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金融危机对中国的金融衍生市场的启示 Inspirations of China’s financial derivative market from the financial crisis

Abstract

This paper starts with analysis why the U.S. sub-prime crisis had been caused, which mainly describes the inspiration of the U.S. sub-prime crisis to the development of China's financial derivative market, reveal that China should actively promote the prudent financial derivatives innovative mechanisms; should actively introduce foreign financial derivatives pricing mechanisms; should strengthen regulatory mechanism of financial institutions of financial derivatives; and speed up China's financial derivatives in the legal system. This essay points some reasonable proposals on the development of China's financial derivatives market. 
Seeing from the U.S. sub-prime crisis, the U.S. regulation of financial derivatives market is not able to anticipate crises, and less obvious effects of response measures, regulatory objectives could not very well coordinated, international coordination more difficult issues. Financial derivatives improve the capacity of financial institutions to avoid the regulation, the complexity of the derivatives increased the difficulty of regulation, and which encourages speculation and makes the regulation increasingly cross national boundaries. China's development of financial derivatives market should take a cautious attitude and approach, should increase investors’ Education and personnel training , focusing on innovation in financial derivatives business and the market leaders, and should strengthen international supervisory cooperation.
 
Key words: financial derivatives; the financial derivatives market; government regulation; sub-prime crisis; self-regulation; international cooperation

1       Introduction
1.1  Background and significance of the research
The financial crisis in 2008 is considered to be the largest in scale and the most in severity ever since the Great Depression in 1929. As known to all, the fundamental reason bringing about this financial crisis is complex and incisive. At the moment, we temporarily attribute the crisis to the real estate bubble resulting from incomplete regulation. When the bubble burst, the financial crisis broke out. While the twenty percent declining rate seemed not to be the main reason that bankrupted Bear Steams and Lehman Brothers or reduced AIG to be head over heels in debt. It couldn’t make the entire US economy keep declining sharply even after the US Government announced a great amount of bailout. Through the researches, we can find out that many financial derivatives were designed to be too complicated and the misuse of these products leaded to the Sub-prime Mortgage Crisis. It became the direct cause for killing so many financial top notches, then pulling down the entire American economy, and finally bursting out the global financial crisis.
China is not affected by the crisis that likes western countries because the opening degree of China’s financial market is still low and the development of financial derivatives is lagged behind for the moment. But the severity is huge enough to alert us. With the gradual integration of world economy, our financial market will flourish in the near future for sure, and different types of new financial derivat本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。