经济虚拟化与金融脆弱性——基于美国金融危机的实例分析

Financial Fragility and Economic Fictionalization——Based on the analysis of financial crisis in America

金融脆弱性是金融的本质属性之一,它并未因金融的发展而消失。近30年来频繁发生的金融危机表现出巨大的特异性,这表明金融脆弱性在当今经济虚拟化的背景下有着独特的内涵和机制。经济过度虚拟化是其根源;金融杠杆的扩大及泛化是其手段;虚拟经济与实体经济的失衡加剧了金融脆弱性。对此,我们必须要对虚拟经济部分进行"消肿",正确处理虚拟经济与实体经济的关系,协调好两者的发展机制,有效降低金融脆弱性。

Financial fragility is the essence of the finance, which does not disappear because of financial development. The frequent occurrence of the serious financial crisis in the past 30 years and their great differences with the past manifest that financial fragility in today＇ s economy against the backdrop of fictionalization has a unique meaning and mechanisms. The excessive fictitious of economic and the nature of the capital under the economic fictionalization are the root. Financial leverage＇ s amplification and generalization make a small loss or fluctuations accelerate amplification, and quickly spread to the whole financial field, which severely impacts on the financial system. The imblanee of the fictitious economy and the reay economy aggravate the fragility. Confronted with this problem, we should reduce the fictitious economy, coordinate the development ralation between fictitious economy and real economy, and effectively reduce the financial fragility.