金融创新、投资者逃离与央行危机救助

发布时间：2018-03-09 22:40

本文选题：投资者逃离　切入点：金融创新　出处：《投资研究》2011年10期 　论文类型：期刊论文

【摘要】：从1970年的商业票据危机到2008年的全球金融危机,历史上发生过多次因金融创新的复杂性诱发投资者逃离进而演化为金融危机的事件,而危机的最终化解多借助于央行的危机救助。本文基于投资者逃离模型,从金融创新及其产生的投资者不确定性出发讨论金融危机中投资者逃离行为,并通过对投资者逃离行为的分析探讨央行危机救助的时点与方式。本文认为,就金融危机的事前预防而言,央行应在创新工具运用的过程中引导金融机构开展充分的投资者教育及对创新工具的总规模进行适当限制从而降低危机发生的概率和破坏性;就金融危机的事后救助而言,央行危机救助的时点应放在投资者对未来的不确定性突然增加并开始调整原有策略的时刻,救助的主要措施是承诺在一定条件下购买资产或注入流动性,从而降低投资者不确定性,促使投资者改变逃离市场的策略或者至少避免投资者逃离成为群体行为。
[Abstract]:From the commercial paper crisis in 1970 to the global financial crisis in 2008, there have been many events in history in which investors fled because of the complexity of financial innovation and then evolved into financial crises. Based on the model of investor escape, this paper discusses the behavior of investor escape in financial crisis from the perspective of financial innovation and investor uncertainty. And through the analysis of the behavior of investors fleeing, the paper discusses the time and method of the central bank crisis rescue. This paper holds that, as far as the prevention of financial crisis is concerned, The central bank should guide financial institutions to provide adequate investor education and appropriate restrictions on the total size of innovative instruments in order to reduce the probability and disruption of crises in the process of using innovative instruments; in the case of post-rescue of financial crises, The time for a central bank bailout should be when investors suddenly increase uncertainty about the future and begin to adjust their original strategy, the main measure of which is a commitment to buy assets or inject liquidity under certain conditions. Thus reducing investor uncertainty, prompting investors to change their strategies to escape the market, or at least to avoid investors fleeing as a group behavior.
【作者单位】：复旦大学经济学院博士后流动站;中国华融资产管理公司博士后工作站;武汉大学经济学院博士后流动站;
【分类号】：F832;F224

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