2008年金融危机中非货币性因素对产出水平的影响分析

Nonmonetary Effects of the Financial Crisis on the Output in 2008

在金融危机中,金融恐慌情绪、金融中介机构的信贷服务功能紊乱等非货币因素提高了交易成本,对经济总产出水平具有抑制作用。研究表明:引入非货币性因素变量的Lucas模型和Barro模型的解释度有了明显的改善。金融危机中非货币性因素降低了金融市场配置资源的效率。一旦金融危机爆发,政府必须及时采取救助措施,以防止市场恐慌和信用体系崩溃而引起经济长期、深度的衰退。

In the financial crisis, non-monetary factors such as panics, credit services dysfunction of the financial intermediaries increased transaction costs, and inhibited economic output. The study shows that： the Lucas mod- el and the Barro model＇s interpretation has been significantly improved after introducing non-monetary variables. In the financial crisis, non-monetary factors reduced the efficiency of the financial market. Once the financial crisis broke out, the government should take timely relief measures to prevent the economic from falling into long- term and deep recession caused by panies and collapse of the credit system.