Financial Development And Institutional Innovation

With the progress of China's further reform and opening up, China's economy is increasingly emerged into the stream of the world's economic development. It is an important historic task for every economic theoretician to make use of the latest research results of modern western economics to study and solve the new problems in China's reform and opening up process. In view of the development history and tracks of the world economy, the developments of different social political and economic formations and systems all have their own internal historic and logic connections, i.e. historic inheritability. Such inheritability reflects the common features of the development of production technology and the common features of human practices. In the meanwhile, different social economic systems can be used for references. The main purpose of this thesis is just to make use of the reasonable connotations and theoretical methods of the New System Economics to study the system factors, system defects and system obstacles in China's financial development, and how the systems and the system arrangements interact with the economy and finance. It also attempts to explore the topic of China's financial system innovations, and explicitly points out that the fact that China's financial reforms lag behind the economic reforms is mainly caused by the lag in the reforms of the financial systems. This topic also shows the research in the financial system innovations and is very important for a country with the obvious characteristic of one ystem? This thesis is developed around the following issues: Firstly, this thesis, from the interactions and relationships between economic developments and systems, between financial developments and financial systems, introduces the topic and purpose of the research, i.e. systems have an indispensable role in economic developments. This thesis attempts to make use of the theoretical principles of the System Economics to study China's financial systems and their features, and the theoretical and practical significance for China's current development of the changes and innovations in the financial systems,. This is not only the objective necessity of financial developments, but also where the functions of financial systems lie in. Generally speaking, according to their different research targets, economics are classified as different types of economic theories. The theories that are targeted at the material contents of social economic behaviors and the relationships between the mankind and the nature constitute the economics in the sense of productivity. The theories that are targeted at the sociality of social economic behaviors and the relationships among the human beings constitute the system economics in the sense of production relations. The development history of the human society and the economic developments of various countries have fully demonstrated that social progresses and economic developments are not only influenced and restricted by such economic factors as production elements and the conditions of resource allocation in the sense of productivity, but also deeply influenced by systems and the arrangement and changes of systems in the sense of production relations to a large extent. Therefore, more and more economists have kept their eyes on the interactions between economic development and system choice, and have formed different theoretical branches and theoretical systems in different economic fields. In view of the practices of China's reforms and opening up in the past...