现代金融创新的历史根源:监管套利的早期历史(上)

The Ancient Roots of Modern Financial Innovation:The Early History of Regulatory Arbitrage (Ⅰ)

近年来,金融创新呈现爆炸式增长。大多数金融创新利用了监管体系的矛盾,将一种广为人知的技术频繁用于监管套利。本文的上部分探讨了这一技术,即看涨看跌期权理论,并追溯了公式背后的思想在历史上的运用案例。

Nowadays,financial innovations have experienced explosive growth.Most financial innovations exploit the contradictions in the current regulation system and involve regulation arbitrage through a well-known technique.The first part of this journal observes the technique,known as call-put parity,and discusses the historical application of the idea behind the call-put parity formula.