金融监管与金融创新的共同演化分析——一个基于非线性动力学的金融监管分析框架
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| Title | An Evolutionary Analysis of Financial Innovation and Regulation
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| 作者 | 许文彬 赵霖 李志文 |
| Author | Xu Wenbin, Zhao Lin and Lee Jevons |
| 作者单位 | 厦门大学经济学院金融系；杜克大学经济学系；杜兰大学弗里曼商学院 |
| Organization | School of Economics, Xiamen University；Department of Economics, Duke University；Freeman School of Business, Tulane University |
| 作者Email | xuwenbin@xmu.edu.cn；lin.zhao119@duke.edu；jevonslee2009@gmail.com |
| 中文关键词 | 金融监管 金融创新 共同演化 非线性动力学 |
| Key Words | Financial Regulation; Financial Innovation; Co-evolution; Nonlinear Dynamics |
| 内容提要 | 本文利用演化经济学的思想和非线性动力学的方法研究了金融创新的扩散及其与金融监管共同演化的路径和结果。我们论证了在三种不同监管策略下金融创新与监管共同演化的路径，指出随金融创新扩散程度而渐次展开的一阶监管策略更有助于实现监管目标和市场稳定；接着我们将经济周期的影响纳入考虑，进一步论证了监管对金融创新扩散的影响以及监管策略的有效性。最后我们总结了理论论证的政策启示，即监管者对市场动态的切实把握和平稳可预期的监管政策才是实现市场稳定的关键。 |
| Abstract | In this paper we discuss the diffusion and co-evolution of financial innovation with regulation, using the evolutionary economics ideology and nonlinear dynamics methodology. By constructing a series of dynamic models we find 3 different co-evolutionary paths of financial innovation and regulation on condition of 3 different regulation strategies, and we prove that the so-called ‘first-order derivative’ regulation strategy, which means the gradual proceeding of regulatory rules in pace with the diffusion of financial innovation, is the only strategy of the three that could possibly fulfill regulatory objectives while keeping market stable. Then we take business cycle into consideration, and prove that the ‘first-order derivative’ regulation strategy is still the best strategy for financial authority to play, but the influence of business cycle is in no way to counter-acted. An important enlightenment for public policy makers is given accordingly, that the only way to keep financial market stable is to closely follow the market and to implement a stable and expectable policy framework. |
| 文章编号 | WP1386 |
| 登载时间 | 2019-07-02 |
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