金融创新优缺点分析

金融创新的负效应①金融创新带来了新的金融风险。

Financial innovation negative (1) brings new financial innovation of financial risk.

各种衍生金融品本身就带有一定程度的风险，如市场风险、信用风险、操作风险等。

All sorts of derivative financial product itself with a degree of risk, such as market risk, credit risk and operational risk, etc.

金融创新使金融产品多样化，高技术的采用使金融资产具有更大的流动性，再加上金融工具以小博大的特点，交易的规模日趋扩大，风险也日益增大。

Financial innovation has made financial product diversification, high technology adoption make financial assets have greater liquidity, plus financial tools with the characteristics of small, and the scale and the increasing trade increasing risk.

②金融创新使金融监管和货币下策的执行趋于复杂。

(2) the financial innovation has made the financial regulatory and monetary decision becomes complicated execution.

由于金融创新，各种金融产品越来越多，其区分越来越难，传统的货币测量和监督采用的货币层次的划分逐渐失效，货币总量与信贷规模的监控难度和误差可能性进一步加大，从而使货币政策贯彻执行趋于不畅或复杂。

Because financial innovation, all kinds of financial products more and more become more and more difficult, the distinction, the traditional monetary measured and monitored using monetary levels of division, monetary aggregates and gradually failure monitoring of the size of credit difficulty and error, and further increase the likelihood that monetary policy implemented tend to stagnation or complex.

③金融创新可能导致金融投机的增加和引起金融泡沫。

(3) financial innovation may lead to the increase of financial speculation and cause financial bubble.

在利润的驱动下投机者可能越来越多，都想获得“一夜致富”的机会，于是投机之风可能大兴。

The profit driven by speculators may be more and more, all want to get "overnight riches" opportunity, so speculative wind may daxing.

同时，一些工业资本家或其他富有者也往往把自己的资金转向金融领域以赚取金融利润，社会资源越来越多滞留于金融领域，可能引起金融泡沫的产生。

Meanwhile, some industrial capitalist or other wealthy also often put their funds to the financial sector in order to get financial profit, social resource more and more financial field, may cause stranded financial bubble production.

三、国际金融创新的风险国际金融创新不仅给西方各国金融业带来空前的繁荣，而且大大加速了国际金融全球一体化的步伐。但不容忽视的是新金融工具并不能消除固有金融风险，也不能排除引致风险存在的各种因素，国际金融创新存在着干扰各国货币政策的制订与实施和影响国际金融市场稳定的风险。

1、国际金融创新的微观风险关于国际金融创新的微观风险，我们可以从单个金融工具、单个银行或公司的角度来进行分析，通常金融工具具有的内在风险有如下五种类型：①市场或价格风险，即在一段时间由于汇率和利息率的变化而造成的金融风险；

1, international financial innovation of microscopic on international financial innovation risk microscopic risk, we can go from a single financial tools, a single bank or the company's Angle analysis, usually with financial tools of inherent risk has the following five types: (1) the market or price risk, which is in a period of exchange rates and interest rates due to changes in financial risk;

②信贷风险，即金融交易的一方由于破产或其它原因不能按照合同规定的条款履行义务，从而使得金融资产的持有人可能蒙受经济损失；

(2) the credit risk, namely the financial transactions because of bankruptcy or other reasons either unable to perform obligations pursuant to the terms of the contract, which makes the financial assets holder may incur pecuniary loss;

③市场流动性风险，即一种可流通或可转让的金融证券，不能在接近于足额的市场价值上迅速得到出售的风险；

(3) market liquidity risk, which is a kind of negotiable or transferable financial securities, cannot be in close to the full market value rapidly sell risk;

④结算风险，即在结算时交易方有可能得不到任何收益的风险，除了因交易对方不履行债务而引起债务风险外，技术上和经营上的困难也可能在交易对方有能力履行的情况下中断资金的交付；

(4) settlement risk, be in namely when settle accounts trading party may not be able to get any money because of the risk, besides dealing party fails to perform his obligation and cause debt risk, technology and business outside the difficulties may also dealing party has the ability to perform in the case of delivery; interrupt funds

⑤国家风险和转嫁风险，由于某个特定国家经济或政治上的原因，使得这个国家的绝大多数经济代理人变得没有能力履行它们的国际金融义务，这种风险即为国家风险和转嫁风险。

5 countries risk and passed on risk, because some specific countries economic or political reasons, making the most of the country's economic agent has no capacity to perform their international financial obligations, the risk for countries that risk and passed on risk.

2、国际金融创新的宏观风险

2, the international finance innovation macro risk

(一)干扰、影响各国货币政策执行与实施的风险货币政策是当今世界各国调控国民经济运行的重要政策工具。