代理投资、金融危机与金融制度结构  

Delegated Investment Theory,Financial Crises and Financial Institution Structure

作　　者：陈国进[1] 吴锋[2] 

机构地区：[1]厦门大学经济学院,福建厦门361005 [2]财政部金融司,北京100820

出　　处：《金融研究》2002年第8期61-66,共6页Journal of Financial Research

摘　　要：本文通过对 2 0世纪 80年代以来发生的主要金融危机的考察 ,认为代理投资内生的风险转嫁问题是导致资产泡沫形成、膨胀和金融危机发生的根本原因 ,金融制度结构与金融危机之间不存在因果关系 ,但是银行主导型的金融制度更适合于新兴市场国家的经济增长。After a brief investigation of the main financial crises which has occurred since the 1980's, we argue that the risk shifting problem endogenously generated from the delegated investment is the main reason which leads to the formation and development of asset bubbles, and the occurrence of financial crises. The causal relationship between financial system structure and financial crises does not exist, but the bank based financial system is more suitable for the economic growth in new emerging market countries.

关 键 词：代理投资 金融危机 金融制度结构 资产泡沫 形成机制 

分 类 号：F830.1[经济管理—金融学]