美国金融模式的不稳定性：基于次贷危机的反思

Instability of the U. S. Financial Model:Reviews Based on the Subprime Crisis

直接融资和间接融资的高度融合以及复杂化的金融创新,是当前美国金融模式的核心特征。对次贷危机的分析表明:美国金融模式在风险转移和克服信息不对称方面具有优势,因此高风险且信息严重不对称的金融交易容易在此达成;美国金融模式将风险以高度流动和复杂化的方式分布于关键金融市场——货币市场,这使得金融危机具有腐蚀性,并难以根治;美国金融模式对风险管理提出了巨大挑战,风险控制的改进效力不容高估。

The combination of direct financing and indirect financing, in addition to complex financial innovations, are key features of the US financial model. An analysis this model shows that it is structured in such a way that permits excessive risk transfers, as well as tolerates asymmetrical informa tion distribution in the market. Thanks to this ＂uniqueness＂, the US system offers an environment conducive to the settlement of many financial deals that suffer from such deficiencies. These accumulated risks and hazards are then channeled into the money market via a myriad of complex financial products that are highly liquid and mobile. The end result is the formation of a confusing web of financial linkages and dealings where each node is tied to all others; not only is this web difficult to untangle in times of crisis, the failure of one could well mean the failures of all others, or in other words, causing a fi nancial ＂chain reaction＂. The spread and persistency of the current subprime crisis is a clear manifestation of such a system failure. The US financial mod el thus poses an enormous challenge to financial risk management, and those risk control measures that have been implemented so far may not be adequate at addressing the roots of these systemic problems.