金融杠杆溯源

On the Origin of Financial Leverage

近期金融杠杆问题引起市场广泛关注。本文从货币投放和信用扩张机制出发,理解金融机构扩表过程和加杠杆的机制。金融扩表过程中短久期负债撬动长久期资产,即实现加杠杆,但由于金融机构间存在差异,结构性扩表让加杠杆问题进一步复杂化,引发的期限错配等特征会进一步对流动性和金融风险带来深刻影响。

The issue of financial leverage has aroused widespread concern in the market. This paper examines the mechanisms for money supply creation and credit expansion, analyzing leveraging and the process of balance sheet expansion by financial institutions. It notes that in balance sheet expansion, short- term liabilities can be used to leverage long-term assets, and concludes that this process can lead to maturity mismatches and other problems that have a profound impact on liquidity and financial risk.