金融体系脆弱性问题研究述评

A Commentary on Research about Fragility of Financial System

自从20世纪70年代以来,金融体系脆弱性问题被确立为金融学的研究对象,受到了各国政府和学者的关注,研究的内容主要有金融脆弱性的形成机理和度量方法。关于金融脆弱性的形成机理,经济基本面恶化观从宏观经济周期的角度进行了分析;"太阳黑子"观从微观角度即市场参与主体角度进行了分析;综合改进观实际上是前两种观点的糅和,其它观点则从信息经济学、行为经济学以及制度与政策层面等角度进行了分析。金融脆弱性的度量方法有两类,即零散指标度量法和指标体系综合度量法。

Since it has been treated as a financial research object from 70s of 20th century, financial fragility absorbs many attentions of governments and scholars from all over the world. The research subjects involve the born mechanism of financial fragility, the measures of financial fragility and so on. The born mechanism of financial fragility includes the economical fundamentals worsening view which analyzes it from the aspect of macroeconomic cycle, the sunspots view which analyzes it from micro- aspects, the improved comprehensive view which combines the former two views, and other views which analyze it from lots of aspects such as information economics aspect, behavior economics aspect and so on. The measures of financial fragility mainly include two types, namely, single indicator measure and indicators system measures.