重温萧条经济学

A time to review depression economics

该文试图通过比较萧条经济学所强调的概念与传统经济周期理论的概念,探讨目前欧美政府采取经济政策隐藏的趋势和风险。文章指出,政府通过非常规手段,控制经济危机的破坏范围,是萧条经济学带给世界的积极主张;影子银行的快速发展和高杠杆操作给整个金融体系带来了巨大的脆弱性,各国金融监管机构需要联手采取新的、更加严格的监管措施,但目前欧美政府对积淀已久的金融系统化风险似乎还认识不够。

This paper makes a comparison of the concepts of depression economics and the traditional business cycle theory, in order to find out the potential trends and hidden risks in the economic policies of the western world. The paper says that depression economics actively advocates the use of unconventional measures by the government to control the adverse effects of the economic crisis. The rapid development and highly-leveraged operation of shadow banking system results in a fragile financial system, and the global financial supervision authorities should cooperate and take stricter supervision measures, However, it seems that the western governments still underestimate the potential systemic risks accumulated in the financial system.