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increase the supply of such debt and to enhance their mobility. Therefore, the debt market to develop. And this debt has not only the form of bank loans , and it is usually as a new financial products traded on the stock market , such as the CMO bonds.

② developed derivatives market , companies reduce the cost of market risk transactions . Derivatives appeared in the 1970s , the 1980s, the rapid development of OTC derivatives markets . They should supply the needs of both appear . 70
S macroeconomic instability associated with this exchange rate and interest rate is not stable, which improve the enterprise management system for better risk needs. The supply side, the development of financial theory allows financial institutions to lower cost operations in these markets , particularly in financial engineering and risk management for the pricing of capital provides a theoretical basis .

③ payment system to the electronic system development, reduce the family of their wealth invested in bank deposits needs. In the past, a large number of retail payments are made by check to complete. In recent years, electronic payment technology rapidly spread. Automated teller machine (ATM) applications is growing. This technique has emerged in the 1970s , between 1988 and 1998 , ATM machines doubled the number , transaction volume has tripled . Meanwhile , credit card and debit card applications in the 1990s also developed rapidly.

Technological advances affecting the financial system is through the transaction costs and asymmetric information problems and achieve. It lies in the impact of transaction costs : the advent of computers and cheap data transmission led to a sharp drop in transaction costs . By increasing the number of transactions and to allow financial institutions to provide new low cost products and services , and making the financial system more efficient. Computer and communications technology can be collectively referred to as IT . Its financial market information symmetry have a profound impact . Investors can more easily identify the risks of non-performing loans , or to supervise enterprises, thereby reducing adverse selection and moral hazard problems . The result is that the issue of reducing barriers to trade securities , thus encouraging the issue . Which led to the inevitable result is that people less dependent on banks , bank importance in the financial system is weakened ; Meanwhile , the stock market in solving these two problems relative to the bank's weaknesses to a large extent got to make up , and in the mobility of the advantages to play, its importance is also increasingly prominent. Thus, the bank-based financial system to a market -oriented exhibit convergence trend .

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