外部金融冲击传导与中国应对之术——一个基于虚拟经济视角的文献综述  

A Literature Review on the Transmission and Response to External Financial Shocks from the Perspective of Fictitious Economy

作　　者：刘晓欣[1] 张坷坷 LIU Xiao-xin;ZHANG Ke-ke(School of Economics,NanKai University,Tianjin 300071,China)

机构地区：[1]南开大学经济学院,天津300071

出　　处：《现代财经（天津财经大学学报）》2021年第10期39-50,共12页Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

基　　金：国家社会科学基金重大项目(20ZDA101)。

摘　　要：后危机时代,美国的经济虚拟化使得国际金融市场动荡加剧。主动有效地应对外部金融冲击是国家治理职责和能力现代化的重要体现。本文基于虚拟经济视角,系统梳理了具有代表性的信息冲击、跨境支付系统冲击与汇率波动冲击三种外部金融冲击的传导与应对。研究发现,高度虚拟化的美国金融市场催生出大量信息冲击,通过心理资本化定价实现冲击的跨境传导,建立"双支柱调控框架"是有效监测系统性风险从而应对信息冲击的重要举措;对美元的利润追逐是跨境支付系统冲击的主要驱动力,人民币跨境支付结算系统(CIPS)与数字人民币(DC/EP)两者的结合能够逐渐转变美元主导的支付交易局面,并从根本上抵御跨境支付系统冲击;美元虚拟化是汇率波动冲击产生的重要原因,"有管理的浮动汇率机制"、外汇储备与人民币国际化三者的有效结合是抵御汇率波动冲击的重要手段。In post-crisis era,America′s Fictitious Economy has exacerbated the volatility in international financial market.Proactively and effectively dealing with external financial shocks is an important manifestation of the modernization of national governance responsibilities and capacity.Based on a Fictitious economy perspective,this paper systematically examines the transmission and response to three representative external financial shocks,including information shocks,cross-border payment system shocks and exchange rate volatility shocks.The study finds that the highly virtualized US financial market generates a large number of information shocks,which are transmitted across borders through psychological capitalization pricing,and establishing the"two-pillar regulatory framework"is an important measure to effectively monitor systemic risks and cope with information shocks.The profit chasing of the US dollar is the main driver of cross-border payment system shocks,and the combination of the Cross-border Payment and Settlement System(CIPS)and the Digital RMB(DC/EP)can gradually transform the US dollar-dominated payment transactions and fundamentally counteract cross-border payment system shocks.The virtualization of the US dollar is an important cause of exchange rate volatility shocks,and the effective combination of the"managed floating exchange rate mechanism",foreign exchange reserves and RMB internationalization is an important means to counteract exchange rate volatility shocks.

关 键 词：外部金融冲击 虚拟经济 金融稳定 经济虚拟化 

分 类 号：F832.6[经济管理—金融学]