资本流动、金融结构变迁与金融风险转移--对美国次贷危机的解释  

Capital Flows,Finance Structure Change and Financial Risk Shift:Explanation to the Subprime Credit Crisis in USA

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作  者:马宇[1] 

机构地区:[1]山东工商学院副教授,山东烟台264005

出  处:《武汉大学学报(哲学社会科学版)》2009年第3期400-405,共6页Wuhan University Journal:Philosophy & Social Science

基  金:国家社会科学基金项目(项目批准号07CJL012);山东省自然科学基金项目(Y2008H34)

摘  要:经济全球化条件下的资本跨国流动以及全球投资组合,降低了国别系统性风险,凸显全球投资组合的优势,吸引更多资金从银行中介流向金融市场,导致金融体系结构变迁,出现银行主导型金融体系向金融市场主导型金融体系转变的趋势,银行业务重心转移到金融市场,原来银行管理的风险更多转移到金融市场。金融市场管理风险的特点是由投资者直接根据自己的风险承受能力进行风险互换,并最终承担风险损失,遇到冲击时,影响更易被放大。这就是次贷危机影响如此之大的背景原因之一。不断涌现的衍生金融工具使风险多次被分拆、捆绑和转移,债务链条不断延长和复杂化,但风险并没有被消除。当债务链条最源头的次级贷款人出现违约以后,投资者无法辨别资产风险大小,因此整个债务链条上的投资者都产生了恐慌,促使次贷危机不断蔓延和放大。Under the economical globalization condition capital transnational flowing as well as the global portfolio, reduced the nationality systematic risk, thus highlights the global financial market investment portfolio superiority, attraction more funds flows to financial market from bank system, causes the finance architecture vicissitude, appears the bank leading finance system transforms to the market leading finance system, the bank service shifts to the financial market, the bank intermediary management risk more shifts to the financial market. Financial market risk management is characterized by the investors according to their risk tolerance for risk exchange, and ultimately to bear the loss. When experienced shocks, the pattern of risk management easier to enlarge the impact. Continuous emergence of derivative instruments makes the risk of financial markets has been split several times, tied up and transfer, debt chain extended and complicated, but the risk has not been eliminated. When the lender of the source in the event of default ,the investor is unable to distinguish risk, so the investors have had a panic to keep the spread of the crisis and to enlarge.

关 键 词:次贷危机 资本流动 金融体系结构 衍生金融工具 

分 类 号:F830.9[经济管理—金融学]

 

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