【摘要】 本文从20世纪80年代以来金融危机的不同特性对比分析入手,对衍生工具在金融危机中作用的二重性进行了研究。指出衍生工具除了具有引导资金从发达资本市场向发展中经济流动过程中的建构性作用,同时在诱导金融危机的发生和加剧方面还具有助动性作用。从衍生工具的产生和发展,降低了经济运作的透明度、削弱了金融管理当局的监管、威胁到固定汇率体系的稳定性、提高了系统风险和感染风险、进而加速并深化危机等不同角度,对衍生工具在金融危机中的负面作用作了较为具体的论证。更多还原

【Abstract】 Based on the comparative analysis of various features of the financial crises since the 1980s,this article conducts researches on the duality of the roles of derivative instruments in financial crisis.It points out that they not only play a constructive role in guiding capital to flow from the developed capital markets to the developing economies but also have a pushing effects on driving financial crises to break out or be even worse.This article provides detailed proofs on the negative effects of derivative instruments on financial crisis from different perspectives:the formation and development of derivative instruments reduces the transparency of economic operation,weakens the supervision of the financial authorities,threatens the stability of fixed exchange rate system,increases systematic risks and infection chance,and as a result,further deteriorates crisis.更多还原