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Published in:
2015 | OriginalPaper | Chapter
79. Application of Man–Machine–Environment Systems Engineering in Financial Innovation and the Transition of Central Banks
Authors : Yinying Huang, Zhihao Hu
Published in: Proceedings of the 15th International Conference on Man–Machine–Environment System Engineering
Publisher: Springer Berlin Heidelberg
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Abstract
To analyze the financial innovation and the transition of central bank, the research framework of man-machine-environment system engineering (MMESE) on this field is proposed in this paper. The main conclusions are: central banks (“man”) needs to comply with the long-term trend of marketization of financial market (“environment”), to change its temporary and passive crisis aid system afterwards into active continuous innovation of monetary policy tools (“machine”), and policy transmission mechanism (“machine-environment relationship”). With breakthrough in its traditional function, the central bank can create a new “man-machine-environment system” to control financial risk and ultimately achieve its “safety, efficiency and economy” objectives.