次贷危机的新制度经济学浅析

Brief Analysis of Sub-prime Lending Crisis with the New Institutional Economics

本文运用新制度经济学的契约理论、交易费用理论,首次提出了次贷危机中四大不完全契约的概念,分析了次贷危机中不完全契约产生的原因和过程,提出了金融监管的原则应该是避免不完全契约的大量存在,以免风险积累,失去控制;要重视对基础契约的控制和评估,加强对不完全契约中关键当事人的控制、监管,加强对金融衍生品实施监管等的建议。

Based on contract theory and theory of transaction cost,the paper first puts forward the concepts of four incomplete contracts,and analyzes the causes and process of incomplete contracts in the subprime lending crisis.It considers that the principles of financial supervision should be made to avoid a large number of incomplete contracts in order to avoid the risk of accumulation and out of control,more attention should be paid on the control and assessment of the basic contracts so as to strengthen financial supervision and control over the key parties of incomplete contracts,to strengthen the supervision over financial derivatives.