FINANCIAL INNOVATION AND THE MANAGEMENT AND REGULATION OF FINANCIAL INSTITUTIONS
FINANCIAL INNOVATION AND THE MANAGEMENT AND REGULATION OF FINANCIAL INSTITUTIONS
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DOI：
10.1016/0378-4266(94)00133-n
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发表时间：
1995-06-01
影响因子：
3.7
通讯作者：
MERTON, RC
中科院分区：
文献类型：
--
作者：
MERTON, RC
新的安全设计、计算机和电信技术的改进以及金融理论的进步导致了金融市场和机构结构的革命性变化。本文提供了一个关于制度变迁动态的功能视角，并使用一系列例子来说明可能发生的制度变迁的广度和深度。这些例子强调了套期保值与权益资本在管理风险方面的作用、风险核算的必要性以及执行监管和稳定公共政策的方法的变化。
New security designs, improvements in computer and telecommunications technology and advances in the theory of finance have led to revolutionary changes in the structure of financial markets and institutions. This paper provides a functional perspective on the dynamics of institutional change and uses a series of examples to illustrate the breadth and depth of institutional change that is likely to occur. These examples emphasize the role of hedging versus equity capital in managing risk, the need for risk accounting and changes in methods for implementing both regulatory and stabilization public policy.