美国金融危机的深层原因及启示
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摘要
美国金融危机2007年8月开始浮现,2008年全面爆发,其影响从美国金融市场往全球金融市场不断扩散,从虚拟经济往实体经济逐渐渗透,使全球经济陷入二战以来最严重的衰退。截止2009年12月底,虽然全球经济发展最困难的时期已经过去,部分国家已经走出衰退,开始复苏；但全球经济复苏程度不一,尤其是发达国家复苏异常缓慢,甚至面临新的冲击。究其原因,笔者认为,这种情况主要是由于美国金融危机形成的深层原因仍然没有消除造成的。因此,深入研究美国金融危机产生的原因特别是深层次原因,分析全球主要经济体应对金融危机采取的金融手段和财政政策,从中发现对中国有益的启示,无疑对中国尽快消除金融危机的影响,加快调整和改革、推动实体经济的复苏和发展具有重大意义。国内外学者的研究不乏真知灼见,但有些只是停留在表层原因的讨论,还有些对深层原因陷于片面的分析,以上观点不能科学地揭示美国金融危机形成的原因,尤其是深层原因。笔者认为美国金融危机是多种因素综合作用的结果,探讨美国金融危机的深层原因,应该从由于市场缺陷与政府干预失灵的叠加作用而产生的综合作用的多种因素的辨证关系中进行。
科学的理论离不开科学的研究方法。本文在研究方法上主要采用了调查法、文献研究法、系统科学方法、定量与定性分析法等。本文注重广泛深入地调查研究和吸收已有的科研成果,采用“调查影响——分析原因——列举政策——提炼启示”这样一个提出问题——分析问题——提出解决问题的设想的研究路径,最终为我国加强调整、改革,推动经济恢复提出了宝贵的思路。
本文先是探讨美国金融危机给世界主要经济体带来的不同影响,接着系统分析美国金融危机产生的原因尤其是深层原因,以及世界主要经济体在金融危机中采取的措施和对策,最后提炼出美国金融危机及其治理措施对中国的深刻启示。美国金融危机产生多方面影响,导致美国金融机构破产数增加,失业率急剧上升,美国房产严重贬值、众多房地产企业陷入困境,美国金融市场一片萧条,美国经济衰退；造成全球金融市场遭受重创,全球实体经济遭受冲击；中国金融市场受到的影响短期有限,中国房地产行业进入调整期,中国进出口下降,中国劳动力市场和就业受到冲击,中国物流企业深受影响,中国经济增长速度减缓,中国面临的机遇。美国金融危机产生、发展的深层原因：次贷危机演化为金融危机,美国不当的货币政策和失衡的房地产市场是金融危机爆发的导火线,资产证券化与过度发展的衍生金融工具是金融危机传播的加速器,信用评级对金融危机的爆发具有不可推卸的责任,金融监管不力,国际经济和国际货币体系的双失衡,美国超前消费的经济模式,新自由主义的资本主义。美国应对金融危机的措施：创新流动性管理手段,救援金融机构,经济刺激计划,援助、接管“两房”,金融救援计划,改革金融监管体制；全球主要经济体采取的措施：宏观经济政策放宽,金融企业国有化,改革金融监管体制,改革与重建世界货币体系。美国金融危机对中国的启示：提高宏观调控的水平,警惕泡沫式的发展方式和寅吃卯粮的消费习惯,金融创新和金融自由化过犹不及,加强金融监管,积极倡议国际货币体系改革,加快推动中国企业国际化,不断深化社保制度改革,找准市场运作与政府干预的结合点。
The U.S. financial crisis in August 2007 started to emerge full-blown in 2008, the impact from the U.S. financial markets to the global financial markets continue to spread, from the virtual economy to the gradual infiltration of the real economy, so that the global economy into the worst recession since World War II. As of the end of December 2009, although the global economic development, the most difficult period has passed, some countries have been out of the recession and started to recover; but with varying degrees of global economic recovery, in particular the unusually slow recovery in the developed countries, even in the face of new attacks. The reason, I believe that this is mainly due to the formation of the U.S. financial crisis, did not eliminate the. underlying causes are still making. Therefore, in-depth study of the causes of financial crisis in the United States in particular, deep-seated reasons to analyze the world's major economies to deal with the financial crisis, financial instruments and fiscal policy, from which was found useful lessons for China, no doubt the financial crisis in China as soon as possible to eliminate the impact of speed up the adjustment and reform, promoting economic recovery and development entity of great significance. Research scholars at home and abroad there is no lack insight, but some remained at the surface causes the discussion, and some of the underlying causes of caught in a one-sided analysis of the points mentioned above can not be scientifically reveal the reasons for the formation of the U.S. financial crisis, especially the deep-rooted reasons. I believe that the U.S. financial crisis is the result of many factors to explore the underlying causes of the U.S. financial crisis, should government intervention due to market imperfections and failures resulting from the superposition of the role of the comprehensive role of the dialectical relationship between a variety of factors carried out.
Scientific theory is inseparable from the scientific research methods. In this paper, the main research methods used survey method, literature research methods, systematic scientific methods, quantitative and qualitative analysis method. This focus on an extensive and thorough investigation and study and absorb the existing scientific research, using "investigation effect-to analyze the reasons-listed in the policy-refining ideas," such a questions-analysis of the problem-put forward ideas to solve the problem of path ultimately strengthen the adjustment of China's reform, promoting economic recovery and put forward valuable ideas.
This first of the U.S. financial crisis has brought the world's major economies, the different effects, followed by systematic analysis of the causes of financial crisis in the United States in particular, the underlying causes, as well as the world's major economies in financial crisis measures and countermeasures, to extract the United States financial crisis and its control measures on China's profound lesson. Multifaceted impact of U.S. financial crises have led to U.S. financial institutions to increase the number of bankruptcy, unemployment has risen sharply, the United States a serious depreciation of property, many real estate companies in trouble, the U.S. financial markets, a recession, the U.S. recession; contribute to global financial markets suffered heavy losses, subjected to the impact of the global real economy; China's financial market, the impact on short-term limited, China's real estate industry has entered a period of adjustment, China's imports and exports declined, the Chinese labor market and employment under attack, China's logistics enterprises affected by this, China's economic growth slowed down, China's faced with opportunities. U.S. financial crisis and the development of the root causes of:sub-prime crisis evolved into the financial crisis, the U.S. imbalance of inappropriate monetary policy and real estate market triggered the outbreak of the financial crisis, asset securitization and the over-development of derivative financial instruments to the financial crisis spread accelerator, credit rating of the outbreak of the financial crisis has not shirk the responsibility, financial supervision, the international economy and international monetary system, a dual imbalance in the United States spend more than an economic model, neo-liberal capitalism. Measures to address the financial crisis in the U.S.: Innovation liquidity management tools, rescue financial institutions, the economic stimulus plan, aid, took over the "two room", the financial rescue plan, reforming the financial regulatory system; the world's major economies, the measures: macroeconomic policies to relax the, finance the nationalization of enterprises, reforming the financial regulatory system, reform and reconstruction of the world monetary system. U.S. financial crisis on China's inspiration:improving the level of macro-control to guard against bubble-style approach to development and funding for overstretched consumer habits, financial innovation and financial liberalization goes too far, strengthening financial supervision, the international monetary system reform is a must expedite the implementation of China enterprise internationalization, constantly deepen the reform of social security system, find out the market and government intervention point.
科学的理论离不开科学的研究方法。本文在研究方法上主要采用了调查法、文献研究法、系统科学方法、定量与定性分析法等。本文注重广泛深入地调查研究和吸收已有的科研成果,采用“调查影响——分析原因——列举政策——提炼启示”这样一个提出问题——分析问题——提出解决问题的设想的研究路径,最终为我国加强调整、改革,推动经济恢复提出了宝贵的思路。
本文先是探讨美国金融危机给世界主要经济体带来的不同影响,接着系统分析美国金融危机产生的原因尤其是深层原因,以及世界主要经济体在金融危机中采取的措施和对策,最后提炼出美国金融危机及其治理措施对中国的深刻启示。美国金融危机产生多方面影响,导致美国金融机构破产数增加,失业率急剧上升,美国房产严重贬值、众多房地产企业陷入困境,美国金融市场一片萧条,美国经济衰退；造成全球金融市场遭受重创,全球实体经济遭受冲击；中国金融市场受到的影响短期有限,中国房地产行业进入调整期,中国进出口下降,中国劳动力市场和就业受到冲击,中国物流企业深受影响,中国经济增长速度减缓,中国面临的机遇。美国金融危机产生、发展的深层原因：次贷危机演化为金融危机,美国不当的货币政策和失衡的房地产市场是金融危机爆发的导火线,资产证券化与过度发展的衍生金融工具是金融危机传播的加速器,信用评级对金融危机的爆发具有不可推卸的责任,金融监管不力,国际经济和国际货币体系的双失衡,美国超前消费的经济模式,新自由主义的资本主义。美国应对金融危机的措施：创新流动性管理手段,救援金融机构,经济刺激计划,援助、接管“两房”,金融救援计划,改革金融监管体制；全球主要经济体采取的措施：宏观经济政策放宽,金融企业国有化,改革金融监管体制,改革与重建世界货币体系。美国金融危机对中国的启示：提高宏观调控的水平,警惕泡沫式的发展方式和寅吃卯粮的消费习惯,金融创新和金融自由化过犹不及,加强金融监管,积极倡议国际货币体系改革,加快推动中国企业国际化,不断深化社保制度改革,找准市场运作与政府干预的结合点。
The U.S. financial crisis in August 2007 started to emerge full-blown in 2008, the impact from the U.S. financial markets to the global financial markets continue to spread, from the virtual economy to the gradual infiltration of the real economy, so that the global economy into the worst recession since World War II. As of the end of December 2009, although the global economic development, the most difficult period has passed, some countries have been out of the recession and started to recover; but with varying degrees of global economic recovery, in particular the unusually slow recovery in the developed countries, even in the face of new attacks. The reason, I believe that this is mainly due to the formation of the U.S. financial crisis, did not eliminate the. underlying causes are still making. Therefore, in-depth study of the causes of financial crisis in the United States in particular, deep-seated reasons to analyze the world's major economies to deal with the financial crisis, financial instruments and fiscal policy, from which was found useful lessons for China, no doubt the financial crisis in China as soon as possible to eliminate the impact of speed up the adjustment and reform, promoting economic recovery and development entity of great significance. Research scholars at home and abroad there is no lack insight, but some remained at the surface causes the discussion, and some of the underlying causes of caught in a one-sided analysis of the points mentioned above can not be scientifically reveal the reasons for the formation of the U.S. financial crisis, especially the deep-rooted reasons. I believe that the U.S. financial crisis is the result of many factors to explore the underlying causes of the U.S. financial crisis, should government intervention due to market imperfections and failures resulting from the superposition of the role of the comprehensive role of the dialectical relationship between a variety of factors carried out.
Scientific theory is inseparable from the scientific research methods. In this paper, the main research methods used survey method, literature research methods, systematic scientific methods, quantitative and qualitative analysis method. This focus on an extensive and thorough investigation and study and absorb the existing scientific research, using "investigation effect-to analyze the reasons-listed in the policy-refining ideas," such a questions-analysis of the problem-put forward ideas to solve the problem of path ultimately strengthen the adjustment of China's reform, promoting economic recovery and put forward valuable ideas.
This first of the U.S. financial crisis has brought the world's major economies, the different effects, followed by systematic analysis of the causes of financial crisis in the United States in particular, the underlying causes, as well as the world's major economies in financial crisis measures and countermeasures, to extract the United States financial crisis and its control measures on China's profound lesson. Multifaceted impact of U.S. financial crises have led to U.S. financial institutions to increase the number of bankruptcy, unemployment has risen sharply, the United States a serious depreciation of property, many real estate companies in trouble, the U.S. financial markets, a recession, the U.S. recession; contribute to global financial markets suffered heavy losses, subjected to the impact of the global real economy; China's financial market, the impact on short-term limited, China's real estate industry has entered a period of adjustment, China's imports and exports declined, the Chinese labor market and employment under attack, China's logistics enterprises affected by this, China's economic growth slowed down, China's faced with opportunities. U.S. financial crisis and the development of the root causes of:sub-prime crisis evolved into the financial crisis, the U.S. imbalance of inappropriate monetary policy and real estate market triggered the outbreak of the financial crisis, asset securitization and the over-development of derivative financial instruments to the financial crisis spread accelerator, credit rating of the outbreak of the financial crisis has not shirk the responsibility, financial supervision, the international economy and international monetary system, a dual imbalance in the United States spend more than an economic model, neo-liberal capitalism. Measures to address the financial crisis in the U.S.: Innovation liquidity management tools, rescue financial institutions, the economic stimulus plan, aid, took over the "two room", the financial rescue plan, reforming the financial regulatory system; the world's major economies, the measures: macroeconomic policies to relax the, finance the nationalization of enterprises, reforming the financial regulatory system, reform and reconstruction of the world monetary system. U.S. financial crisis on China's inspiration:improving the level of macro-control to guard against bubble-style approach to development and funding for overstretched consumer habits, financial innovation and financial liberalization goes too far, strengthening financial supervision, the international monetary system reform is a must expedite the implementation of China enterprise internationalization, constantly deepen the reform of social security system, find out the market and government intervention point.
引文
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