产品、机构及现代金融创新过程(下)

Instruments,Institutions and the Process of Modern Financial Innovation(II)

什么是"金融创新",我们为何要关心它?在金融危机之后,这个问题变得越来越重要,但人们对金融创新的本质仍然知之甚少。以新制度经济学相关文献为鉴,本文主张金融创新应当首先被理解为是一个变化的过程,金融产品类型和种类的确发生变化,但金融中介机构(如银行)和市场本身也发生着变化。这种变革对于规范金融创新过程的经济学和理解现代金融市场动态都具有重要的政策影响。

Part I of this paper developed an account of the fnancial innovation process and the effect that this process has had on instruments, institutions and markets. It traced a market migration pattern beginning with the creation of a new fnancial product by a fnancial intermediary and ending when banks fnd it more proftable for the product to be provided by markets. Ultimately, the product is moved off the balance sheet and commoditized. Part II analyzes how the framework developed in Part I sheds light on the regulation of the OTC derivatives market.