现代金融危机与银行体系脆弱性

The Relationship between Modern Financial Crisis and Banking System Fragility

20世纪90年代以来,新兴金融市场的一些经济体发生的金融动荡呈现了一种现代新型金融危机的典型特征,即货币和银行危机相伴发生。大量研究表明,尽管各国或地区的经济环境千差万别,但任何一个经历了现代金融危机的国家在危机爆发前都存在不完善的银行体系。这些国家都面临着银行业重构的问题。中国尚未发生显性的银行危机,但是银行业的脆弱性也同样存在,面对新的国际金融环境,中国强化银行业的竞争力比金融自由化本身更为必要。

Since 1990's, the financial fluctuations occurring in the emerging financial markets are typical of financial crises in modern times. That is to say, the combination of currency crisis and banking crisis led to higher interest rate, capital flight and the contraction of real economy. In each country which has experienced financial crisis does exist the (non-perfect) banking system before the crisis. So all of them face the problem of banking reconstruction. The banking fragility does exist in China's banking system. Improving the competitiveness of China's banking industry is much more important than financial liberalization since we are now facing a new international financial environment.