银行危机与政府干预——基于中国金融史的研究  

Banking Crisis and Government Intervention:A Study of Chinese Financial History

作　　者：颜色[1] 辛星 滕飞[1] YAN Se;XIN Xing;TENG Fei(Guanghua School of Management,Peking University;China Construction Bank)

机构地区：[1]北京大学光华管理学院,北京100871 [2]中国建设银行,北京100033

出　　处：《金融研究》2020年第10期113-130,共18页Journal of Financial Research

摘　　要：当银行危机到来时,政府是否应当进行干预?政府干预对银行业会产生何种影响?这些问题在金融史研究中长期以来备受关注,且具有重要的现实意义。本文以1934年白银风潮冲击下中国大规模的银行危机为背景,对比了当时中国最大的两个金融中心上海和天津的银行业同业组织在危机中的表现,发现天津银行业同业公会成员相比于非银行同业公会的成员受到了更严重的挤兑危机,且在危机期间放款额出现了更显著的下降。而上海银行同业公会则没有受到大规模挤兑,且反而在金融危机期间扩大了信贷规模。本文认为是由于政府干预程度的不同导致了津沪两地银行同业公会的不同表现。具体机制为:其一,政府干预推动了银行业信息公开,降低了信息不对称带来的恐慌和挤兑;其二,政府干预下银行组织承担了更多的财政义务。What role should the government play when faced with a banking crisis?Should it intervene in the banking industry?What impact will government intervention have on the banking industry?These questions have attracted attention for a long time,with many studies attempting to answer them from different perspectives.The academic community has two main views on the role of banking organizations in the face of a crisis:one is that the existence of banking organizations expands the scope and influence of the crisis;the other is that banking organizations can share some of the crisis risk.It is not easy to answer this question accurately because it is difficult to find a case in which two similar banking organizations exist,while one of which implements a free competition system and the other implements a government intervention system separately in the same economy at the same time.However,the events of the 1930s in Shanghai and Tianjin provide us with a rare opportunity to observe this phenomenon.This article uses the financial information of Tianjin and Shanghai banks during the 1930s in combination with the political and cultural backgrounds of the two places to examine the different performances of the most important financial organizations in the two cities in that period and analyzes the role of financial organizations in response to a crisis.Banking associations emerged as regional banking organizations after the banking industry reached a certain stage of development.In the beginning,their main function was to organize the heads of various banks to socialize regularly and exchange information.With the continuous development of modern banking and financial industries,the complexity of banking business increased and these banking associations assumed more important roles.Around the 1920s,banking associations were established in many places in China.Among them,the largest and most influential banking associations were those in Shanghai and Tianjin.However,the banking associations in these two cities were quite diffe

关 键 词：银行同业公会 白银风潮 津沪银行业 

分 类 号：D630[政治法律—政治学] F832.3[政治法律—中外政治制度]