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 aets 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.
- 1 -5
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 aets holder may incur pecuniary lo;
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 busine 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 paed 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 paed 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。
- 2 -5 (a) interference, influences monetary policy implementation and implement monetary policy is the risk of world regulation of economic operation of the important national policy tools.
金融创新对一国货币政策执行与实施的干扰主要表现在以下两个方面：①金融创新影响货币供应量的计算与测定。
Financial innovation on monetary policy implementation and implementation of interference is mainly manifested in the following two aspects: (1) the influence of the money supply financial innovation calculated and determined.
首先，金融创新使货币范围难以界定。
First of all, financial innovation make monetary scope to define.
传统意义上的货币计量范围较容易确定，即狭义货币Ml和广义货币M2；
Traditional monetary measurement scope is easy to determine that narrow currency Ml and the M2;
其次，金融创新影响货币乘数的稳定。
Secondly, financial innovation influence the stability of the currency multiplier.
基础货币等于商业银行存人中央银行的存款准备金与流通中现金之和，是整个银行系统货币派生的基础。
Monetary base is equal to commercial bank deposit people of central bank deposit reserve and circulation is the sum of cash, bank system derived basis.Currency
第三，金融创新加快了货币流通速度。
Third, financial innovation speed up the currency speed.
在经济增长和物价水平一定的情况下，货币供应量的一个决定因素就是货币流通速度。
In the economic growth and price level in certain circumstances, money supply is a determining factor currency speed.
②金融创新削弱了中央银行的货币政策效果。
(2) the financial innovation weaken the central bank monetary policy effect.
首先，金融创新使传统的货币市场均衡机制下的利率弹性下降。
First of all, financial innovation make traditional monetary market under the balanced mechanism of interest rates decreased elasticity.
其次，由于通过金融创新方式筹集到的大量资金不能算作存款，不用缴纳法定准备金，金融创新削弱了中央银行存款准备金政策的效力.第三，金融创新削弱了中央银行贴现政策的效力。
Secondly, because through the financial innovation way to raise a lot of money not belong
- 3 -5 to, need not pay legal reserve deposits, financial innovation weakened the central bank reserve policy effect.Third, financial innovation weakened the effectivene of the central bank discount policies.
(二)引致国际金融体系不稳定的风险首先，多年来，由传统的信贷扩张和货币供给扩张途径所形成的控制测量信贷总量与货币总量的原则、方法和货币政策面临着新的问题和挑战，这在很大程度上影响着世界各国金融货币体系的稳定。
(2) cause instability of the international financial system, first of all, for many years, the risk by traditional credit expansion and currency supply expansion way by the formation of the control measure, the total amount of currency and credit the principles, methods and monetary policy is facing new problems and challenges, this is largely affecting world financial monetary system stability.
其次，金融创新的发展增大了金融统计、监督和管理的难度，难以形成有效的防范国际金融风险的机制。
Second, the development of financial innovation increases the financial statistics, supervision and management difficulties, difficult to form effective prevention mechanisms of international financial risk.
第三，金融创新加快了国际资本流动，容易触发金融危机。
Third, financial innovation accelerated international capital flows, easy to trigger the financial crisis.
随着国际金融市场的发展和金融创新，资本流动已经成为国际金融形势动荡不宁的主要因素，因为它对国际收支和汇率经常产生严重影响。
Along with the development of international financial markets and financial innovation, capital flows has become an international financial situation unrest restle main factors, because the international payments and exchange rate often have a serious effect.
四、国际金融创新的经济影响金融创新由于其自身有着不同于传统金融业务的特点，对经济有其很大的深远影响。
Four, international financial innovative economic impact due to their own financial innovation has different characteristics of traditional financial busine, the economy has its great influence.
既有正效应，也有负效应。
Both have positive effects and negative effects.
1、金融创新的正效应 ①金融创新促进了金融的自由化和一体化。金融交易电子化使金融业日益渗透到社会经济生活的各个领域。由于金融功能的不断增加和完善，使金融业的成本大大降低，服务效率大大提高。由于金融支付手段和融资工具的创新，不仅使国内各金融机构联系在一起，而且不同国家的金融机构之间的业务往来日益一体化。资金流动和转移可在几秒钟内完成，形成了全球范围的融资格局，提高了融资效率，促进了经济发展。金融创新导致利率日趋自由化，并已成为一国金融业和经济稳定运行的重要手段。②金融创新提高了资源配置效率。金融创新
- 4 -5 的一个重要成果是使金融功能不只局限在传统的信用中介和创造功能范围内，而是向多样化、综合化的方向发展。从而有更多的金融产品提供给市场进行交易，加速了金融产品的流动性，提高了融资效率，推动了资源合理配置，提高了资源配置效率。③创新给投资者选择金融产品开辟了广阔的空间。金融创新的一个积极效应给投资者提供了可供选择的多种金融产品，使选择机会增多和空间扩大。有利于资金流动的加快和资金利用率提高。④金融创新促进了金融业表外业务迅速发展。金融创新的兴起和发展，使得金融之间的竞争日趋激烈，贷款质量普遍下降，银行收益出现了不同程度的下降。在这种情况下如何增加收益和遵守金融监管，是金融业面对的重要问题。正是由于金融创新的出现，大多数金融机构发现从事表外业务不仅逃避了金融监管，而且获得了巨额利润。
2、金融创新的负效应①金融创新带来了新的金融风险。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。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。②金融创新使金融监管和货币下策的执行趋于复杂。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。③金融创新可能导致金融投机的增加和引起金融泡沫。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。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。
- 5 -5
