摘要
实证和理论研究均表明,金融要素会放大随机冲击对经济的影响,即金融对经济波动的加速器作用。在此背景下,本文首先梳理金融加速器理论产生的原因及其传导机制;其次,引入金融机构(银行),从企业资产负债表效应和银行资产负债表效应两个角度阐述金融要素对经济波动的放大作用;再次,从多元投资组合和国际借贷两个方面揭示金融加速器对国际经济周期的传播和扩大作用,并指出金融加速器在我国的存在性;最后,总结了金融要素对经济周期波动的影响,并提出未来可能的研究方向。
The globe economic crisis caused by America subprime crisis in 2007show that financial factors had important effects on the real business cycles.The empirical and theoretical studies both show that financial factors would enlarge the effects of random shocks to the economy,which is called financial accelerator theory.In this paper,we first sort out the causes of the financial accelerator theory and its transmission mechanism.Then,we explain the acceleration mechanism of financial factors in financial business cycle models through balance sheet of invertors and financial institutions,which brings financial institutions(banks)into DSGE model.Next,we point out the international transmission mechanism of economic crisis,and investigate the existence of financial accelerator in China.At last,we summarize our paper,and provide some potential research directions.
出处
《中南财经政法大学学报》
CSSCI
北大核心
2014年第2期91-98,159,共8页
Journal of Zhongnan University of Economics and Law
基金
国家自然科学基金青年项目"预期冲击驱动我国宏观经济波动的机制和效应研究:理论模型
数量测度及福利分析"(71203238)
教育部人文社会科学研究青年基金项目"预期冲击驱动我国宏观经济波动的机制研究"(11YJC790316)
中央高校基本科研业务费资助项目"不确定性
宏观经济波动与货币政策选择:基于货币DSGE模型的数量分析"(2013021)
关键词
金融要素
金融加速器
经济周期
金融危机
宏观经济
Financial Factors
Financial Accelerator
Business Cycle
Financial Crisis
Macro-economy
