金融危机中政府注资的国际经验及政策设计

The Internationl Experience and Policy Design of Government Injecting Assets during Financial Crises

对20世纪30年代以来世界主要金融危机中政府注资的研究表明:可信的注资政策、合理的金融工具设计、独立的注资管理和避免救助毫无前景的问题机构等一系列良好的工具和制度安排,是成功实施政府注资的前提条件;强健的政府债务管理和谨慎、严格的货币管理有助于控制政府注资的财政与货币风险,为政府注资目标的最终实现创造稳定的宏观环境。

Through researching the behaviors of recapitalizing distress institutions in the major financial crises since 1930s, this paper discloses that appropriate instruments and institution arrangements are the prerequisites for the success of government injecting assets, such as credible recapitalizing policy, suitable design of financial instruments, independent manangement of injecting assets and rejecting to rescue unpromising firms and so on. Robust government debt management and rigid monetary policy are useful to control the fiscal and monetary risks and build a stable environment to achieve the victory of government injecting assets.