摘要
长期以来,对金融创新在中国金融市场扩散吸收中的时滞效应的认识往往归咎于微观市场主体缺乏吸收能力或竞争所致,而忽略了中国这样的转型经济国家所具有的制度性因素的影响。本文通过分析我国与金融创新国在金融体系、经济体制、经济发展水平、金融相关率、产权制度、市场结构等因素上存在的结构性不均衡,发现异质性金融市场间的结构和金融工具比例的差异性对金融创新扩散可能产生的阻碍机制也是引发我国采纳金融创新扩散中出现时滞现象的重要原因。
For a long time, people have owed time lag effect of financial innovation on diffusion and absorption of financial market in China to lack of absorptive capacity or competition in micro-market, and neglected the effect of institutional factors in a country of economic transition like China. The paper analyzes the existing structural imbalance of institutional factors, such as economy system, economic development level, FIR, property rights system, market system between financial innovation countries and China, finding structure of heterogeneous financial market and discrepancy of derivatives proportion would block diffusion of financial innovation, which may be the main cause of time lag effect in adoption of financial innovation diffusion in China.
出处
《财经论丛》
CSSCI
北大核心
2007年第5期48-54,共7页
Collected Essays on Finance and Economics
关键词
金融创新
异质市场
时滞效应
制度
吸纳
financial innovation
heterogeneous financial market
time lag effect
institution
adoption
