论金融脆弱性

On Financial Fragility

本文对日见流行而又很模糊的一个概念———“金融脆弱性”展开研究。金融脆弱性 ,泛指一切融资领域中的风险积聚 ,包括信贷融资和金融市场融资。信贷市场上的脆弱性来自于借款人的高负债经营和银行不恰当的评估方法的合力。金融市场上的脆弱性主要来自于资产价格的波动性及波动性的联动效应。信息不对称对两个市场上的脆弱性起着根源性作用。金融工具发行单位的清偿力是衡量金融脆弱性程度最直接指标。在金融全球化的今天 ,伴随着金融市场的膨胀发展 ,金融脆弱性在深度和广度上都有一种自增强的趋势。

This paper studies a popular but confusing concept-Financial Fragility. Financial fragility broadly refers to risk amassing in financing area, including credit financing and financial market financing. The fragility in credit market comes from the conjunction of borrower's over-debted operation and banker's uncorrect ratings. The fragility in financial market comes from the volatility of asset price and correlation of volatility. Asymmetric information devotes to both of the two kinds of fragility. The direct indicator measuring financial fragility is the solvency of the unit issuing financial instrument. Today, with the development of financial globalization, especially the skyrocketing development of financial market, financial fragility shows some tendency of self-enhancing, either in depth or in breadth.