金融脆弱性的深层剖析与政府对金融危机的根治

The Deep Analysis on Financial Fragility and the Government's Fundamental Solution of Financial Crisis

金融脆弱性是金融业的本性,是由于"逆向选择"、"道德困境"等因素引发流动性不足而产生的。美国次贷危机引发的金融脆弱性导致了全球性金融危机,动摇了混合经营的金融体系,极大地冲击着美国社会经济,是自1929年以来破坏力最强、波及面最广、政府救助额度最大、金融机构倒闭最多的一次金融危机。通过微观金融机构脆弱模型的建立,探索流动性萎缩导致金融危机的生成机理,从而论证,针对金融危机,政府的救助在推动金融经济发展中起着关键性作用。

Financial fi-agility, the nature of finance, energes because of the lack of liquidity which is generated from the factors such as ＂adverse se- lection＂ or ＂moral dilimma＂. American subprime mortgage crisis is a financial crisis with the most destructive effects, the most widely covers,the largest amount of government aid,the maximum financial institutions collapse after the financial crisis in 1929. It resulted in the financial fragility which caused global financial crisis, shaked the mixed financial system, greatly striled social economic of the United States. By attentively observed on the foundation of vulnerable model of financial institutions, this article explored the process in shrinkage of liquidity which caused financial crisis. It also discussed the key role of the government aids in promoting the financial and economical develpment in allsuion to financial crisis.