现代金融危机的基本机制:文献述评

The Basic Mechanisms of Financial Crisis:A Review and Comment

本文立足于金融危机的内生性视角,对现代金融危机的发生机制、传播和扩散机制以及制度机制进行了系统的文献梳理和评析。在内生决定的危机机制视角下,金融危机的发生机制、传染与扩展机制以及制度机制并不是完全独立的,而是存在着普遍的内在联系,关键是要将危机动态置于变动的经济图景中加以分析。这种分析既需要纳入金融制度因素的约束,也需要考虑在特定条件下不同机制之间的彼此作用和相互转换。

This paper investigates the triggering,contagious as well as institutional mechanisms of financial crisis based on a comprehensive survey of economic literature. From the endogenous perspective of financial crisis,we argue that the triggering,contagious and institutional mechanisms of financial crisis are not independent but internally correlated. The key to understand the mechanics of financial crisis is to analyze the crisis dynamics in the changing economic environment. This kind of analysis should encompass the constraints of financial institutions as well as the interactions and conversions between different mechanisms.