资产价格波动与银行系统稳定

Asset Prices Fluctuation and Banking System Stability

有关金融危机的理论研究表明,资产价格波动与银行脆弱性之间存在很强的相关性。资产价格波动主要通过信贷风险渠道、市场风险渠道、经纪业务收入渠道、为附属机构注资的风险渠道及“第二回合”渠道等传导渠道影响到银行系统的稳定。发生在斯堪的纳维亚和日本的银行危机证明,资产价格剧烈波动确实会造成严重的银行问题,所以为维持银行系统的稳定,监管当局应该密切关注资产价格可能出现的剧烈下跌对银行部门可能产生的风险并采取应对方法。

The main purpose of this article is to investigate the relationship between asset prices fluctuation and banking system stability. The literature concerning the financial crises show that asset price volatility and banking fragility have strong correlation . The main transmission channel through which banks would be affected by asset prices volatility is that such as credit risk channel, market risk channel, reduction in commission income channel, subsidiaries re- capitalisation channel and the ＂second - round＂ channel . The banking crises happened in Scandinavia and Japan also prove that sharp asset price fluctuation should pay more attention to can really cause serious the possible risks for the banking banking problem, so the supervisory authorities sector of sharp changes in asset prices and take a number of actions for the benefit of preserving banking system stability.