金融衍生产品管制的成本与收益分析——两个简单的经济学模型

Cost and Revenue of Derivatives Regulation——Two Simple Analyzing Models in Economics

金融衍生产品已成为当今金融产品的主要产品类型。由于金融衍生产品的高风险性,在引导其发展的同时,必须加强和完善市场监管。本文主要从经济学的角度分析金融衍生产品管制的成本与收益,从静态与动态的角度给出两个简单的模型,其结论是对衍生产品的管制既造成直接成本,又造成间接成本和套利机会。两个模型为评估管制的效率提供了一个较好的框架。

Derivatives have already become the main type products of current financial product.Because of the high risk of derivatives,while guiding derivatives development,we must strengthen and perfect the market supervision of derivatives.This text mainly analyses the cost and revenue of derivatives regulation in term of economics,providing two simple models on base of the angle of static and dynamic.The conclusion is that derivatives regulations not only cause the direct cost but also the indirect cost and arbitrage chances.Two models offer a better frame for assessing the efficiency of regulation.