金融衍生品、市场失灵与数字化治理

Financial Derivatives,Market Failure and Digitalized Governance

金融衍生品市场分析的改进型IS-LM模型为我们提供了分析金融衍生品市场发展条件下虚拟经济对实体经济影响的框架,但很难有效地解决有关问题,更不能以此作为宏观决策的依据。金融衍生品市场作为一种特殊的市场形态,也会出现一般市场中经常出现的市场失灵现象,表现为金融市场上可能存在不完全竞争、负外部效应、信息不对称和公共物品等。需要引入电子商务,克服信息的不完全,建立起数字化风险预警系统,对金融衍生品市场风险防范于未然。

The improved IS - LM model for the market analysis of financial derivatives provides us with a framework to analyze the effect of virtual economy on substantial economy in the condition of financial derivative market development, but it is very difficult to solve the problem effectively and it can not be the evidence of macro decision - making. Financial derivatives market, as a special form of market, may also encounter market failure which often appears in ordinary market. Such market failure is shown in incomplete competition, negative exterior effect, information asymmetry and public goods. It is necessary to introduce electronic business, overcome incomplete information and construct digitalized risk pre - warning system to prevent market risk of financial derevatives.