金融产品创新对我国的货币政策有效性的影响.pdf

摘要 的角色，检验相关理论在解释我国经济发展现状中的适用性，进而提出具体的 政策建议，做到趋利避害。 中国目前尚处于金融创新的起步阶段，涉及我国金融产品创新对货币政策 影响的文献并不多见，相关的实证研究更是少之又少，本文将落脚点放在金融 产品创新上，全面分析其对我国货币政策有效性的影响。不仅在理论上具有一 定的创新性，也有助于加深对发展中国家（尤其是经济转型过程中）金融产品 创新对货币政策有效性影响的认识，更有助于理性抉择尚处于金融创新起步阶 段的金融市场下一步该继续深化发展还是回归传统金融行业的发展道路，具有 一定的实践意义。 关键词：金融产品创新 货币政策有效性 中间目标 传导机制 II Abstract Abstract Abstract AAbbssttrraacctt Financial product innovations have been developed rapidly recent years ， promoting the global economic development as well as bringing challenges on each economies’ macroscopical adjusting control. For instance, these innovations have been weakening the effect of monetary policies. Financial innovations’ side effects are blamed for the outbreak of the financial crisis in 2008. Since the impacts from the crisis are still disturbing the global economic system no more country is ， addicting to financial innovations any longer. And the majority of the developing countries are even strictly prohibiting the high leverage financial products. Obviously the inhibition of financial innovation has become the highlight of current banking supervision. In the case of China, what role domestic financial innovations are playing in the successively soaring CPI, the growing expectation of inflation and the effect of the monetary policies to curb inflation is worth considering. In short the research of financial innovation and its effect on monetary policies has got a great practicalsignificance. This paper is based on a large amount of literatures about financial innovation and as an aspect of it, financial product innovation is the focus of this paper. The theme of this paper lies in the influence of financial produ