金融创新、金融稳定的历史回望与当下风险管控

History of Financial Innovation,Financial Stability and Its Current Risk Control

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。从微观层面和宏观层面看,金融创新有助于金融体系稳定。但金融创新可能带来金融脆弱性、危机传染性和系统性风险,对金融稳定产生负面冲击。从历史经验看,制度创新、产品创新、技术创新和服务创新等都有可能产生金融冲击,制度创新更容易发生金融危机。金融创新信息披露充分、创新风险管理有效、创新监管框架有效,金融创新仍是规避金融风险、保障金融稳定的主要途径。

Financial innovation is one of essential approaches to optimize allocation of financial elements and to reallocate financial resources in the whole system. Financial innovation mechanism is very critical for financial stability both in macro and micro perspectives. However, financial innovation might lead to financial fragility, crisis contagion and systemic risks, which would have very strong negative impacts on financial stability. Based on the historical experience, institutional reform, product innovation, technological creativities and service revolution are the potential risks to financial solidity. Particularly, the institutional innovation might more easily lead to systemic risks to the whole financial system. The necessary requirements in financial innovation, such full information disclosure, effective risk management, integrated financial regulatory framework, are the fundamental safeguards to evade financial risks and preserve financial stability.