美国两次金融危机的成本比较及启示

Revelations from a Comparison between the Costs of Two Financial Crises in the United States

金融危机成本可以分为显性成本和隐性成本两个方面,前者是指金融危机本身所引发的各类经济损失,后者则是指危机中政府救助导致的各种社会资源损耗。通过比较美国储贷危机和次贷危机中金融危机成本的异同,寻求显性成本最低化和隐性成本最优化的处理方案,可以发现此次金融危机的显性成本和隐性成本都明显高于储贷危机,说明此次危机的程度严重,对今后的危机成本分担问题提出了更高的要求。

The costs of financial crisis can be divided into explicit cost and invisible cost. The former means various e-conomic losses that the financial crisis itself brings about and the latter means the wastage of social resourcesthat the government salvation brings about in the crisis. By comparing the different similarities and costs be-tween the savings and loan crisis and sub -prime crisis, this paper tries to search the treatment that couldachieve lowest explicit cost and optimized invisible cost. We found that, the explicit cost and invisible cost ofthis financial crisis are significantly higher than the savings and loan crisis. On one hand, it shows the severityof the crisis, on the other, it implies that we need higher requirement for sharing the crisis costs.