金融危机政府救助措施的比较与启示——基于政治制度视角的分析

The Comparison and Enlightenment on the Measures of Government Bailout for the Financial Crisis: On the Basis of the Political Regime Analysis

近三十年,金融危机发生频率日趋增多,影响越来越大,各国应对危机的政府救助成本也相当高。救助成本以及救助的措施与政治制度等有一定的关系。本文从政治制度的视角,通过对四次主要的金融危机的政府救助措施进行对比分析,得出的结论是:不管是发达国家还是新兴市场国家,政府救助措施与政治制度密切相关,尤其是政府意识形态的差别、国家的利益集团、民主和专制的程度、选举体系、问责制等,均对救助措施及效果有重要影响。

In the recent thirty years, the frequency which financial crises happen is higher and higher, the impact on economy is larger and larger, and government bailout cost which many countries assume is rather high. The bailout cost has some certain relationships with bailout measures and political regime. It compares the bailout measures of four financial crises from the political re- gime perspective and draw the conclusions as follows： not only for developed countries but also for new emerging countries, government bailo^tt closely relates to political regime, especially for the differences of government ideology, national interest group, degree of democracy and authoritarian- ism, electoral systems and accountability which have great impacts on bailout measures and effects.