金融危机的行为和制度特征

On Characteristics of Financial Crisis in Behavioral and Institutional Perspectives

2007年美国次贷危机引发了全球性的金融危机和经济衰退,究其根源在于,当金融市场本身存在不完全性时,与次级贷款相关的衍生工具被金融机构作为一种寻租工具,以此来获取超额利润。金融机构的寻租引发了相关金融衍生工具市场的危机,而金融机构和投资者的有限理性加剧了这一危机,并导致危机的蔓延。

The subprime crisis of 2007 in American has triggered global financial crisis and economic recession. The basic reason is that the subprime derivative is a rent-seeking instrument for financial institutions in order to make super profits when financial markets are incomplete. These rent-seeking actions of financial institutions have triggered the crisis of those financial derivatives market, and the bounded rationality of financial institutions and investors make the crisis worse, and financial contagion has occurred.