金融创新、金融风险与金融稳定的理论分析

Theoretical Research on Financial Innovation,Financial Risks and Financial Stability

金融创新、金融风险和金融稳定的关系是一个具有现实意义的问题,金融创新是金融领域各种要素的重新优化组合和金融资源的重新配置。从微观层面看,金融创新对金融稳定的促进作用体现在金融风险规避、金融效率提高和金融市场发展。从宏观层面看,金融创新有助于货币融通、金融体系稳定和金融发展安全等。而另一方面,金融创新可能带来金融脆弱性、危机传染性和系统性风险,并给金融监管带来巨大挑战,对金融安全产生负面冲击。

The relationship between financial innovation,financial risks and financial stability is a topic with great practical significance.Financial innovation could be described as the re-optimal combination of various elements in financial sector and reallocation of financial resources.From the micro-level view,the role financial innovation played in promoting financial stability had been reflected in the following aspects like financial risk aversion,financial efficiency and financial market development.From the macro perspective,financial innovation helped in monetary intermediation,financial stability and financial development safety.However,on the other hand,financial innovation might cause financial vulnerability,crisis infectious and systemic risk.Even more,financial innovation could bring not only enormous challenges to financial regulation,but also negative impact on financial stability.