资产价格波动与银行危机的一般均衡分析模型的改进

Revision of General Equilibrium Model in Analysis of Asset Price Fluctuation and Banking Crisis

当代银行危机的发生越来越和各种资产价格的剧烈波动复杂地交织在一起,难以预测和控制。世界银行的Peter探讨资产价格波动与银行脆弱性二者双向的互动机理,提出了一般均衡模型,找出连接二者的主要因素。他认为在资产价格下降和银行危机之间存在一个间接、非线性和涉及反馈的过程。但我们认为这不完整,我们认为在资产价格下降和银行危机之间存在两个反馈过程,一个是直接作用于银行资本的即时过程,另一个是Peter所谈的间接过程。

Banking crisis is more and more associated with violent asset price fluctuation, which is difficult to predict and control. Scholar Peter from World Bank presents a general equilibrium model to describe the interaction between asset price fluctuation and vulnerability of banks. The article proposes different opinion from Peter＇s.