20世纪60年代以来美国金融创新及其主要外部动因
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摘要
20世纪60、70年代以来，美国乃至全球掀起了一轮金融创新的高潮，货币市场新兴工具、金融衍生品、证券化产品、新型债券与股票大量涌现，并一度受到市场欢迎、广为市场称道。但2008年全球金融危机爆发后，抵押贷款支持证券、担保债务凭证和信用违约互换等创新工具又被推到了风口浪尖，因其在危机爆发、传播过程中扮演的不光彩角色成为了千夫所指的对象。
为还原美国金融创新产生与发展的真相，本文采用理论研究与实证研究相结合的方法，对金融理论发展、科技进步、市场环境波动、监管与金融自由化、税收、竞争状况变化以及金融全球化等近几十年来影响美国与全球金融行业的主要因素进行了系统性分析，并对这些外部动因影响企业内部创新动机、进而刺激金融市场创新活动的过程进行了论述。同时，本文以近几十年来美国与全球金融行业出现的几种重大金融创新为对象开展了实证研究，进一步揭示了上述因素在金融创新实践中起到的推动刺激作用。此外，文中还对金融创新在金融危机爆发、恶化与传播过程中所扮演的角色予以详细解读，客观总结了新型金融产品与服务对金融市场稳定造成的负面影响。
本文研究主要分为五大部分：
首先，对金融创新的概念、主要分类方法以及金融创新的主流动因理论进行回顾总结，为深入研究美国大量金融创新的出现做好铺垫、打下理论基础。
其次，对20世纪60、70年代以来金融理论与信息通讯技术方面取得的巨大突破，美国通胀率、利率、汇率环境的剧烈波动，金融监管、税收环境的变化，以及金融行业竞争的日益加剧和金融全球化趋势的兴起等近几十年来美国乃至全球金融市场所经历的重大变迁进行逐一梳理，并深入探讨上述因素影响金融市场主体运营效率，市场份额，利润、成本、风险、流动性状况以及市场竞争力，进而诱发金融创新的具体路径。
再次，对大额可转让定期存单、货币市场共同基金、货币市场存款账户等货币市场工具，金融期权、金融期货与互换合约等衍生金融工具，住房抵押贷款支持证券与担保债务凭证等结构性金融产品，以及危机背景下仍实现飞跃式发展的移动支付进行实证研究，对创新主要外部动因与金融创新的关系加以验证。
又次，详细回顾美国住房市场、住房抵押贷款市场以及金融市场泡沫形成、扩大与破裂的全过程，重点分析了住房抵押贷款支持证券、担保债务凭证与信用违约互换等新型金融技术与工具在整个过程中扮演的角色。此外，该部分还对危机爆发后几种重要金融产品的发展现状进行了简要叙述，并总结了国际与美国金融监管改革的主要内容。
最后，对全文研究进行总结，并以上文研究结果为依托，指明了人们应对金融创新持有的正确态度，同时展望了未来的研究方向。
Since the1960s and1970s, the U.S. and global financial markets have witnessed anunprecedented wave of financial innovations. New money market instruments, financialderivatives, securitized products and new types of bonds and equities emerged and prospered, andwere once welcomed and celebrated by the market. However, after the outbreak of the2008financial crisis, Redidential Mortgage Backed Security (RMBS), Collaterallized Debt Obligation(CDO), Credit Default Swap (CDS) and other financial innovations came under scrutiny and werefiercely criticized for the negative role they played in the outbreak and development of the disaster.
With this in mind, this paper aims to explain the innovation influx by performing theoreticaland empirical studies on the advances of financial theories, the development of IT technologies,market volatility, financial regulation and deregulation, tax environment, market competition,financial globalization, and other major factors affecting the U.S. and the global financial marketsin recent decades. This paper also discusses how these external factors may have stimulated andcontributed to financial innovations by influencing the internal innovation incentives of theinnovators. In addition, it analyzes the emergence of several major financial innovations in the U.S.and global financial markets and thereby reveals the importance of the above-mentioned externalfactors in financial innovation practices. It further describes the role of financial innovations in theoutbreak, exacerbation and spreading of the current financial crisis, as well as their negativeimpacts on financial stability.
This paper is divided into five critical parts and it is organized as follows.
The first part reviews in details the definitions, taxonomies of financial innovations and themajor financial innovation theories to set the stage and lay a solid theoretical foundation for laterdiscussions.
The second part discusses the significant advances in financial theories and IT technologies,the volatility of inflation, interest and foreign exchange rates, and the shift of regulatory and taxenvironment; it also studies the intensification of competition, the increasing globalization offinancial sectors, and other major changes the U.S. and global financial markets went through inthe past decades. Moreover, the second part examines in depth the influences of these externalfactors on the operating efficiencies, market share, risk exposure, profitability, cost, liquidity andcompetitiveness of financial market participants, and explores the channel through which thesefactors stimulated financial innovations.
The third part carries out empirical studies on money market instruments such as NegotiableCertificate of Deposit (CDs), Money Market Mutual Fund (MMMF), Money Market DepositAccount (MMDA), financial derivatives such as futures, options and swaps, structured financialinstruments such as RMBS and CDO, and the latest financial innovation-mobile payment, whichexperienced noteworthy growth even in the crisis context. Through the studies of these real lifecases, the relationship between financial innovations and the major external factors is furtherexhibited and testified.
In the fourth part, the emergence, expansion and explosion of the housing, mortgage andfinancial market bubbles are studied and the roles of RMBS, CDO and CDS in the whole processare given special attention. This part also provides an update on the latest development of severalmajor financial instruments and technologies after the outbreak of the financial crisis andsummarizes the post-crisis regulation reform efforts made by the international and U.S.financialregulators.
The final part draws conclusions on the studies of the paper and provides suggestions on howfinancial innovations should be dealt with.
为还原美国金融创新产生与发展的真相，本文采用理论研究与实证研究相结合的方法，对金融理论发展、科技进步、市场环境波动、监管与金融自由化、税收、竞争状况变化以及金融全球化等近几十年来影响美国与全球金融行业的主要因素进行了系统性分析，并对这些外部动因影响企业内部创新动机、进而刺激金融市场创新活动的过程进行了论述。同时，本文以近几十年来美国与全球金融行业出现的几种重大金融创新为对象开展了实证研究，进一步揭示了上述因素在金融创新实践中起到的推动刺激作用。此外，文中还对金融创新在金融危机爆发、恶化与传播过程中所扮演的角色予以详细解读，客观总结了新型金融产品与服务对金融市场稳定造成的负面影响。
本文研究主要分为五大部分：
首先，对金融创新的概念、主要分类方法以及金融创新的主流动因理论进行回顾总结，为深入研究美国大量金融创新的出现做好铺垫、打下理论基础。
其次，对20世纪60、70年代以来金融理论与信息通讯技术方面取得的巨大突破，美国通胀率、利率、汇率环境的剧烈波动，金融监管、税收环境的变化，以及金融行业竞争的日益加剧和金融全球化趋势的兴起等近几十年来美国乃至全球金融市场所经历的重大变迁进行逐一梳理，并深入探讨上述因素影响金融市场主体运营效率，市场份额，利润、成本、风险、流动性状况以及市场竞争力，进而诱发金融创新的具体路径。
再次，对大额可转让定期存单、货币市场共同基金、货币市场存款账户等货币市场工具，金融期权、金融期货与互换合约等衍生金融工具，住房抵押贷款支持证券与担保债务凭证等结构性金融产品，以及危机背景下仍实现飞跃式发展的移动支付进行实证研究，对创新主要外部动因与金融创新的关系加以验证。
又次，详细回顾美国住房市场、住房抵押贷款市场以及金融市场泡沫形成、扩大与破裂的全过程，重点分析了住房抵押贷款支持证券、担保债务凭证与信用违约互换等新型金融技术与工具在整个过程中扮演的角色。此外，该部分还对危机爆发后几种重要金融产品的发展现状进行了简要叙述，并总结了国际与美国金融监管改革的主要内容。
最后，对全文研究进行总结，并以上文研究结果为依托，指明了人们应对金融创新持有的正确态度，同时展望了未来的研究方向。
Since the1960s and1970s, the U.S. and global financial markets have witnessed anunprecedented wave of financial innovations. New money market instruments, financialderivatives, securitized products and new types of bonds and equities emerged and prospered, andwere once welcomed and celebrated by the market. However, after the outbreak of the2008financial crisis, Redidential Mortgage Backed Security (RMBS), Collaterallized Debt Obligation(CDO), Credit Default Swap (CDS) and other financial innovations came under scrutiny and werefiercely criticized for the negative role they played in the outbreak and development of the disaster.
With this in mind, this paper aims to explain the innovation influx by performing theoreticaland empirical studies on the advances of financial theories, the development of IT technologies,market volatility, financial regulation and deregulation, tax environment, market competition,financial globalization, and other major factors affecting the U.S. and the global financial marketsin recent decades. This paper also discusses how these external factors may have stimulated andcontributed to financial innovations by influencing the internal innovation incentives of theinnovators. In addition, it analyzes the emergence of several major financial innovations in the U.S.and global financial markets and thereby reveals the importance of the above-mentioned externalfactors in financial innovation practices. It further describes the role of financial innovations in theoutbreak, exacerbation and spreading of the current financial crisis, as well as their negativeimpacts on financial stability.
This paper is divided into five critical parts and it is organized as follows.
The first part reviews in details the definitions, taxonomies of financial innovations and themajor financial innovation theories to set the stage and lay a solid theoretical foundation for laterdiscussions.
The second part discusses the significant advances in financial theories and IT technologies,the volatility of inflation, interest and foreign exchange rates, and the shift of regulatory and taxenvironment; it also studies the intensification of competition, the increasing globalization offinancial sectors, and other major changes the U.S. and global financial markets went through inthe past decades. Moreover, the second part examines in depth the influences of these externalfactors on the operating efficiencies, market share, risk exposure, profitability, cost, liquidity andcompetitiveness of financial market participants, and explores the channel through which thesefactors stimulated financial innovations.
The third part carries out empirical studies on money market instruments such as NegotiableCertificate of Deposit (CDs), Money Market Mutual Fund (MMMF), Money Market DepositAccount (MMDA), financial derivatives such as futures, options and swaps, structured financialinstruments such as RMBS and CDO, and the latest financial innovation-mobile payment, whichexperienced noteworthy growth even in the crisis context. Through the studies of these real lifecases, the relationship between financial innovations and the major external factors is furtherexhibited and testified.
In the fourth part, the emergence, expansion and explosion of the housing, mortgage andfinancial market bubbles are studied and the roles of RMBS, CDO and CDS in the whole processare given special attention. This part also provides an update on the latest development of severalmajor financial instruments and technologies after the outbreak of the financial crisis andsummarizes the post-crisis regulation reform efforts made by the international and U.S.financialregulators.
The final part draws conclusions on the studies of the paper and provides suggestions on howfinancial innovations should be dealt with.
引文
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1. Federal Housing Finance Agency: http://www.fhfa.gov/
2. Federal Reserve Bank of Richmond: http://www.richmondfed.org/
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①Schumpeter, Joseph A., Business Cycles: A Theoretical, Historical and Statistical Analysis of the CapitalistProcess (New York Toronto London: McGraw-Hill Book Company, inc.1939), P.84.
②Study Group of the Central Banks of the Group of Ten Countries, Recent Innovations in International Banking,Apr.1986, available at: http://www.bis.org/publ/ecsc01.htm, P.169
③World Economic Forum, Rethinking Financial Innovation: Reducing Negative Outcomes While Retaining theBenefits,2012, P.18.
①Tufano, Peter,“Financial Innovation,” in George Constantinides, Milton Harris&Rene Stulz ed., The Handbookof the Economics of Finance (Amsterdam: Elsevier Press,2003), Vol.1A, PP.307-335
②Frame, W. Scott&Lawrence J. White,“Empirical Studies of Financial Innovation: Lots of Talk, Little Action?”Journal of Economic Literature, Vol.42, No1(Mar.,2004), P.118
③White, Lawrence J.,“Technological Change, Financial Innovation, and Financial Regulation: The Challenge forPublic Policy,” in P. Harker&S. Zenios, ed., Performance of Financial Institutions (Cambridge: CambridgeUniversity Press,2000), PP.388-415
④Llewellyn, David,“Financial innovation: A Basic Analysis,” in Henry Cavanna ed., Financial Innovation(London: Routledge,1992), P.19
⑤Buckle, Mike&John Thompson, The U.K. Financial System: Theory and Practice (Manchester: ManchesterUniversity Press,1998),3rdEdition, P.48
⑥陈岱孙，厉以宁主编：《国际金融学说史》，北京：中国金融出版社，1991年版，第691页。
①Ibid, P.691
②弗兰克·J·法博齐，弗朗哥·莫迪利亚尼：《资本市场：机构与工具》第四版（汪涛，郭宁译），北京：中国人民大学出版社，2011年，第36页。
①Walmsley, Julian, New Financial Instruments(New York: John Wiley&Sons,1997,2ed. Edition), P.4
②
①Anderloni, Luisa, David Llewellyn&Reinhard H. Schmidt ed., Financial Innovation in Corporate and RetailBanking (Cheltenham: Edward Elgar,2009), PP.6-7
②Holland, Robert C.,“Speculation on Future Innovation: Implications for Monetary Control,” in William Silbered., Financial Innovation (Lexington: D.H. Health,1975), P.161
③Llewellyn, David,“Financial innovation: A Basic Analysis,” in Henry Cavanna ed., Financial Innovation
(London: Routledge,1992), P.25
④王爱俭：《金融创新与虚拟经济》，北京：中国金融出版社，2003年，第21页。
⑤Knight, Kenneth E.,“A Descriptive Model of the Intra-Firm Innovation Process,” The Journal ofBusiness,Vol.40, No.4(Oct.,1967), PP.478-496
①Tufano, Peter,“Financial Innovation,” in George Constantinides, Milton Harris&Rene Stulz ed., The Handbookof the Economics of Finance (Amsterdam: Elsevier Press,2003), Vol.1A, PP.307-335
②Greenbaum, S. I.&C. F. Haywood,“Secular Change in the Financial Services Industry,” Journal of Money,Credit and Banking, Vol.3, No.2(May,1971), PP.571–589.
①Ibid.
②Miller, Merton,“Financial Innovation: The Last Twenty Years and the Next,” The Journal of Financial andQuantitative Analysis, Vol.21, No.4(Dec.,1986), P.460
③Finnerty, John D.,“Financial Engineering in Corporate Finance: An Overview,” Financial Management, Vol.17.No.17(Winter,1988), PP.14-33
④Kane, Edward J.,“Microeconomic and Macroeconomic Origins of Financial Innovation,” in The FederalReserve Bank of St. Louis, Financial Innovation (Boston: Kluwer Nijhoff Publishing,1984), P.4
①Niehans, Jürg,“Financial Innovation, Multinational Banking, and Monetary Policy,” Journal of Banking&Finance, Vol.7, Issue4(Dec.1983), PP.537-551
②Silber, William L.,“The Process of Financial Innovation,” The American Economic Review, Vol.73, No.2(May,1983), P.89
①Silber, William L.,“Towards a Theory of Financial Innovation,” in William L. Silber ed., Financial Innovation(Lexington, MA: Lexington Books,1975), P.66
②Sylla, Richard,“Monetary Innovation in America,” Journal of Economic History, Vol.42, No.1(Mar.,1982),PP.21-30
①生柳荣，《当代金融创新》，北京：中国发展出版社，1998年5月，第24页
②Merton, Robert C.,“On the Application of the Continuous-Time Theory of Finance to Financial Intermediationand Insurance,” Geneva Papers on Risk and Insurance14, no.52(July1989), PP.225–262
①Ross, Stephen A.,“Institutional Markets, Financial Marketing, and Financial Innovation,” Journal of Finance,Vol.44, Issue3(July,1989), PP.541-556
①Dufey, Gunter&Ian H. Giddy,“Innovation in the International Financial Markets,” Journal of InternationalBusiness Studies, Vol.12, No.2, Tenth Anniversary Special Issue (Autumn,1981),PP.33-51
②Davis, Lance E.&Douglass C. North, Institutional Chang and American Economic Growth (Cambridge:Cambridge University Press,1971)
①Minsky, Hyman P.,“Financial Innovations and Financial Instability: Observations and Theory,” in FederalReserve Bank of St. Louis, Financial Innovation: Their Impact on Monetary Policy and Financial Markets,PP.21-41
①Greenbaum, S. I.&C. F. Haywood,“Secular Change in the Financial Services Industry,” Journal of Money,Credit and Banking, Vol.3, No.2(May,1971), P.572
②Niehans, Jürg,“Financial Innovation, Multinational Banking, and Monetary Policy,” Journal of Banking&Finance, Vol.7, Issue4(Dec.1983), P.537
③Llewellyn, David,“Financial innovation: A Basic Analysis,” in Henry Cavanna ed., Financial Innovation(London: Routledge,1992), PP.21-22
①Desai, Meghand&William Low,“Measuring the Opportunity for Product Innovation,” in Marcello de Ceccoed., Changing Money: Financial Innovation in Developed Countries (New York: Basil Blackwell,1988), PP.
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①Black, David,“Financial Intermediation and Financial Innovation in a Characteristics Framework,” in DavidBlack ed., Finance: A Characteristics Approach (London&New York: Routledge,2000), PP.35-55
②Merton, Robert C.&Zvi Bodie,“A Conceptual Framework for Analyzing the Financial Environment,” inDwight B. Crane et al., The Global Financial System: A Functional Perspective (Boston: Harvard UniversitySchool Press,1995), PP.3-31
①Ibid, PP.12-16
②Merton, Robert C.,“A Functional Perspective of Financial Intermediation,” Financial Management, Vol.24,No.2, Summer1995, PP.23-41
①Tufano, Peter,“Securities Innovations: A Historical and Functional Perspective,” Journal of Applied CorporateFinance, Vol.7, No.4, PP.90-104.
①Llewellyn, David,“Financial innovation: A Basic Analysis,” in Henry Cavanna ed., Financial Innovation(London: Routledge,1992), P.17.
②Horne, Van,“Of Financial Innovation and Excesses,”Journal of Finance, Vol.40, No.3(July,1985), PP.621-631
①Levich, Richard M.,“Financial Innovation in International Financial Markets,” in Martin Feldstein ed., TheUnited Stated in the World Economy (Chicago: University of Chicago Press,1988), PP.215-277
②Ford, James L.&Andrew Mullineux,“Financial Innovation and Monetary Aggregates in the UK,1977-93” inAndrew Mullineux ed., Financial Innovation, Banking and Monetary Aggregates (Cheltenham: Edward Elgar,1996), PP.13-38
③Gurley, John G.&E. S. Shaw,“Financial Aspects of Economic Development,” The American Economic Review,Vol.45, No.4(Sep.,1995), PP.515-538
④Tufano, Peter,“Financial Innovation and First-Mover Advantages,”Journal of Financial Economics, Vol.25,Issue2(1989), PP.213-240
⑤Allen, Franklin&Douglas Gale, Financial Innovation and Risk Sharing (MA: MIT Press,1994)
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①Strnad, Jeff,“Taxing New Financial Products: A Conceptual Framework,” Stanford Law Review, Vol.46,No.3(Feb.,1994), PP.569-605
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②Lane, Philip R.&Gian Maria Milesi-Ferretti,“The External Wealth of Nations Mark II: Revised and ExtendedEstimates of Foreign Assets and Liabilities,1970-2004,” Journal of International Economics, vol.73(Nov.,2007),PP.223-250
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①Seligman, Joel,“The Obsolescence of Wall Street: A Contextual Approach to the Evolving Structure of FederalSecurities Regulation,” Michigan Law Review, Vol.93, No4(Feb.,1995), PP.649-702
①Willis, Parker B., The Secondary Market for Negotiable Certificates of Deposit, U.S. Board of Governors of theFederal Reserve System,1967
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①Cooper, Ian,“New Instruments: an Overview,” in Ian Cooper et al, New Financial Instruments, London:Chartered Institute of Bankers,1987
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3.[美]本杰明·格雷厄姆、戴维·多德：《证券分析》（邱巍、李春荣、黄铮译），海口：海南出版社，1999年9月。
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1. Federal Housing Finance Agency: http://www.fhfa.gov/
2. Federal Reserve Bank of Richmond: http://www.richmondfed.org/
3. Federal Reserve Bank of St. Louis Economic Research: http://research.stlouisfed.org/fred2/
4. Federal Researve Statistical Release: http://www.federalreserve.gov/releases/z1/
5. Financial crisis inquiry commission: http://fcic.law.stanford.edu/
6. Fraser Annual Statistical Digest: http://fraser.stlouisfed.org/publication/?pid=7
7. IMF International Financial Statistics:http://elibrary-data.imf.org/FindDataReports.aspx?d=33061&e=169393
8. Internal Revenue Service：http://www.irs.gov/
9. Securities Industry and Financial Markets Accociation：http://www.sifma.org/
10. U.S. Bureau of Labor Statistics: http://www.bls.gov/
11. U.S. Census Bureau: http://www.census.gov/
12. U.S. Mortgage Bankers Association: www.mbaa.org/
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