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20世纪90年代,美国经济的发展出现了一些前所未有的现象:高增长与高于充分就业水平的就业率以及超低通货膨胀率并存,即所谓的“新经济”。在新经济形成的诸多因素中,金融市场具有不可替代的作用。特别是金融制度改革,为整个金融市场带来了活力,推动了新经济的发展。金融市场对新经济有重要的催化作用。本文将从金融制度改革、股票市场和风险资本市场这三个方面论述美国高效的金融市场对美国“新经济”所起的作用。
In the 1990s, there were some unprecedented developments in the U.S. economy: high growth and employment above full employment and coexistence of ultra-low inflation, the so-called “new economy.” Among the many factors that shape the new economy, financial markets play an irreplaceable role. In particular, the reform of the financial system has brought vitality to the entire financial market and promoted the development of a new economy. Financial markets have an important catalytic effect on the new economy. This article will discuss the role of the highly efficient financial market in the United States on the “new economy” of the United States from three aspects: the financial system reform, the stock market and the venture capital market.