湖北大学学报:哲学社会科学版
湖北大學學報:哲學社會科學版
호북대학학보:철학사회과학판
Journal of Hubei University(Philosophy and Social Sciences)
2006年
2期
175~177
,共null页
金融创新 约束引致假说 管制理论 不完全市场理论 证券设计和不完全市场模型
金融創新 約束引緻假說 管製理論 不完全市場理論 證券設計和不完全市場模型
금융창신 약속인치가설 관제이론 불완전시장이론 증권설계화불완전시장모형
Financial innovation; constraint-induced hypothesis; regulatory theory incomplete market theory; security design and incomplete market model
西方对金融创新首先提出理论解释的是约束引致假说和管制理论。约束引致假说认为金融创新是银行试图降低与特定资产负债表约束关联的成本。管制理论认为金融创新是管制者和被管制者之间持续的斗争。不完全市场理论认为新金融产品仅仅是金融工具特定因素组合的变化。证券设计和不完全市场模型是以一般均衡理论对金融创新过程模型化。目前尚无金融创新普遍认可和统一的理论。
西方對金融創新首先提齣理論解釋的是約束引緻假說和管製理論。約束引緻假說認為金融創新是銀行試圖降低與特定資產負債錶約束關聯的成本。管製理論認為金融創新是管製者和被管製者之間持續的鬥爭。不完全市場理論認為新金融產品僅僅是金融工具特定因素組閤的變化。證券設計和不完全市場模型是以一般均衡理論對金融創新過程模型化。目前尚無金融創新普遍認可和統一的理論。
서방대금융창신수선제출이론해석적시약속인치가설화관제이론。약속인치가설인위금융창신시은행시도강저여특정자산부채표약속관련적성본。관제이론인위금융창신시관제자화피관제자지간지속적두쟁。불완전시장이론인위신금융산품부부시금융공구특정인소조합적변화。증권설계화불완전시장모형시이일반균형이론대금융창신과정모형화。목전상무금융창신보편인가화통일적이론。
The paper reviews the theoretical literature on financial innovation, The early theories of financial innovation are the constraint-induced hypothesis and the regulatory theory. The former views innovations as attempts by banks to lessen the costs of adhering to certain balance sheet constraints. The latter portrays a continuous struggle between regulators and the regulatees, The incomplete market theory thinks that new financial products represent changes in the combinations of certain general attributes of financial instruments. The security design and incomplete market model is modeling the process of financial innovation in the context of general equilibrium theory. There is still no generally accepted and unified theory of financial innovation.