当前金融危机的国际比较及其启示

An International Comparative Analysis of the Sub-prime Loan and the Revelation

由美国次贷危机引发的国际金融危机与20世纪末泰铢贬值导致的亚洲金融危机比较,二者在爆发的背景、导火索、作用机理与监管安排上有很多相似或相同的地方,其区别则主要表现在由策源地经济规模及货币的国际地位所决定的爆发模式与影响范围。要有效地化解危机的不利影响并避免我国重蹈类似的覆辙,就需要在经济增长的驱动力、房地产价格的波动以及金融创新与金融监管的关系上寻找政策出口。

By comparison, the current financial crisis resulted from sub-prime loan in U.S. has similarities in background, ignition cord, influencing mechanism, and legal enviromnent with the Asian financial crisis caused by the depreciation of baht in Thailand 10 years ago, and the distinction mainly rests on their outburst modes and influencing scope respectively. To alleviate the crisis＇ negative impacts on China＇s economy and avoid similar situation, we must search for countermeasures in driving forces of economic growth, landed and real estate prices, and the relationships between financial innovation and financial regulation.