Study On The Harmonious Development Of Capital Market And Money Market--From International Comparison Perspective

Capital and Money market are two key markets in a country's financial system. From the theoretical point of view, the two markets are naturally united. In China, however, the money market and capital market are artificially dissevered. As a transitional economy, china has undertaken a process of systematic changes. In order to save the time and energy wasting in investigating some misleading paths, it is useful to learn from other countries experiences. So does it in the financial arena. If we can combine the advanced experiences from the finance-developed countries with our own characteristics, it is feasible to establish our own suitable financial system.This dissertation, with 4 Chapters, and about 46,000 words, is composed of the following parts as theory analysis, status quo review, international comparison and solution research.The first part is the theory analysis about the basic theory of the capital and money markets. It emphases the interosculation and differences between the two markets.The second part starts from the description of the historic and current situation about China's capital and money markets, then analyses the problems existingrespectively. It ends up with the current dissevered situation of the two markets.The third part is mainly about the international comparison of the connections between the capital and money markets. In this part, the dissertation selects the United States of America and Japan as the model countries and gives a description about their financial markets' developing processes, connections among the sub markets and supervision methods. Finally it concludes the useful experiences we could learn from the two countries.The last part, as a general conclusion, gives some suggestions on how to improve the harmony between the capital market and money market in China.