西方金融创新理论述评

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。

A Comment of the Financial Innovation Theories in the West

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.