【作者】 赵建祥；

【导师】 郑垂勇；

【作者基本信息】 河海大学 ， 技术经济及管理， 2004， 硕士

【摘要】 作为金融业发展内在动力的金融创新，对经济的影响是巨大而深远的，就在人们关注它极大提高金融机构和金融市场效率的同时，作者认为也应该注意到金融创新改变了货币需求和供给的构成本身，对货币当局控制货币流量的能力产生影响，从而削弱了货币政策的有效性。鉴于货币政策对于国家宏观经济调控的重要性，研究金融创新对货币政策有效性的影响有着十分现实的意义。论文首先对本文所要研究的核心概念——金融创新的内涵及生成机理进行了深入的剖析，在此基础上详细分析了金融创新如何通过影响货币供需在货币市场上发生作用的过程，得出了本文的结论：金融创新削弱了货币政策有效性，但对法定准备金率和贴现率的影响程度大于对公开市场业务的影响，即法定准备金率和贴现率相对于公开市场业务来说更加无效。在文章的最后一个部分，作者提出了发展我国金融创新的思路。更多还原

【Abstract】 As the inner motive force of the development of finance, financial innovation would greatly and profoundly influence the economy of one country. When the great improvement of the efficiency of the financial institution changes the composition of money supply and demand. Through the effect on the monetary market, the financial innovation influences the ability of government to control its currency circulation and therefore undermines the effectiveness of the monetary policy. In view of the important role that monetary policy plays in the national macroeconomic regulation, it is quite realistic to study the financial innovation ’s influence on the effectiveness of monetary policy. This article, firstly, proposes the concept of financial innovation, and analyses its generation mechanism, then, this article obtains its conclusion with the method of analyzing in great detail how the financial innovation plays its role in the monetary market through its influence on the money supply and demand. Finally, at the last part of the article, the author provides his general idea on developing China’s financial innovation.更多还原