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The impact of financial innovation on monetary policy

2019-11-04 来源: 51Due教员组 类别: Essay范文

下面为大家整理一篇优秀的essay代写范文- The impact of financial innovation on monetary policy,供大家参考学习,这篇论文讨论了金融创新对货币政策的影响。金融创新所指的是金融领域中各类金融基本元素的新组合,即金融机构为了生存与发展、满足客户需求、新金融交易还有市场的兴起而创造的一些金融产品。金融创新极大地使金融工具类型变得更为种类繁多,流通货币也发生了一系列变化。在某些实体的经济中,流通现金数量在数字现金的作用下会使得货币市场的份额慢慢减少,数字现金将慢慢地普及,各种结算临时的存款会逐步转换成数字现金的形式。

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With the rapid growth of the socialist market economy, China's financial and monetary industries have experienced great development. However, financial innovation has played an irreversible role in the formulation of monetary policies. We need an in-depth analysis of this problem.

In contemporary society, the rapid development of financial innovation and the emergence of various emerging financial products and tools have subtly changed China's domestic monetary policy. Such influences will also further promote the rapid development of China's monetary policy and point out its shortcomings. The challenge now is how monetary policy deals with the impact of financial innovation at this stage, which is a very urgent problem.

Financial innovation refers to the new combination of various basic financial elements in the financial field, that is, some financial products created by financial institutions in order to survive and develop, meet customer needs, new financial transactions and the rise of the market. Financial institutions include four aspects: the main body of financial innovation is financial institutions; the purpose of financial innovation is profit and efficiency; The real essence of financial innovation is actually an important combination of basic elements of finance. Financial innovation is embodied in the renewal of financial institutions, financial services, financial instruments and financial system.

As an important and effective macro-control tool, monetary policy plays an important role in promoting stable macroeconomic growth and ensuring monetary stability. However, with the slow development of financial innovation, the internal relationship between money and macro economy, the actions of various financial practitioners and even all financial systems have undergone tremendous changes, and the effects of monetary policy have been constantly weakened. The traditional monetary policy has lost its major premise and solid foundation. From a small perspective, monetary policy USES various tools to regulate the supply and interest rate of currency, thus gradually changing macroeconomic policies and the economic development purposes of central Banks. To a large extent, it is a series of measures taken by the government and the central bank as well as relevant departments on the impact of financial variables. For the central bank, if it wants to achieve the monetary policy goal, it must first achieve the intermediate goal, that is, make some adjustments and control intermediate variables to truly achieve stable economic growth, such as the basic currency, the supply of currency, interest rate and the value of stocks.

Financial innovation greatly made the types of financial instruments become more diverse, and a series of changes took place in the circulation of money. In some physical economies, the amount of cash in circulation will gradually reduce the share of the money market under the action of digital cash, and digital cash will be gradually popularized, and all kinds of settlement temporary deposits will be gradually converted into digital cash. Therefore, it is not difficult to find that financial innovation has a huge impact on the velocity of money circulation. Under the influence of digital cash, the cash loss rate also starts to decline. The emergence of financial assets replaced by digital cash began to squeeze the proportion of cash in currency, and the excess reserve rate of currency began to fall, which is the tight reason for the slow flow of capital. In general, digital cash and time deposits in the flow are very liquid, so it is difficult to replace them in a relatively short time.

With the development of the economic system, the reform of the financial system and China's entry into WTO have strengthened the objective requirements of financial supervision. The main state-owned commercial Banks in China's financial industry are facing the transformation of physical commercial Banks. According to the operation of modern commercial Banks, commercial competition and operational risks will become a prominent reality. This definition makes it difficult to separate money as money from money as capital. At present, money is not only a number of cash and deposits, but also refers to some of the digital information that we do not see in reality and store in computers and disks, which is also money. Such types of money as credit CARDS and ants are a form of commitment. Deposits and loans will also be affected by a lack of access to core customer information and transaction data resources. It is because of the continuous flow of financial innovation that central Banks have a loophole in the actual situation of monetary information. Some new financial business is not difficult to survive, financial markets in a variety of innovative activities brought financing, expansion, so the overall measurement of the amount of money is really difficult.

At present, regulatory authorities have not yet developed a unified regulatory business process, and the task of summarizing reports and collecting data is relatively heavy. All kinds of on-site and off-site supervision methods can only obtain scattered information in some aspects, and the processing and analysis of regulatory information is basically still in the original state. The risk situation can only be judged by the problems directly reflected by the original information, but the potential problems can not be excavated through the judgment of the original information. Third, the regulatory approach can not meet the needs of business development. For example, some Banks in China have opened online banking services. The rapid development of electronic money and online banking has challenged the content and methods of China's financial regulation. However, the People's Bank of China has no specific regulatory measures. At present, not only cash is money, but also bank passbooks are money, and even the electronic signals on computer memory and magnetic CARDS are money. Despite central Banks' attempts to strictly define the money supply and classify different amounts of liquidity, the proliferation of financial innovations has rendered such efforts useless.

Financial innovation is actually the product of the rapid growth of the financial market. Against the background of economic and financial globalization, the goal and concept of bank supervision should keep pace with The Times and accelerate innovation and improvement. The primary task of bank regulation should be to be accountable to the public and protect the legitimate rights and interests of creditors and investors. Attention should be paid to establishing a sound legal framework and institutional environment to promote its legal operation and maintain the liquidity of bank funds, instead of concentrating on urging and assisting commercial Banks to lend. Therefore, people are more inclined to increase the non-monetary financial assets, thus putting forward the trend of the decline in the return of money demand in the financial market. The emergence of financial disintermediation leads to direct transactions between supply and demand in financial activities, and the role of bank financial intermediation gradually weakens, which is the so-called phenomenon of "disintermediation". It can be seen that, under the continuous action of financial innovation, the market's demand for traded currencies is gradually declining.

The flexibility of interest rates reflects the impact of interest rate changes on asset liquidity. Under the effect of financial renewal, the securities market grew rapidly, financial integration kept advancing, and the interest rate elasticity changed significantly. In one direction, capital mobility is enhanced and the efficiency of the capital market is significantly improved. After people reach a certain income level, they will gradually reduce their capital business, so their idle capital balance will increase, and their opportunity cost will increase. As its scope of action increases, the elasticity of market money interest rate will also increase. Therefore, we should constantly improve the bank, improve the basic work of the bank, strengthen the cooperation at the international level and improve the level. Only in this way can China's financial model become better and better.

In the currency market concentration, the most basic prerequisite for the orderly and constant operation of the central bank and commercial deposits is to have an absolutely large currency market. In the traditional trading mode, both the supply and demand of capital rely on the capital platform of commercial Banks to transfer funds, and this market is absolutely orderly. In the case of unstable currency market, monetary policy is not easy to play and central bank supervision is not easy to operate. Commercial Banks should continue to dig deep into traditional corporate customers and expand their traditional advantages by providing more diversified services and expanding the scale of potential customers. This objective requires indirect and comprehensive regulation measures to provide a market basis, and the use of the central bank's market system to accelerate the pace of the construction of the currency market, in order to maximize the effectiveness of the central bank's currency policy. China's interest rate liberalization is still in progress. With the gradual liberalization of interest rates, the interest rate spreads of China's commercial Banks have been narrowing year by year.

At the same time, credit restraint mechanism and incentive mechanism should be strengthened. Accurately deal with the contradiction between the public commercial bank's financial hazard prevention and financial replacement in the reform, fully support the industry, enterprises and products with development prospects and market demand, and it is responsible for blindly issuing loans to the harm and consistent loan institutions. Attention should be paid to establishing a sound legal framework and institutional environment to promote its legal operation and maintain the liquidity of bank funds, instead of concentrating on urging and assisting commercial Banks to lend. This is the only way to deal with the credit crunch and sound policy between the contradiction between. At the same time, the influx of foreign financial institutions makes the types and number of financial institutions and credit rapidly expand, financial transactions will be more and more active, financial products will be more and more abundant. While promoting the growth of small and medium-sized financial organizations, we will relax market access for small and medium-sized financial organizations and come up with a series of new measures and incentives.

At present, the People's Bank of China sets benchmark interest rates for bank deposits and loans, and the degree of interest rate liberalization is relatively low. Such non-market interest rate restrains the efficient implementation of macro-financial control measures and makes the interest rate elasticity of the money market limited, which is not conducive to adjusting economic structure, optimizing resource allocation and weakening the influence of interest rate transmission on monetary policy. Therefore, it is necessary to constantly improve the interest rate structure, accelerate the reform of interest rate liberalization, and form the interest rate formation and transmission mechanism based on the supply and demand of capital in the market and the interest rate in the money market under the guidance of the benchmark interest rate of the central bank.

The lack of flexible exchange rate system is an important factor restricting the effectiveness of China's currency policy under the premise of open economy. The primary task of the improvement is to gradually loosen capital controls, gradually loosen the fluctuation range of the currency exchange rate, improve the market system formed by China's exchange rate, allow limited capital flows and promote a relatively balanced exchange rate. We will transform from basic to development, and support commercial Banks to develop from simple product innovation to property right system innovation, organizational system innovation, management system innovation and market structure innovation.

From the emergence of currency to the appearance of financial derivatives, financial innovation has brought about extraordinary development for the financial industry economy every time. The speed and trend of the development of Internet finance is very fast, and its influence on commercial Banks is also growing, which has become an important factor affecting the operation of commercial Banks. China has promulgated nearly one thousand financial laws and regulations, laying a good legal foundation, but the key problem is how to be as standardized and flexible as a market economy country in the specific implementation process. Commercial Banks need to re-examine the connection with Internet finance and look for market development opportunities in the new environment.

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