对陶普罗斯基金融危机发生机制的述评

Review on Toporowski’s financial crisis mechanism

本文将陶普罗斯基(Toporowski)对金融危机发生机制的分析界定为结构性危机分析法,其通过金融体系结构变化与实体经济结构变化的辩证关系来阐释金融危机的发生机制。本文在陶普罗斯基(Toporowski)分析的基础上重新界定了金融化的内涵,拓展了对资本市场膨胀与崩溃原因的分析,突出强调了资本市场膨胀在适应宏观经济失衡的同时加剧了宏观经济的失衡。指出适应宏观经济失衡的债务经济运行机制的崩溃导致了金融危机的爆发。

This article defines Toporowski＇ s analysis on financial crisis mechanism as structural crisis analysis method. It explains the formation mechanism of financial crisis through the dialectical relationship between the changes in the structure of financial crisis and the changes in the structure of the real economy. Based on Toporowski＇ s analysis, this article redefines the connotation of financialization, extends the analysis on the causes of the inflation and collapse of capital market, stresses that such inflation deteriorates the disequilibrium of macro economy although it tries to adapt to such disequilibrium, and points out that it is the collapse of the operation mechanism of debts crisis which tries to adapt to macro economic disequilibrium that leads to the outbreak of financial crisis.