信贷扩张、资产价格波动与金融稳定

发布时间：2018-01-14 12:26

本文关键词：信贷扩张、资产价格波动与金融稳定　出处：《天津财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：随着全球金融市场的高速发展,尤其是美国次贷危机的爆发,资产价格波动以及由此引起的金融不稳定问题已经受到各界人士的关注和重视。近些年来,我国房地产市场和股票市场的表现严重脱离了实体经济的发展状况,积累了一定程度的资产价格泡沫,2007年以来,我国的股票和房地产价格经历了剧烈波动,尤其是证券市场,上海证券交易所的股票价值已经蒸发了一大半。这种现象让我们联想到了日本失去的十年、东南亚金融危机和美国次级抵押贷款危机等危机。为了保证我国经济的健康发展,防止资产价格波动引发金融不稳定,我们研究资产价格波动影响金融稳定的作用机制就有一定的现实意义。一般认为,商业银行信贷扩张行为往往是资产价格波动的重要因素之一,商业银行逐利性的本质往往使得资金集中投资于高利润行业,导致资产价格不断上涨到一个相当高的水平,推动资产价格泡沫的形成。同时,资产价格波动也会反过来影响银行的信贷供给与需求。当经济开始出现疲软,投资者的投资信心受到影响时,资产价格上涨就会失去动力,资产价格就会下跌,并且可能会出现资产价格剧烈波动的状况。从资产价格影响银行稳定的视角进行分析,资产价格下跌会影响到银行的资本充足率,资产价格下跌会增加银行的不良贷款,不良贷款达到一定规模就会侵蚀银行的资本金,进而影响到银行的信贷行为和金融系统的稳定。另一方面,资产价格的大幅下降往往会对商业银行的经营环境造成负面影响,引起挤兑现象,使银行倒闭进而引发金融不稳定。另外,利用金融机构贷款余额和商品房平均销售价格指数月度数据进行了实证分析,并且以美国次级抵押贷款危机为例,分析其产生的原因以及其对金融稳定的影响。最后总结全文,并提出了相应的政策建议。
[Abstract]:With the rapid development of global financial markets, especially the U.S. subprime crisis, the volatility of asset prices and the resulting financial instability problem has been the concern and attention. In recent years, China's real estate market and the performance of the stock market seriously out of the development of the real economy, accumulated to a certain extent asset price bubbles, since 2007, China's stock and real estate prices experienced dramatic fluctuations, especially the stock market, the Shanghai stock exchange stock value has evaporated. This phenomenon is most reminiscent of Japan's lost ten years, the Asian financial crisis and the U.S. subprime mortgage crisis crisis. In order to ensure the healthy development of China's economy, to prevent asset price fluctuations lead to financial instability, we study the impact of asset price fluctuation mechanism on financial stability There is certain practical significance.
Generally, the expansion of credit behavior of commercial banks is one of the important factors of asset price volatility, the essence of commercial bank profit often makes funds focused on investing in high profit industries, leading to rising asset prices to a very high level, to promote the formation of asset price bubbles. At the same time, the fluctuation of asset prices will in turn affect credit supply and demand. When the bank began to appear weak economy, affected the confidence of investors, asset prices will lose momentum, asset prices will fall, and there may be dramatic fluctuations in asset prices. The effect of asset price from the perspective of banking stability, asset prices will affect the bank's capital adequacy ratio, asset prices will increase the bank's non-performing loans, non-performing loans reached a certain scale of capital will erode the banks into. It affects the credit behavior of banks and the stability of financial system. On the other hand, the sharp decline of asset prices often has negative effects on the operation environment of commercial banks, causing a run through phenomenon, resulting in bank failure and financial instability.
In addition, the monthly data using the loan balance of financial institutions and the average commercial housing sales price index is analyzed, and the subprime mortgage crisis in the United States as an example, analysis of its causes and its influence on financial stability. The final text of the summary, and put forward the corresponding policy suggestions.

【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.4;F293.3;F832.51;F224

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