In 1970s, the situation of the world economy changed revolutionanly, the development of science and technology, the improvement of computer, oil crisis and the emergence of oil dollars, the birth of Eurocurrency Market, the surplus of capital in developed countries, production and market globalization, the advancement of international financial markets, the crash and reestabhshment of international monetary system, the world wide financial deregulation, new-conservatism and economic liberalization , pushed the tide of financial liberalization world-wide spreading.
The rapid expansion and the fast development of financialderivatives have become the most apparent and important characteristicof contemporary international financial markets.
After the entry to WTO, domestic finance institutions have to implement finance innovation and adopt mix operation in order to participate in international finance market and compete with foreign institutions.
"Option" is considered to be a successful example of pioneering practice in international finance market of the 20th Century. At the same time, it inserts the development of financial and banking theory with vigor and vitality.
With the course of financial globalization and international financing market incorporation speeding up, our enterprises' financing from home and international money market presents more multiplicity and more multi-level tendency.
As one constitutive financing way, Asset-securitization is one of the greatest influence finance innovations internationally in the recent 30 years, and it is acting the more and more important role in the developed country and the international money market.
The improvement of information technology promotes the development of international money market, and Establishing and perfecting the legal order of international money market becomes the basic requirment in internationalizing finance.
At present in the China commercial bank credit risk management has the certain problem and the flaw,which causes Chinese the commercial bank to be at the disadvantageous position in the participation international money market competition.
We find that a hump-shaped effect of a monetary policy shock on output is likely to result if the model features a "catching-up with the Joneses" effect, pricing-to-market behavior of firms, and imperfect international financial market integration.
This system faces various adjustment challenges - from international financial market integration to EU regulatory harmonization - but it has thus far managed to adapt while sustaining its core functions.