金融危机的政府救助与国际协调

Government Bailout and International Policy Coordination in Financial Crisis

基于对历史上重大金融危机政府救助实践的归纳总结,针对次贷危机和欧债危机,总结梳理了金融危机的政府救助与国际协调模式的演变,并对不同危机背景下的救助措施和对象效果进行分类评析。分析表明,政府始终是危机救助的主角,传统货币政策与财政政策是危机救助最有效的措施,非常规政策在短期内促进了金融稳定,政策的最终选择需要在短期效益和长期效益综合平衡的原则下全盘权衡;金融危机救助与国际协调模式呈现主体多样化、领域扩大化、工具创新化以及方式扩展多样化的演变趋势;国际协调救助已成为降低跨国负向溢出效应的关键,高效主动的国际协调和跨国协作的退出战略是危机救助效果的有力保障。

Based on government bailout practices in major financial crises,this paper summaries the evolution of government bailout and international coordination mode for the subprime and the European debt crisis. And meanwhile,it proposes a classification and evaluation of rescue measures and effects under different crises. It shows that government bailout plays a leading role in crisis rescue. The most effective measures for crisis relief are traditional monetary policy and fiscal policy. Unconventional policies promote financial stability in a short period of time,but the final choice of policy needs to be weighed under the principle of comprehensive balance between short-term and long-term benefits. The evolution trend of financial crisis rescue and international coordination is characterized by the diversification of intervention subject,the expansion of rescue areas,the innovation of tools and the multi-way of extension. The international coordination has become crucial in reducing the negative cross-border spillovers. High-efficient and proactive international coordination and cross-border cooperation exit will be a powerful guarantee for the effectiveness of crisis relief.