctuate greatly. The convenient electronic trading system makes large-scale international hot money look like a ghost and wander around the world. The contagion effect between financial markets in different countries is becoming more and more obvious. The frequency and destructiveness of financial crises are rising sharply, and the conflicts of interests between developed and developing countries in the financial field are becoming more and more obvious ... These problems constitute the distinctive characteristics of the international financial field at present, and also determine the current and future.
It is worth mentioning that the appearance of the European Central Bank and the single currency euro in the 1990s symbolized that human society pushed international financial cooperation to a brand-new stage in the 20th century.