应对系统性不良资产危机的国际比较与启示

Analysis on Non-Performing Loans Crises through International Comparison

金融体系中由不良资产引发的系统性危机在发达国家和发展中国家具有不同特点。结合发达国家和发展中国家危机案例的发生、发展以及政府应对过程,可以看出两种危机具有本质差异,而发达国家内部两类不同性质危机的发生、发展也有本质差异。基于上述组间和组内对比分析研究发现:发展中国家实体经济、政府行为和金融市场的弱质性是导致危机处置效率低于发达国家的主要原因;发达国家危机形成周期特点、处置目标和可选金融工具的不同则是导致其内部不同危机应对策略差异的主要原因。这对我国处置银行不良资产以及防范不良资产所引发的系统性危机具有深刻的启示。

The non-performing loans crises has shown different distinctions between developed countries and developing countries.By using the method of case study,the paper points out the differences of the crises between developed coun-tries and developing countries and analyzes the reasons leading to it.Based on the intra-block and inter-block analysis,we find out that it is the difference of the economy,the financial market system and the government behavior that causes the crises in developing countries,and the crises coping strategies in developed countries is deeply relying on the nature of the crises,the crises coping obj ective and the financial instruments.In the end,we deduce two enlightenments in coping with the non-performing loans crises in China.