金融结构对金融稳定的作用机理:功能观的分析视角

ON THE MECHANISM OF FINANCIAL STRUCTURE TO FINANCIAL STABILITY:A FUNCTIONAL PERSPECTIVE

在金融结构的变迁过程中,蕴含着金融不稳定的因素,客观上两者之间存在着互相作用的机理。同时,金融结构的变迁以及金融稳定的实现都与金融系统功能的发挥紧密相关,所以金融功能观为研究两者关系提供了很好的分析视角。从宏观上看,金融结构与金融稳定通过实体经济和货币政策相互发生作用,货币政策作用于金融系统并影响着金融结构,金融结构的变动直接作用于实体经济,由此引起的实体经济波动将会影响到金融稳定,反之亦存在着作用机制;从微观上看,金融结构的各个组成部分,包括金融市场结构、金融制度结构、金融融资结构、金融开放结构等,都对金融稳定产生各自不同的、具体的影响。

The process of financial structure change contains financial instability, and there objectively exists interaction between financial structure and financial stability. By using Merton＇ s functional per- spective, the mechanism of financial structure to financial stability works. The general mechanism in which financial structure influenced financial stability works through monetary policy and entity economy. The monetary policy in the financial system throws impact on financial structure, and financial structure affects the real economy, thus fluctuations in the real economy and then affects the financial stability, and vice versa there is a mechanism. To be specific, the functioning mechanism in which the composing parts of financial structure, including financial market, financial system, financing, and financial opening, ex- erts influence upon financial stability.