金融危机救助研究
摘要
自资本主义制度诞生以来,我们从没有摆脱过金融危机的袭击,从荷兰1636年郁金香狂热到2007年由于衍生品投机过度所致的美国次贷危机(Subprime Crisis)以及随之引发的大衰退(Great Recession),相关经济体无不受到了严重破坏。进入20世纪后,随着经济金融全球化的进程的加快,金融危机爆发的频度以及危机的广延性、持久性和破坏性也与日俱增,危机已经成为了经济金融运行的一个组成部分,一种其自身存在的方式。正是基于此,我们认为金融危机的爆发是不可避免的,但如何才能把金融危机的破坏性和损失降到最低?面对一次次的金融危机,政府和公共部门应不应该提供救助?如果应该,政府和公共部门应该怎样进行救助?对于历史上发生的历次金融危机,政府和公共部门每次救助有没有什么共同点?又各自有什么特征?历次金融危机的救助效果如何?救助实施时又有哪些缺陷?对中国有什么启示?这些问题都是值得我们深入分析和思考的。
本文的主要思路是：首先,对20世纪发生的六次大规模的金融危机从危机发生的背景、救助政策措施和救助结果方面进行了梳理。其次,对历史上影响力最大的三次金融危机采用历史比较的研究方法,多角度全方位地进行了比较,内容涉及危机原因比较、救助措施比较、特征比较、救助措施的评判等内容。再次,从国际视角对世界各主要国家的金融危机救助机制进行全方位比较分析,研究的国家包括美国、日本和欧洲主要国家,同时以IMF为例对国际组织救助内容、特点、救助实践进行了分析研究并提出了完善建议。最后,主要针对美国次贷危机救助,抽象出包括救助对象、救助主体、救助时机和救助方式的选择以及救助成本收益平衡、救助中财政、货币政策协调机制、国际协调机制、救助退出机制选择、预期管理等。
全文共分七章。
第一章为绪论,主要介绍研究背景、意义,关键概念界定、研究方法、论文思路和结构、可能的创新与不足。指出对金融危机救助系统性的研究,无论从理论上还是实践上都具有重要的理论和现实意义。
第二章为金融危机救助的相关理论及文献综述,主要由国家干预理论简要回顾、主要金融危机理论介绍和危机救助文献综述三部分组成。金融危机救助的理论前提就是政府干预经济是合理的,因此,本章首先对国家干预经济理论进行梳理,内容包括古典经济学家的政府干预理论、凯恩斯的国家干预理论、国家干预理论中的后凯恩斯主义、国家干预经济中的政府经济职能演变、国家干预经济理论的简评等。其次,为便于理清全文脉络,文章对主要的金融危机理论做了简要介绍,具体包括第一代金融危机理论、第二代金融危机理论、第三代金融危机理论。再次,文章对近几年金融危机救助的国内外相关文献进行了综述。
第三章为历次金融危机救助回顾,该章对20世纪以来发生的几次重大金融危机作了梳理,文章选取的几次重大的金融危机为1929—1933年大萧条、布雷顿森林体系瓦解、欧洲货币体系危机、日本银行业危机、东南亚金融危机及美国次贷危机。
第四章首先对历史上三次较大的金融危机救助进行比较,具体内容包括危机爆发的原因比较、政府救助措施比较、救助特征的比较、危机中救助措施缺陷的评价及危机救助结果的比较等。
第五章是金融危机救助的国际视角。以美国次贷危机为切入点,对世界各国金融危机救助机制进行了比较研究,又以IMF为例,探讨了金融危机救助中国际组织的功能、作用以及完善建议。
第六章是主要针对美国次贷危机救助的思考和总结。主要包括救助对象、救助主体、救助时机和救助方式的选择以及救助成本收益平衡、救助中财政、货币政策协调机制、预期管理、救助退出机制选择等。
第七章为金融危机救助对中国的启示。“前车之覆,后车之鉴”。通过认真总结归纳美国、日本、欧洲等发达国家和地区以及其他新兴市场国家处理、救助金融危机的经验和教训,对于当下的中国无疑有着非常重要的启示和借鉴意义。为此,我们要做到：(1)吸取教训,进一步改革金融体系；居安思危,全面提高金融危机管理的能力。(2)危机救助的时机和针对性至关重要。(3)要使市场上的流动性与信心以最快的时间恢复。(4)保证金融创新和风险监管协调发展。(5)适时建立存款保险制度。(6)切实完善有效处置问题金融机构的相关机制。
Since the inception of the capitalist system, we never get rid of the financial crisis hit, from the tulip mania in Holland in1636to Subprime Crisis in2007due to excessive speculation in derivatives and the ensuing recession triggered (Great Recession), the related economies all have been severely disrupted. In the20th century, with the accelerated process of economic and financial globalization, the financial crisis is getting more frequent, extensive, persistent and destructive. The crisis seems to have become an integral part of the economic and financial operation, species of its own way. Based on this, we believe that the financial crisis is inevitable, but how to minimize the destruction and loss of the financial crisis? Faced with a series of financial crisis, should the government and the public sector provide assistance? If they should, how will the government and the public sector rescue? In the history of financial crises, did each rescue have something in common or any special characteristics? How the bailout of the financial crises? What defects did each rescue have when implementing the rescue plans? What are the implications of China? These issues are worthy of our in-depth analysis and reflection.
The main idea is:First, we analyze the six large-scale financial crises in the20th century from the crisis background, aid policy measures and rescue outcomes of the sort. Secondly, we compare the most influential three financial crises in the history from multi-angle and all-round perspectives, concerning the causes of the crisis, relief measures comparison, feature comparison, the judgment of the relief measures and other content. Again, from an international perspective, we compare the major countries in the world financial crisis rescue mechanism in the full range analysis, including the United States, Japan and major European countries. At the same time, we take the IMF for example, analyze rescue content, features, rescue practice of international organizations and make suggestions for improvement. Finally, we focus on the rescue of the U.S. subprime mortgage crisis, including relief object, the main relief, the timing, rescue mode selection and the cost-benefit of rescue, fiscal aids and monetary policy co-ordination mechanism, international coordination mechanisms, rescue exit mechanism and expected management etc.
This paper consists of seven chapters:
Chapter1is an introduction, including the research background, significance, key concepts defined, research methods, thesis ideas and structure, innovation and shortcomings. It points out that the financial crisis rescue research has important theoretical and practical significance.
Chapter2is the theory and literature review of the financial crisis assistance. It consists three parts of state intervention theory, major financial crisis theory and crisis relief literature review. The theoretical premise of financial crisis rescue concerns that government intervention in the economy is reasonable. Therefore, this chapter first sorts out the state intervention in economic theory, including government intervention theory of the classical economists, Keynes's theory of state intervention, state intervention in the Post-Keynesian theory doctrine, state intervention in the evolution of government economic function in the economy and state intervention in economic theory. Secondly, for easily sorting out the full context, the article introduces briefly the major financial crisis theories, including the first-generation financial crisis theory, second-generation financial crisis theory and the third-generation financial crisis theory. Again, we review the relevant literatures in recent years concerning the financial crisis bailout.
Chapter3is the review of financial crises rescue. We compare several major financial crises occurred since the20th century, including the Great Depression of1929-1933, the collapse of the Bretton Woods system, European Monetary System crisis, the Japanese banking crisis, the financial crisis in Southeast Asia and the United States subprime mortgage crisis.
Chapter4is the rescue comparison of the three larger financial crises, specifically including the reasons for the outbreak of the crisis, the government relief measures, the relief features, the relief measures defects evaluation and comparison of crisis relief results.
Chapter5is the perspective of the international financial crisis rescue. As a starting point of subprime mortgage crisis, we compare the world financial crisis rescue mechanism, the international organizations in the rescue of the financial crisis, the role and suggestions for improvement taking IMF for example.
Chapter6is the thought and summary of the U.S. subprime mortgage crisis relief. It includes relief object, rescue body, relief timing, rescue mode selection, cost-benefit analysis, fiscal aids and monetary policy coordination mechanism, expected management and rescue exit mechanism etc.
Chapter7is the revelation of the bailout of the financial crisis on China. The rescue experiences and lessons of the financial crisis, from the United States, Japan, Europe and other developed countries and regions, are undoubtedly very important inspiration and references to China. To this end, we have to do:(1) learn lessons, further reform the financial system; prepare for danger in times of peace, prevent crisis effectively.(2) note the timing of the crisis assistance and targeted.(3) make the liquidity and confidence in the market to recover in the shortest time.(4) ensure the coordinated development of financial innovation and risk regulation.(5) establish timely a deposit insurance system.(6)improve effective mechanisms of disposal of financial institutions.
本文的主要思路是：首先,对20世纪发生的六次大规模的金融危机从危机发生的背景、救助政策措施和救助结果方面进行了梳理。其次,对历史上影响力最大的三次金融危机采用历史比较的研究方法,多角度全方位地进行了比较,内容涉及危机原因比较、救助措施比较、特征比较、救助措施的评判等内容。再次,从国际视角对世界各主要国家的金融危机救助机制进行全方位比较分析,研究的国家包括美国、日本和欧洲主要国家,同时以IMF为例对国际组织救助内容、特点、救助实践进行了分析研究并提出了完善建议。最后,主要针对美国次贷危机救助,抽象出包括救助对象、救助主体、救助时机和救助方式的选择以及救助成本收益平衡、救助中财政、货币政策协调机制、国际协调机制、救助退出机制选择、预期管理等。
全文共分七章。
第一章为绪论,主要介绍研究背景、意义,关键概念界定、研究方法、论文思路和结构、可能的创新与不足。指出对金融危机救助系统性的研究,无论从理论上还是实践上都具有重要的理论和现实意义。
第二章为金融危机救助的相关理论及文献综述,主要由国家干预理论简要回顾、主要金融危机理论介绍和危机救助文献综述三部分组成。金融危机救助的理论前提就是政府干预经济是合理的,因此,本章首先对国家干预经济理论进行梳理,内容包括古典经济学家的政府干预理论、凯恩斯的国家干预理论、国家干预理论中的后凯恩斯主义、国家干预经济中的政府经济职能演变、国家干预经济理论的简评等。其次,为便于理清全文脉络,文章对主要的金融危机理论做了简要介绍,具体包括第一代金融危机理论、第二代金融危机理论、第三代金融危机理论。再次,文章对近几年金融危机救助的国内外相关文献进行了综述。
第三章为历次金融危机救助回顾,该章对20世纪以来发生的几次重大金融危机作了梳理,文章选取的几次重大的金融危机为1929—1933年大萧条、布雷顿森林体系瓦解、欧洲货币体系危机、日本银行业危机、东南亚金融危机及美国次贷危机。
第四章首先对历史上三次较大的金融危机救助进行比较,具体内容包括危机爆发的原因比较、政府救助措施比较、救助特征的比较、危机中救助措施缺陷的评价及危机救助结果的比较等。
第五章是金融危机救助的国际视角。以美国次贷危机为切入点,对世界各国金融危机救助机制进行了比较研究,又以IMF为例,探讨了金融危机救助中国际组织的功能、作用以及完善建议。
第六章是主要针对美国次贷危机救助的思考和总结。主要包括救助对象、救助主体、救助时机和救助方式的选择以及救助成本收益平衡、救助中财政、货币政策协调机制、预期管理、救助退出机制选择等。
第七章为金融危机救助对中国的启示。“前车之覆,后车之鉴”。通过认真总结归纳美国、日本、欧洲等发达国家和地区以及其他新兴市场国家处理、救助金融危机的经验和教训,对于当下的中国无疑有着非常重要的启示和借鉴意义。为此,我们要做到：(1)吸取教训,进一步改革金融体系；居安思危,全面提高金融危机管理的能力。(2)危机救助的时机和针对性至关重要。(3)要使市场上的流动性与信心以最快的时间恢复。(4)保证金融创新和风险监管协调发展。(5)适时建立存款保险制度。(6)切实完善有效处置问题金融机构的相关机制。
Since the inception of the capitalist system, we never get rid of the financial crisis hit, from the tulip mania in Holland in1636to Subprime Crisis in2007due to excessive speculation in derivatives and the ensuing recession triggered (Great Recession), the related economies all have been severely disrupted. In the20th century, with the accelerated process of economic and financial globalization, the financial crisis is getting more frequent, extensive, persistent and destructive. The crisis seems to have become an integral part of the economic and financial operation, species of its own way. Based on this, we believe that the financial crisis is inevitable, but how to minimize the destruction and loss of the financial crisis? Faced with a series of financial crisis, should the government and the public sector provide assistance? If they should, how will the government and the public sector rescue? In the history of financial crises, did each rescue have something in common or any special characteristics? How the bailout of the financial crises? What defects did each rescue have when implementing the rescue plans? What are the implications of China? These issues are worthy of our in-depth analysis and reflection.
The main idea is:First, we analyze the six large-scale financial crises in the20th century from the crisis background, aid policy measures and rescue outcomes of the sort. Secondly, we compare the most influential three financial crises in the history from multi-angle and all-round perspectives, concerning the causes of the crisis, relief measures comparison, feature comparison, the judgment of the relief measures and other content. Again, from an international perspective, we compare the major countries in the world financial crisis rescue mechanism in the full range analysis, including the United States, Japan and major European countries. At the same time, we take the IMF for example, analyze rescue content, features, rescue practice of international organizations and make suggestions for improvement. Finally, we focus on the rescue of the U.S. subprime mortgage crisis, including relief object, the main relief, the timing, rescue mode selection and the cost-benefit of rescue, fiscal aids and monetary policy co-ordination mechanism, international coordination mechanisms, rescue exit mechanism and expected management etc.
This paper consists of seven chapters:
Chapter1is an introduction, including the research background, significance, key concepts defined, research methods, thesis ideas and structure, innovation and shortcomings. It points out that the financial crisis rescue research has important theoretical and practical significance.
Chapter2is the theory and literature review of the financial crisis assistance. It consists three parts of state intervention theory, major financial crisis theory and crisis relief literature review. The theoretical premise of financial crisis rescue concerns that government intervention in the economy is reasonable. Therefore, this chapter first sorts out the state intervention in economic theory, including government intervention theory of the classical economists, Keynes's theory of state intervention, state intervention in the Post-Keynesian theory doctrine, state intervention in the evolution of government economic function in the economy and state intervention in economic theory. Secondly, for easily sorting out the full context, the article introduces briefly the major financial crisis theories, including the first-generation financial crisis theory, second-generation financial crisis theory and the third-generation financial crisis theory. Again, we review the relevant literatures in recent years concerning the financial crisis bailout.
Chapter3is the review of financial crises rescue. We compare several major financial crises occurred since the20th century, including the Great Depression of1929-1933, the collapse of the Bretton Woods system, European Monetary System crisis, the Japanese banking crisis, the financial crisis in Southeast Asia and the United States subprime mortgage crisis.
Chapter4is the rescue comparison of the three larger financial crises, specifically including the reasons for the outbreak of the crisis, the government relief measures, the relief features, the relief measures defects evaluation and comparison of crisis relief results.
Chapter5is the perspective of the international financial crisis rescue. As a starting point of subprime mortgage crisis, we compare the world financial crisis rescue mechanism, the international organizations in the rescue of the financial crisis, the role and suggestions for improvement taking IMF for example.
Chapter6is the thought and summary of the U.S. subprime mortgage crisis relief. It includes relief object, rescue body, relief timing, rescue mode selection, cost-benefit analysis, fiscal aids and monetary policy coordination mechanism, expected management and rescue exit mechanism etc.
Chapter7is the revelation of the bailout of the financial crisis on China. The rescue experiences and lessons of the financial crisis, from the United States, Japan, Europe and other developed countries and regions, are undoubtedly very important inspiration and references to China. To this end, we have to do:(1) learn lessons, further reform the financial system; prepare for danger in times of peace, prevent crisis effectively.(2) note the timing of the crisis assistance and targeted.(3) make the liquidity and confidence in the market to recover in the shortest time.(4) ensure the coordinated development of financial innovation and risk regulation.(5) establish timely a deposit insurance system.(6)improve effective mechanisms of disposal of financial institutions.
引文
《金融危机救济论》,赵静梅,西南财经大学出版社,2008
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21 《金融危机救济论》,赵静梅,西南财经大学出版社,2008
22 《中美应对金融危机的政策及比较》,耿同劲,区域金融研究,2009(8)
23 《金融危机救济论》,赵静梅,西南财经大学出版社,2008
24 《历次金融危机观略》,吴玥,上海金融报,2008(10)
25 《金融危机笼罩下的东南亚经济》,刘冬凌,中国金融,2008(12)
26 《金融危机救助：理论与经验》,张荔、罗春婵、孙颖,中国金融出版社,2011
27 《美国金融危机处置与监管演变—耶鲁大学学习考察报告》,陈云贤,中国金融出版社,2013
28 《美国次贷危机与东南亚金融危机的比较分析》,封文丽、刘冰欣,内蒙古财经学院学报。2009年3月
29 《美国政府救助金融危机的措施及对我国的启示》,谢玲玲,海南金融,2009(7)
0 《美国金融危机的救助措施与启示》,张晓朴,银行家,2009(5)
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