引入金融创新的IS-LM模型:金融危机求解

发布时间：2018-01-07 09:03

本文关键词：引入金融创新的IS-LM模型:金融危机求解　出处：《中央财经大学学报》2010年02期 　论文类型：期刊论文

【摘要】：美国次级债引起世界性金融危机,并波及实体经济,引发人们对金融创新的质疑。目前我国处在大力发展经济的关键时期,因此我们有必要深入思考金融创新与经济增长的关系以及如何妥当进行金融创新等问题。本文将金融创新因素引入传统IS-LM模型,研究发现金融创新具有双刃剑的效应,当实际利率大于或等于预期利率时,金融创新具有经济增长效应;实际利率小于预期利率时,如果金融创新只是提高了货币投机需求的利率弹性,而没有拓展融资渠道、增加真实投资,金融创新将导致金融危机;而且金融创新会减弱货币政策效应,而提升财政政策效应,因此文章建议金融危机求解应采取扩张的财政政策。
[Abstract]:The subprime debt of the United States caused the world financial crisis, and affected the real economy, causing people to question the financial innovation. At present, our country is in the key period of vigorously developing the economy. Therefore, it is necessary for us to think deeply about the relationship between financial innovation and economic growth and how to properly carry out financial innovation. This paper introduces financial innovation factors into the traditional IS-LM model. It is found that financial innovation has a double-edged sword effect. When the real interest rate is greater than or equal to the expected interest rate, financial innovation has the effect of economic growth. If the real interest rate is lower than the expected interest rate, if the financial innovation only increases the interest rate elasticity of the currency speculative demand, but does not expand the financing channel, increases the real investment, the financial innovation will lead to the financial crisis; Moreover, financial innovation will weaken the effect of monetary policy and enhance the effect of fiscal policy. Therefore, this paper suggests that the financial crisis should be solved by expanding fiscal policy.
【作者单位】：中央财经大学;西南证券研发中心;
【基金】：西南证券研发中心资助课题《中国金融创新与路径选择》的阶段成果,(课题号:2008010)
【分类号】：F830;F224
【正文快照】： 鉴于美国次贷危机的发生在很大程度上源于金融衍生品的风险,因而不少人开始对金融衍生品产生怀疑,而金融衍生品是金融创新的一个重要方面,所以很多人将全球经济危机罪魁祸首的矛头对准了金融创新。当前中国正处于努力推广金融创新,美国次贷危机后我国面临诸如是否应继续推行

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