顺周期性效应的金融加速器机制解析  

Studies on the Procyclicality of the Financial System:From the Financial Accelerator Perspective

作　　者：何建勇[1] 

机构地区：[1]厦门大学经济学院,福建厦门361005

出　　处：《福建师范大学学报（哲学社会科学版）》2010年第3期41-46,共6页Journal of Fujian Normal University:Philosophy and Social Sciences Edition

基　　金：国家社科重大项目<扩大国内需求的宏观经济政策研究>(课题编号08&ZD034);教育部人文社科专项项目<资产替代的宏观经济效应与货币政策对策>(课题编号:07JD790007)的阶段性成果

摘　　要：本文从金融加速器的三种细分机制入手,对金融体系中普遍存在的顺周期性现象进行了扩展解释,突出强调了企业、家庭、银行和货币当局的互动行为以及金融市场的重要角色,并对中美两国在应对金融海啸和舒缓金融加速器效应的货币政策效果进行比较分析,结果发现:美联储在缓解信用过度紧缩方面卓有成效;中国"以信贷刺激投资,以投资保证增长"的宏观政策也取得预期效果,然而经济复苏的可持续性仍有待检验。This paper particularly explained the procyclicality of the financial system from three subdivision mechanisms of financial accelerator, highly accentuated interaction of enterprise, household, bank and monetary authority, as well as the significant roles of financial market. Then, we analysis the monetary policy effects of the Chinese and American center bank. The result was that the Fed had made great effects on relaxing the credit crunch; Chinese macroeconomic policy that is stimulating investment with credit and assuring growth with investment had achieved the expected effect, but substance of the resurgence in e- conomy maybe checked in the future.

关 键 词：金融加速器 顺周期性 金融危机 

分 类 号：F830.33[经济管理—金融学]