Financial Innovation and Legal Reform

Author: Lu Zefeng
Publisher:
Publish Date: 2000-01-01
Features: This book comprehensively applies economic and legal theories, employing research methods such as structural analysis, historical analysis, comparative analysis, and empirical analysis to systematically explore the transformation of financial law under the influence and impetus of financial innovation. The book consists of seven chapters. Chapter 1 defines the main concepts, theoretical foundations, and research methods of this book. It advocates a broad understanding of financial innovation; points out that the structure of financial law should consist of three parts—monetary policy, financial regulation, and financial private law—and proposes the economic and legal theories upon which this book is based. Chapters 2 and 3 study the relationship between financial innovation and financial law in general. They elaborate on the theory and practice of financial innovation and its development, conducting economic and legal analyses; explain the evolution of financial law from the perspective of financial innovation. Chapters 4, 5, and 6 respectively discuss the structural transformation of financial law under the influence and impetus of financial innovation. From the perspectives of domestic and international law, they analyze the impact of financial innovation on monetary policy, financial regulation, and financial private law; point out that the essence of money is a legal product that embodies public will, and that the central bank should be an independent institution responsible for implementing monetary policy; compare and analyze the basic systems of financial regulation, proposing the impact of banking and securities integration on regulatory structures; introduce and evaluate the "Core Principles for Effective Banking Supervision"; highlight the necessity of reforming financial private law; and elaborate on the trend toward international unification of financial private law. Chapter 7 discusses the current status and characteristics of financial innovation in China, as well as the achievements and shortcomings of China's financial law, proposing directions for the transformation of China's financial law.