金融危机应对政策的有效性:基于40起事件的实证研究

发布时间：2018-05-04 03:23

本文选题：金融危机 + 政策工具　；参考：《财贸经济》2011年01期

【摘要】：本文以20世纪80年代以来世界范围内40次重要的系统性银行危机为基础,对金融危机后常见的15种应对措施进行了系统的实证评价。结果表明,系统性银行危机发生后,大规模政府干预、流动性支持(紧急贷款)、重新资本化、银行关闭和兼并是使用频率最高的5项措施,但大规模政府干预和流动性支持往往伴随着较高的财政成本,而重新资本化和兼并则分别伴随着危机持续时间的延长和产出损失的上升。一揽子担保计划虽有助于提高危机期间的经济增长率,但危机后的经济增长却相对较低。国有化措施不仅会产生较高的财政成本,通常还伴随着较高的产出损失。存款人承担损失和IMF援助这两种措施有助于缩短危机持续时间,但IMF援助通常伴随着较高的财政成本和危机期间较低的经济增长率。
[Abstract]:Based on 40 major systemic banking crises in the world since the 1980s, this paper makes a systematic empirical evaluation of the 15 common countermeasures after the financial crisis. The results show that following the systemic banking crisis, large-scale government intervention, liquidity support (emergency lending, recapitalization, bank closures and mergers) are the five most frequently used measures. However, large-scale government intervention and liquidity support are often accompanied by higher financial costs, while re-capitalization and mergers are accompanied by the prolongation of crisis duration and the rise of output losses, respectively. While the package helped to boost economic growth during the crisis, post-crisis growth was relatively low. Nationalization measures not only generate higher fiscal costs, but also often accompanied by higher output losses. Depositors take losses and IMF aid helps to shorten the duration of the crisis, but IMF aid is usually accompanied by higher fiscal costs and lower economic growth rates during crises.
【作者单位】：北京外国语大学;中国人民大学;中国人民大学国际货币研究所;
【基金】：教育部重大攻关课题"全球新型金融危机与中国外汇储备问题研究"(08JZD0011) 北京市教育委员会共建项目"21世纪全球金融竞争与危机控制战略研究"的资助
【分类号】：F831.59;F224

【相似文献】