金融危机生成与扩散机制分析

Analysis on the Formation and the Contagion Mechanism of Financial Crisis

早期金融危机生成机制分析强调的是经济周期变化使企业经营状况恶化,进而导致金融体系不稳定。现代金融危机生成机制分析注重的是投机冲击和金融体系脆弱等因素的作用。美国次贷危机由房地产泡沫、房贷市场风险、房贷资产过度证券化和金融监管失灵等因素共同促成。金融危机一经发生,就会在货币市场、资本市场和银行体系传导扩散,造成金融市场动荡乃至经济衰退。对金融危机生成和扩散机制进行分析,从中吸取经验教训,对维护金融稳定具有现实意义。

Early analysis on the formation mechanism of financial crisis emphasizes that the change of economic cycle deteriorates management conditions of enterprises, which further leads to the instability of the financial system. Modern analysis on the formation mechanism of financial crisis emphasizes the function of the elements such as speculation lash and the fragile of financial system. Subprime lending crisis in the U. S. is caused by many elements including the real estate bubble, market risks of house loan, over securitization of house loan assets and the failure of financial regulation. Once the financial crisis happens, it spreads in monetary market, capital market and the banking system, and leads to the turbulence of financial market and even economic recession. It is practically significant to get more experience by making an analysis on the formation and the contagion mechanism of financial crisis to maintain the stability of finance.