美国互联网金融的发展及其影响

The Internet Finance of the United States:Development and Impacts

美国是互联网金融发展的先驱,其互联网金融的发展大体上分为20世纪90年代的蓬勃发展时期、2000~2006年的平稳发展时期以及2007年以来的新发展时期。从20世纪70年代以来美国金融市场与金融体系的结构性演变这一历史视角来看,互联网金融的兴起在本质上是美国在利率市场化进程结束后出现的一轮技术性脱媒。互联网金融的出现和发展是制度性因素和技术性因素共同作用的结果,它对美国的金融业和金融市场产生了巨大而深远的影响。这一逻辑同样适用于互联网金融迅速发展的中国。中国互联网金融的发展仍然存在相当大的变数,众多的理论与现实问题有待国内学术界进行深入的研究和探索。

The U.S.is the forerunner of internet financing.The development of the internet finance in the U.S.can be divided into three stages:the emerging period(from early 1990 s to 2000),stable development period(from 2000 to 2006),and upgrading period(since 2007).From the perspective of the evolution of the U.S.financial market and financial system since 1970 s,the essence of the rising of internet finance is technical de-intermediation in the era of post interest rate liberalization.The emergence and development of internet financeis determined both institutional and technological factors,have strong and compound impact on U.S.financial industry and market.The same logic applies to China.Looking into the future,internet finance in China is supposed to experience development with uncertain factors.Lots of theoretical and practical issues need to be further identified by the academia.