| While analyzing the efficiency and the risks in financial development,the theoretical problem encounter is that how to bring efficiency and risks into a whole theoretical framework;and that of in this right theoretical framework,whether we can give a logic explanation of the whole financial development.The 1st chapter of the thesis is devoted to trying to analyzing those two problems. Very often,the theory of labor division is used for the production and roundaboutness. The labor division and roundaboutness,while increasing efficiency are crippled by other restrictions,of which one is the restriction of transaction cost and the other,the risks(or uncertainty).The transaction cost and risks,are side effects brought by the division of labor and roundaboutness,but these two side effects are different. While talking about efficiency increase,we usually mean the economization of certain cost items or greater profit brought by the same input. The efficiency increased by labor division offset the possible transaction cost increase. If profit gained is bigger than the transaction cost increase,we can still say the division of labor increase efficiency. In contrast,as there is no direct numeric relation between efficiency and risks,we can simplify the affirmative effect and negative effect into two subjects:efficiency and risks.Chapter 2 makes a concrete analysis the efficiency and the risks brought by the introduction of money into the transaction process. Money,a medium of exchange,increase the pricing efficiency of commodities and transaction efficiency. It also,however,alienate buying and selling,thus freeing buyers and sellers from the shackles of time in the batter trade.After a discussing of the contribution of money to economy efficiency. Chapter 2 focuses on the efficiency and risks of the financial development during the money economy. As money is the starting point of all the financial developments,this chapter begins with the analysis of the efficiency contribution and risk restriction during the process of encouraging from save to investmentTo analyze the efficiency and risks in the financial development,we hypothesize an primitive economy in which money is the only one financial asset. As the primitiveeconomy can't realize the complete labor division between savers and investors,thus reducing the investment profit. It is to bypass the financial barrier in the primitive economy that the initial growth of finance was triggered. The immediate result is the realization of the complete labor division between the savers and the investors. The division of labor increasing greatly the capital- generating speed and the investment efficiency,as well as introduces uncertainty into the saving and investing process.From the initial finance growth,grows a comparatively simply financial structure in which all the credit-debt certificates,issued by either financial institution or enterprises,are the same. Financial tools of the same nature always have a drain on the efficiency during the process encouraging from save to investment. Only through diversifying financial tools can consumers' investment requirement be met. The diversification of financial tools is a important feature of a complicated financial structure,but diversified financial tools also incurs mew risky elements. Various financial derivatives also can increase noticeably risk management efficiency and thus guide the whole finance development to a more complicated finance structure.In the first 3 chapters,the issues of efficiency and risks of the general financial development in a market economy. Then,what follows is whether the above mentioned general financial development process explained reasonably within classical labor-division theory framework can be also applied to the financial development in transient economy? Chapter 4 and chapter 5 discuss respectively the monetization and financial development in transient economy. Compared with general financial development,financial structure transition features unique initial require...
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