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The Inherent Relationship of Financial Development and Financial Innovation with the Volatility of Business Cycle

机译:金融发展与金融创新与商业周期波动的内在联系

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There is inherent relationship between financial development, financial innovation and the volatility of business cycles. On the one hand, financial development and financial innovation increase the scale and activity of virtual economy, and improve the shortcomings of the financial market, enhance the financial market efficiency and reduce the risk of financial transactions, then reduce the volatility of business cycles consequently. On the other hand, financial development and financial innovations engender inherent financial risks, and increase the volatility of business cycles. We analysis the financial development and financial innovation mechanisms in the volatility of Chinese business cycles, and found that financial development and financial innovation is the important reasons of the stabilization of Chinese economic activity in recent years, we also find that irrationality financial development and financial innovation can cause the big financial crisis all over the world.
机译:金融发展,金融创新与商业周期的波动之间存在着内在的关系。一方面,金融发展和金融创新增加了虚拟经济的规模和活动,改善了金融市场的弊端,提高了金融市场的效率,降低了金融交易的风险,从而减少了商业周期的波动性。另一方面,金融发展和金融创新带来了固有的金融风险,并增加了商业周期的波动性。我们分析了中国经济周期波动中的金融发展和金融创新机制,发现金融发展和金融创新是近年来中国经济活动稳定的重要原因,我们也发现金融发展和金融创新的不合理性可能会在世界范围内引起巨大的金融危机。

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