金融危机成因的比较分析——以1997及2007年金融危机为例

Comparative Analysis of the Causes of Financial Crisis——The Financial Crisis in 1997 and 2007 Case

1997年金融危机发生在金融、经济、制度全面落后的外围国家,而2007年金融危机则发生在金融、经济、制度高度发达的中心国家,但两者都是由世界经济体系的薄弱环节断裂导致的,都是对制度模式、经济失衡和国际货币体系的一种调整。两次金融危机成因的共同点在于金融监管缺位、金融市场体系不完善、金融机构治理结构存在缺陷、相对较低的居民收入、过度的国家干预、全球经济失衡、美元本位的国际货币体系和流动性泛滥、技术创新衰竭和市场经济进行周期性调整。两次危机成因的不同点包括引发两次金融危机的直接诱因、震源、技术创新衰竭具体类型、具体制度模式不同。

The 1997 financial crisis erupted in the peripheral countries which were backward and under-developed in the respects of finance, economy and institution. The 2007 financial crisis broke out in the highly developed countries which is in the center of the world market system. Both were due to the col- lapse of weak chains of the world economic system, which were an adjustment to institutional model, eco- nomic imbalances and international monetary system. The common causes of both the financial crisis are as the following： （a） the absence of financial regulation, （b） the imperfect financial system and flawed governance structure of financial institutions, （c） relatively low incc^mes （d） excessive governmental in-tervention, （e）global economic imbalances （f） global economic imbalances and the dollar-based inter-national monetary system, leading adjustment of the market economy. to rampant liquidity; （h） technological innovation failure and periodic The difference of two causes of the crisis includes the fuse, the direct factor, the concrete type of technology innovation failure and the specific institutional model.