The prevention and dissolving of financial risk in the course of financial globalization
华东理工大学商学院
摘要：在全球金融化的进程中，金融活动在全球范围内得到扩展和深化，同时每个金融主体也面临着不同程度的风险，很多因素都可能加强金融风险，其中包括人为因素和系统因素。而包括中国在内的发展中国家在抵御可能的风险方面能力较弱，所以我们更加需要采取正确并积极的方式来抵御金融风险。
关键词:金融全球化金融风险防范
Abstract:Financial globalization is a process that the financial activities are expanding and deepening in global scope.During this course,every financial subject is facing risks of different levels,and many factors including human and system ones may lead to the enhancement of financial risks.Developing countries like China are weak in withstanding the possible risks,so we need to take right and positive approach to prevent the financial risks.
Key words:financial globalizationfinancial riskprevention
Financial globalization is a double-edged sword,and its negative effects are that it impacts the existing financial system and changes the financial operations and management mode.This process contains tremendous financial risks,which increase the financial fragility in all countries.Under the financial globalization,financial risk is increasing,thus both developed and developing countries are facing greater risks and challenges.While developing countries have weaker resistance to financial risk and crisis than developed ones do,thus more vulnerable to the threat of the risk.If we China can take the correct preventive strategy meeting the challenge actively,we can seize the opportunity to achieve maximization of positive effects of financial globalization.
First,The connotation of the financial globalization
Since the 1990s,with the development of information technologyin financial globalization,the process of globalization has developed rapidly.Financial globalization is the financial activities that subject of the financial engaged in,and it is a expanding and deepening process in global scope.（Zhengyan,2006）
It mainlypossesses such several characteristics
1,the development of information technology provides technological channel for financial globalization.Along with the Internet technology maturing,and the electronic currency,network bank and online transactions spreading around the world,global financial markets are connected as whole,and financial market homogeneity rises further.
2,financial innovations rise up endlessly.The need to meet the new technology conditions of competition and to avoid restrictive regulations and risks brought up financial innovation.These included innovation of both system and tools,such as credit system,equity derivatives and so on.
3,regional currency is during its globalization.The US dollar is still dominant in the current international monetary system.As valuation units,it is a common scale measuring countries’ economic strength,and one of main valuation currencies of the international commodities markets.
Second,The understanding of the financial risk
Financial risk has become increasingly concentrated social risks with the biggest impact.The concentration of financial capitals,also make its manipulation factors and speculation mean more powerful.
Without the support of industrial capital,the uncertainty of financial capital operation and risks will be bigger.Once this concentration is accumulated to a certain degree,the risk will influence and even greatly destroy entity economic efficiency,and the entire social life order.
One-sidedly taking financial liberalization and financial market internationalization to drive the economy development,has made great conflicts and frictions between the highly market financial system and the entity economy with lower marketization.The growing uncertainty caused by this system factors,makes potential hazard of financial turmoil and crisis the financial risks,which include credit risk,policy risk,risk management and crime risk.
Third,prevention and dissolving of financial risks
1,China should maintain the balance of international payments and stability of exchange rate,while raising the level of opening up.Now China should maintain the balance of international payments,also strengthen the management of foreign exchanges,and improve opening up in the financial industry.（Zhao Haijun） In addition,this opening up should be adapt to the regulatory level,including strict master of the market access conditions,and the introduction of financial institutions with good credits,strong abilities and high management levels.
2,China should establish monitoring system of capital flow risk.This system should include policy and monitoring system of capital flow risk control.（Zhengyan,2006） Main function of establishing policy system of capital flow risk control is to reduce the negative impact of international capital flows by using policy tools including the anti-periodic measures,and capital controls.In addition,China should continue to adopt prudent debt policies,and take effective measures to control foreign debt risks,measures including perfecting enlending mechanisms,and strengthening the serving of foreign debts and risk control.
3,China should strengthen financial supervision,rectify financial order,and improve social credit.Effective prevention of financial systemic risk needs further improving of financial regulatory system,and realizing the change from administrative regulation to regulation according to law.China needs to strengthen the monitoring of systemic financial risks,and continue the anti-money laundering work to establish the effective mechanism to crack down on money laundering.
Fourth,conclusion:
Financial globalization not only for the modernization of China provides a rare opportunity and also provides useful warning,which reminds us to face the existence of financial risks,and to be careful in designing Chinese financial opening strategies.Only under this circumstance can China realize its own interests and avoid disadvantages in the process of globalization to realize the maximization of benefits.
References
Zhengyan: 2006,Financial risks and China"s financial safety in the course of Financial globalization （Finance and Economy,2006（5）,20-23）
Zhao Haijun:What"s controlling China"s Economy（责任编辑：梁天梅）