金融创新与货币需求函数变动的相关性分析

Analysis of the Relation between Financial Innovation and Functional Changes in Money Demand

金融创新指 2 0世纪 6 0年代以来发生并延续至今的金融领域新的创造与新的发展 ,包括金融技术创新和制度创新两个方面。金融创新不仅改变了传统的货币定义和拓宽了货币范围 ,而且也使货币需求动机和货币需求目标变量发生了变化 ;对美国和亚洲九国的情况进行实证分析也表明 ,金融创新使货币需求函数中各类变量的作用发生了变化。

Financial innovation refers to new inventions and development in finance which started from 1960s including both the technical and system innovation. Financial innovation has not only changed the traditional concepts of money and expanded the area but brought changes to such variables as incentive and goal in money demand. A positivist analysis of the situation in the United States and nine Asian countries indicates that financial innovations have brought about changes in the variables of money demand function.