技术创新、金融市场泡沫与金融制度的适应性效率

金融市场对于技术创新的重要性是不言而喻的。但金融市场的发展不可避免地会产生泡沫。严重的泡沫会导致金融市场的崩溃,从而对经济增长造成灾难性的后果。政府对金融市场泡沫的不同干预方式又会将金融市场锁定在不同的发展路径。我们发现,政府的角色十分关键,金融市场的发展,一方面需要政府的良好执法来建立竞争性市场秩序,并降低既得利益集团对金融市场创新的阻挠;另一方面,又需要避免政府过多的行政干预所导致的对投资者权力的破坏。只有这样,才能有效地将泡沫效应转化为推动金融市场创新的原动力。

Technology Innovation, Bubble in Financial Market and Adaptive Efficiency of Financial Institution

This paper employs three concepts such as "bubble,path dependence and adaptive efficiency" to analyze financial market development based on retrospection of its history all over the world.We find that government play a critical role that government is needed to construct competitive market order by good rule of law in financial market development and decrease the intervention of vested interest to financial market innovation on the one hand,also to lower its destruction to investor's rights on the other hand.Only doing this can bubble effect be transferred to force of financial market innovation.