国际金融危机的成因——以2008年美国信贷危机为例

The Causes of International Financial Crisis—Taking the 2008 Credit Crisis in the United States as an Example

本文分析了国际金融在传播金融危机中的作用,并探讨了金融危机背后的主要原因。文章指出,自20世纪90年代以来,全球金融市场的自由化和扩张带来了金融风险的增加,导致了1997年亚洲金融危机和2007~2008年全球金融危机等重大事件。金融危机的产生与金融运作与实体经济脱节、金融衍生品创新、金融模型失败、不确定性增加等因素密切相关。特别是在2008年美国信贷危机中,房地产市场泡沫、高风险贷款、资产证券化、投机行为和信用评级失误等因素共同作用,引发了全球性的金融冲击。文章结论强调,为避免金融危机,需多元化外汇储备、加强金融衍生品风险管理,并构建完善的信用体系和监督机制,这需要私营和公共部门的共同努力。

The article provides an analysis of the role of international finance in disseminating financial crises and explores the primary causes behind such crises. It emphasizes that the liberalization and expansion of international financial markets since the 1990s have amplified systemic financial risks, resulting in significant events such as the 1997 Asian financial crisis and the 2007-2008 global financial crisis. The emergence of these crises is closely intertwined with factors including disconnection between financial operations and the real economy, innovation in complex financial derivatives, failure of prevailing financial models, and heightened levels of uncertainty. In particular, during the 2008 US financial crisis, a confluence of factors including a real estate market bubble, high-risk loans, asset securitization practices, speculative activities, and errors in credit rating assessments collectively precipitated a seismic shock across global finance. To mitigate future occurrences of such crises necessitates diversification strategies for foreign exchange reserves alongside bolstering risk management protocols for intricate financial derivatives. Additionally crucial is establishing a robust credit system coupled with effective supervisory mechanisms through collaborative efforts from both private and public sectors.