现代金融体系顺周期效应成因分析  

A Study on Causes of Pro-cyclical Effect of Modern Financial System

作　　者：肖崎[1] 

机构地区：[1]华南理工大学经济与贸易学院,广东广州510006

出　　处：《国际商务（对外经济贸易大学学报）》2011年第5期63-70,共8页INTERNATIONAL BUSINESS

基　　金：教育部人文社科一般项目(项目批准号:09YJC790094);广东省哲学社科"十一五"规划项目(项目批准号:09GD-01);华南理工大学中央高校基本科研业务费专项资金(项目批准号:2009SM0044)资助

摘　　要：金融体系具有内在的顺周期性,在与实体经济相互作用下,容易放大经济的周期性波动。金融体系的发展催生了新的引发和加剧顺周期性的隐患,顺周期性对宏观经济和金融体系稳定性的影响增强,甚至可能引发系统性金融危机。美国次贷危机的爆发是典型的金融体系过度顺周期的表现。政策当局应全面认识现代金融体系下顺周期问题产生的原因,建立缓释顺周期性、防范系统性风险的金融稳定框架。Financial systems are inherent pro-cyclical, due to the interactionwith real sectors, it is easy to amplify the swings in real economy. With the development of financial system, it has new forces that contribute to pro-cyclicality. The impact of pro-cyclicality on the stability of macro-economy and financial system has increased, and even could lead to systemic financial crisis. The outbreak of subprime crisis is a typical example of over-pro-cyclicality. So policymakers should explore the causes and implication of pro-cyclicality, and establish macro-financial stabilizing framework and counter-cyclical instrument to mitigate pro-cyclicality and prevent systemic risk.

关 键 词：金融体系 顺周期 金融稳定 

分 类 号：F832[经济管理—金融学]