从美国金融危机看金融创新及其风险防范  

View on Financial Innovation and Its Risk Prevention from the American Financial Crisis

作　　者：吴丽红[1] 

机构地区：[1]华南理工大学经济与贸易学院,广东广州510006

出　　处：《改革与战略》2010年第1期77-79,共3页Reformation & Strategy

摘　　要：文章剖析了从美国次级债危机发生到全球金融危机的全过程,在这个过程中,金融创新是把双刃剑。在次级债发展的初期,它充当着财富放大器的角色,使大部分美国人圆了"美国梦";而在危机深化的过程中,因为其特有的链式反应,把全球金融市场卷入到更广更深的危机中,此时它充当了危机放大器的角色,这是金融创新设计时所具有的"信息不对称性"所埋下的诱因。为此,我们需要在信息对称性条件约束下创设金融新工具,才能在分散市场风险的同时不会诱发新的风险。This paper analyzes the whole process from the American subordinated debt crisis to the global financial crisis, in this process, financial innovation is a double-edged sword. At the early development stage of subordinated debt, it acts the role of wealth amplifier, letting ＂American Dream＂ of majority American come true; but in the process of deepening of the crisis, due to its unique chain reaction, it acts the role of crisis amplifiers instead, and involves the whole global financial markets into a wider and deeper crisis. All of these are result from the ＂Information Asymmetry＂ of financial innovation. Therefore, we need to create new financial instrument under information symmetry, in order to achieve the goal of spreading market risk whitout induce new risks.

关 键 词：金融创新 链式反应 信息不对称性 金融风险 

分 类 号：F831.59[经济管理—金融学]