资产价格波动与金融危机

Asset Price Volatility and Financial Crisis

随着金融市场在经济活动中的地位日益增强,资产价格波动对金融风险的影响也越来越大。结合A llen&Gale的资产价格泡沫与金融危机模型的推导分析,得出资产价格波动与金融危机的内在联系,并通过分析美国"次贷危机"这个典型事例发生的原因,验证了模型;提出了防范金融危机的措施。

With the development of financial market,the fluctuation of asset price plays a more and more important role in the conduct of financial risks.The relationship between asset price bubbles and financial crisis is illustrated on the base of the model which proposed by Allen Gale.The reasons of sub-prime mortgage loan crisis which happened in America to verify the model are also analyzed.Finally,some measures are given to prevent financial crisis.