政府在金融危机中的角色——基于现有金融危机理论的分析

The Role of Government in the Financial Crisis——Analysis Based on the Theory of the Current Financial Crisis

2008年华尔街引起的金融危机迅速扩散到世界各地的金融市场。各国经济迅速下滑,金融机构纷纷破产。本文介绍了人类历史上出现金融危机时对应的危机理论和假设。第一代危机模型认为危机根源在于宏观经济基础变量的恶化或扩张的货币政策与固定汇率间的不协调;第二代危机模型认为政府的经济政策和公共政策导致经济中的多维平衡点,使危机具有自促成的性质;第三代金融危机模型认为金融中介的交易道德起着关键作用。而明斯基着眼于经济繁荣与紧缩的长期波动,认为资本主义经济具有固有的不稳定性。本文从经验的角度来分析各个理论假设,并提出意见与建议。

Wall Street caused the financial crisis in 2008 quickly spread to financial markets around the world. Countries were in rapid economic decline, financial institutions went bankrupt. This article describes the theory and assumptions of the corresponding crisis in the financial crisis in the history of mankind. The first generation of crisis model claims that the crisis is rooted in the lack of coordination between the deterioration of macroeconomic fundamentals variables or expansionary monetary policy and fixed exchange rate;The second-generation crisis model claims that government economic policy and public policy have led to multidimensional balance point in the economy, and the crisis come out itself;The third-generation model of the financial crisis claims that financial intermediation transactions morality plays a key role. Minsky assumption focus on long-term fluctuations in economic prosperity and austerity, that the capitalist economy is inherently instable.This article wrote from the perspective of experience to analyze the various theoretical assumptions, and gives opinions and suggestions.