摘要
2007年夏天开始的次贷危机继续肆虐着全球经济,此次危机影响程度之深,影响范围之广,与人类历史上最出名的经济危机大萧条相比,有过之而无不及。随着流动性危机的逐渐深入,人们开始思考,为什么由只占美国金融资产百分之三的次级抵押贷款证券市场出现的问题,能触动全球经济总产出发生如此大的损失?危机是怎样放大的,它放大的路径是什么呢?针对这些问题,国外学术界出现了大量研究流动性危机放大机制的文献,而国内对这一方面的研究还处于起步阶段。因此,本文试图从投资者逃离、去杠杆化、流动性危机在金融市场的放大路径、流动性危机由金融市场向实体经济的放大效应以及流动性危机的管理几个方面综述国外学术界对流动性危机放大机制研究的阶段性成果,一方面为国内学术界进一步深入研究该问题提供理论线索和研究方向;另一方面为我国管理流动性危机提供理论线索和研究方向。
The credit crisis that began in the summer of 2007, and continues unabated as of this writing, is a powerful reminder of the importance of financial market liquidity for macroeconomic stability. With the liquidity crisis gradually deepen, people start to think, how the subprime mortgage problems that only three percent of USA＇ s financial assets, have such enormous effects on world output？ How the crisis is enlarged？ What is the path of the amplification mechanism？ To solve these problems, a large number of overseas literatures about the amplification mechanism emerged. But domestic research is still in the early stages. Therefore this paper attempts to summa- rize the literatures about the amplification mechanism of the liquidity crisis, and expatiate the ampli- fication mechanism from five aspects, investor run, deleveraging, the amplification path in the finan- cial markets, the amplification path from the financial mai-k^ts to the real economy. The positive ef- fects of the paper are as follows： on the one hand, to provide orientation for the domestic research, on the other hand, help the domestic management of the liquidity crisis.
