征信对经济波动影响的两面性

Study on the Double-edged Impact of Credit Reporting on Economic Fluctuation

征信是推动现代市场经济发展的重要因素。理论层面,基于安全边界说推理,征信影响经济波动有其基本逻辑。事实层面,国际征信机构建立的事实,说明了征信对抑制经济下行的重要作用;但参照美国房地美的信贷及评分数据,则论证了征信未能抑制甚至助推经济上行泡沫。征信对经济波动的影响取决于信贷机构对征信的运用,充分借助征信手段加强经济调控,有助于减小经济波动。

Credit reporting is an important factor propelling the development of modern market economy.Theoretically,the argument that credit reporting affects economic fluctuation has its basic logic based on the security boundary.On the factual level,the construction of international credit reporting agencies demonstrates that credit reporting plays an important role in curbing economic downturn.Nonetheless,the credit loan and grading data of Freddie Mac shows that credit reporting cannot curb,or even may boost the bubble of upward economy.The impact of credit reporting on economic fluctuation depends on the employment of credit reporting by credit agencies,and it helps to alleviate economic fluctuation to strengthen economic adjustment by fully making use of credit reporting methods.