Abstract: At the early part of China reform,financial innovation affects the economy faintly because of less new substitutable assets and single structure. With the reform going on,trending factors will affect the economy more greatly while institutional factors more weakly. After entering WTO,with the entry of foreign banks and marketizing of interest rates,our financial innovation is increasing and will be the important topic for instability of money demand.

Key words: financial innovation, money demand, stability

摘要： 在中国改革开放的初期,由金融创新而导致的新型替代资产较少,金融资产结构较为单一,金融创新对经济的冲击效应往往不很显著。但是,随着改革的推进,当改革达到较高的程度后,制度因素虽然仍会起作用,但其效应有可能减弱,一般趋势性因素的冲击效应有可能增强。我国加入世界贸易组织后,随着外资银行的进入,金融业竞争的加剧,以及利率市场化的实质性推进,我国金融创新的步伐和水平明显提高,金融创新作为一种趋势性因素将成为货币需求不稳定性研究的重要内容。

关键词: 金融创新, 货币需求, 稳定性