金融过度:金融危机视角的研究

Excess Financial Development: A Perspective of Crisis

次贷危机以来,学界开始关注金融脱离实体经济而过度发展的问题。本文基于"金融过度"这一理论概念对上述问题进行了分析,指出金融过度发展会促使金融系统过度承担风险,并增强金融危机的传染性,由此引发的金融危机会破坏金融系统的基本功能,并进而妨碍经济增长。本文对发达经济体的实证考察表明,金融过度发展确实容易诱发金融危机。为应对金融过度问题,应保持合理均衡的金融发展速度,采用反周期的金融监管手段,并且货币政策不应对资产价格做出直接反应。

This article analyzes the alienation of finance from economy based on the concept of excess financial development. Excess financial development leads the financial system to afford more risk and financial crisis become more contagious. The empirical test with panel data of advanced countries shows that excess financial development does incur crisis. The article gives some policy advices based on the theoretical and empirical analysis.