后次贷时代与全球金融市场的自我救赎——基于非对称信息下的风险转移分析  

The Sub-prime Mortgage Crisis and the Self-redemption of the Global Financial Market:An Analysis Based on the Risk Transfer under Unsymmetric Information

作　　者：肖奎喜[1] 徐世长[1] 

机构地区：[1]广东外语外贸大学国际经济贸易学院,广东广州510006

出　　处：《国际经贸探索》2009年第8期53-57,共5页International Economics and Trade Research

基　　金：国家社科基金项目(08BJY116);广东省自然科学基金项目(8151042001000012);广东省社科规划项目(07GE08)

摘　　要：美国次贷风波席卷全球,引发了更深层次的金融风暴。剖析次贷危机和金融风暴的本质有助于探索化解这场全球性金融危机的有效途径。深入分析可以发现次贷危机起源于疯狂的虚拟资本和荒谬的金融衍生品,金融监管的缺失和非对称信息使得危机愈演愈烈;次贷危机从美国向全球蔓延形成了"负外部性金融溢出"效应,外围国家正在承受金融全球化带来的风险转移。文章提出"金融创新半径"的概念,指出惟有遵循金融资源配置的客观规律才是金融创新的理性归宿;一切金融危机,其实质都是货币的危机,只有建立新的国际货币体系,加强人民币在国际货币体系中的地位和作用,才能共同走出"斯蒂格利茨陷阱"。The sub-prime mortgage crisis of the United States is sweeping over the globe, and may bring about a bigger financial storm. Analyzing the essence of them is useful for discovering an effective solution to the crisis. Our analysis finds that the sub-prime mortgage crisis is derived from the crazy virtual capital and the absurd financial derivation, with the loss of the financial supervision and the unsymmetry information making it more violent. The crisis spreading from the US to the whole world has caused the ＂negative external financial overflow effect＂, with the countries nearby enduring the transfer risk from financial globalization. This paper puts forward the concept of ＂financial innovation radius＂ and points out that the rational way of financial innovation is to obey the objective law of the distribution of financial resources. All financial crises are the currency crisis in essence, and only by establishing a new international monetary system and strengthening the role of RMB in it can we walk out of the ＂Stiglitz＇s trap＂.

关 键 词：次贷危机 负外部性金融溢出 斯蒂格利茨陷阱 新国际货币体系 

分 类 号：F831[经济管理—金融学]