全球金融危机成因的综合反思

Comprehensive Reflection on Causes of Global Financial Crisis

2007年金融危机发生在金融、经济、制度高度发达的中心国家,是由世界经济体系的薄弱环节断裂导致的,是对制度模式、经济失衡和国际货币体系的一种调整。金融层面的原因在于次贷危机,金融创新过度,金融衍生产品泛滥,美国金融体系存在诸多不完善之处,金融监管不力、缺失。从经济层面分析,美国国内经济失衡是危机爆发的基础原因,全球经济失衡是2007年金融危机爆发的深层原因,金融危机是市场经济周期运行的必然结果。制度层面的原因主要包括过度干预经济,美国模式的技术缺陷和不合理的国际货币体系。

The global financial crisis broke out in my, and institution, which was leaded by the collapse the center countries with highly developed finance, econo- of weak chains of the world economic system, also was an adjustment to institutional model, economic imbalances and international monetary system. The causes associated with the financial level are consisted of subprime crisis, financial over - innovation, the overflow of financial deriva- tives, many imperfections in the U.S. financial system and absence of financial regulation. According to the analy- sis of the economic level, domestic economic imbalances are the basic reason for crisis ; global economic imbalance is the fundamental cause of the financial crisis, which is also the inevitable result of business cycle. The main rea- sons in the institutional level include excessive governmental intervention in the economy, technical defects of the American model and improper international monetary system.