美国金融结构研究

发布时间：2018-06-12 15:39

本文选题：金融结构 + 金融中介　；参考：《吉林大学》2013年博士论文

【摘要】：在经济全球化和经济金融化的今天，经济运行与金融活动相伴相生。在金融促进经济发展的过程中，金融总量增长和结构变化共同发挥作用，但是金融总量增长更多的表现为一种量化扩张，而金融结构则是衡量一国金融发展水平的重要标志，并成为推动经济增长的内生动力。本文选取美国金融结构作为研究对象，从历史发展的视角详尽描述了美国长达二百多年的金融发展历程，并实现了由银行中介为主导向以金融市场为主导的金融结构变迁，美国金融结构在产品创新、市场机制、金融监管等方面成为引领世界金融发展的风向标。然而2007年爆发的次贷危机，，引发了理论界对美国金融结构模式的再思考。正是在这一特殊背景下，笔者期望通过对美国金融结构的深入研究，进一步探讨美国金融结构对经济增长和金融稳定性的影响，从而更加全面客观的认识和评价美国金融结构的优势和不足，并对我国金融发展提出针对性的政策建议，因此在后危机时代研究美国金融结构问题有着重要的理论和现实意义。从结构安排方面，本文首先分析了美国金融结构变迁历程，并结合制度经济学和金融功能观的理论基础，深入探讨经济体系中决定金融结构变迁的内在因素和作用机理。由于美国金融结构涵盖的内容较广，本文重点选取了金融结构与经济增长、金融结构与金融脆弱性两个方面，原因在于“金融结构与经济增长”是金融发展领域的重要内容，结合美国经济实践分析，具有较强的代表性和借鉴性，而“金融结构与金融脆弱性”则是以美国金融自由化和次贷危机的爆发为背景，深入探讨美国金融结构与次贷危机的内在关联机制。虽然本文研究美国金融结构的着力点有限，但是在每个研究内容方面，都力图详尽阐述、深入透彻。在研究“金融结构与经济增长”的内容方面，本文在分析金融中介、金融市场与经济增长的作用机制的基础上，进一步延伸到美国金融结构与产业结构的研究领域。因为产业结构是经济增长的重要组成部分，而美国市场主导型金融结构在推动美国新兴产业发展和产业结构升级过程中发挥了重要作用，具体表现为市场主导型金融结构在信息处理、风险管理、流动性方面的优势，而美国的风险投资机制和多层次的资本市场体系成为培育高新技术企业发展和壮大的孵化器。在研究“金融结构与金融脆弱性”的内容方面，本文深入分析了金融脆弱性内生于金融结构的理论基础，并结合美国的金融自由化浪潮，重点从利率自由化、混业经营、金融创新等方面剖析了金融自由化加剧金融脆弱性的作用机制。随后，本文重点分析了美国次贷危机爆发与深化的过程，并从金融脆弱性视角解析次贷危机的内在根源，主要包括金融机构信贷扩张的脆弱性、混业经营体制的脆弱性和影子银行体系的脆弱性三个方面。最后，本文借鉴美国金融发展经验，对我国金融结构优化问题进行分析。在概括我国金融结构现状的基础上，简要论述了我国金融结构在支持经济发展、金融机构结构、金融市场结构和融资结构等方面存在的问题，并提出了进一步优化和改革的政策性建议，主要涵盖优化金融中介和金融市场结构、促进两者之间的均衡化发展、强调市场机制在金融结构优化的基础作用、稳健推进金融创新等内容。
[Abstract]:In the process of economic globalization and economic finance, economic operation and financial activities are associated with each other. In the process of promoting economic development, financial aggregate growth and structural changes play a common role, but the growth of financial aggregate is more of a quantitative expansion, while gold and financial structure is an important measure of the level of financial development of a country. This paper selects the American financial structure as the research object, and describes the financial development course of the United States for more than 200 years from the perspective of historical development, and realizes the financial structure change dominated by the banking intermediary to the financial market, and the American financial structure is created in the product. New, market mechanism, financial supervision and other aspects have become the vane leading the world financial development. However, the subprime crisis, which broke out in 2007, has caused the theoretical circle to rethink the American financial structure model. It is under this special background that the author expects to further explore the financial structure of the United States through the in-depth study of the American financial structure. The influence of economic growth and financial stability, thus more comprehensively and objectively understanding and evaluation of the advantages and disadvantages of the American financial structure, and putting forward some pertinent policy suggestions to the financial development of our country. Therefore, it is of great theoretical and practical significance to study the problems of the American financial structure in the post crisis era.
In terms of structural arrangement, this article first analyzes the course of the changes in the American financial structure, and combines the theoretical basis of institutional economics and financial function, and probes into the internal and functional mechanisms of the financial structure changes in the economic system. There are two aspects of economic growth, financial structure and financial fragility. The reason is that "financial structure and economic growth" is an important content in the field of financial development. In combination with the analysis of American economic practice, the financial structure and financial fragility are based on the financial liberalization and the subprime crisis in the United States. Background, the internal relationship between the American financial structure and the subprime crisis is discussed in depth. Although the focus of this paper is limited to the United States financial structure, it is hard to elaborate and thorough in every research content.
In the study of the content of "financial structure and economic growth", on the basis of the analysis of the financial intermediation, the financial market and the mechanism of economic growth, this paper further extends to the research field of the American financial structure and industrial structure, because the industrial structure is a major component of the economic growth and the American market dominated financial structure. It plays an important role in promoting the development of the new industry and the upgrading of the industrial structure in the United States. It shows the advantages of the market dominated financial structure in the aspects of information processing, risk management and liquidity, while the American venture capital mechanism and the multi-level capital market system are the hatching of the development and expansion of the high-tech enterprises. Apparatus.
In the study of the content of financial structure and financial fragility, this paper analyzes the theoretical basis of financial fragility born in financial structure, and analyzes the mechanism of financial fragility intensifying financial fragility from the liberalization of interest rate, mixed operation and financial innovation in the light of the wave of financial liberalization in the United States. After that, this paper focuses on the analysis of the process of the outbreak and deepening of the subprime mortgage crisis in the United States, and analyzes the underlying causes of the subprime crisis from the perspective of financial vulnerability, mainly including the fragility of the credit expansion of financial institutions, the fragility of the mixed operation system and the fragility of the shadow banking system in three aspects.
Finally, using the experience of American financial development, this paper analyzes the optimization of financial structure in our country. On the basis of summarizing the current situation of our financial structure, this paper briefly discusses the problems existing in the financial structure in supporting the economic development, the structure of financial institutions, the structure of the financial market and the structure of financing. The policy recommendations of the reform mainly cover the optimization of financial intermediaries and the financial market structure, promote the balanced development between the two, emphasize the basic role of the market mechanism in the optimization of the financial structure, and promote financial innovation steadily.
【学位授予单位】：吉林大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F837.12

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