金融自由化、非对称调整与新兴市场的金融危机

发布时间：2018-03-16 06:07

本文选题：非对称调整　切入点：负产出效应　出处：《当代经济科学》2010年02期 　论文类型：期刊论文

【摘要】："二战"后,新兴市场经济(EMS)也存在广泛的金融抑制。抑制政策可能有短期增长效应;但本文理论模型显示,长期内,竞争机制会耗散金融租金,EMS实际增长率低于有保障和自然的增长率。70年代末期以来,EMS放松了金融规制。因价格调整快于数量调整、金融市场调整快于产品和劳动力市场,金融自由化产生负产出效应。负产出是基本的风险源。来自于金融、实际部门的任何冲击以及制度与政策失灵,都可能引发金融危机。抑制程度越深,负产出效应越大,人均产出越低,自由化过程中发生金融危机的概率也越大。本文使用25个国家1980～2001年的数据,以二元选择模型对上述假说进行实证检验。
[Abstract]:After World War II, emerging market economies (EMS) also exist widely. Financial repression policy may have short-term growth inhibitory effect; but the theoretical model shows that in the long term, the competition mechanism will be dissipated financial rent, since the real EMS growth rate is lower than the security and the natural growth rate of.70 EMS in the late 1990s, the loosening of financial regulation because of the price adjustment. Faster than the number of adjustment, adjustment of financial market faster than the products and labor market, financial liberalization has a negative output effect. The negative output is the basic source of risk. From the financial sector and the actual impact, any system and policy failure, may cause the financial crisis. The degree of inhibition is more deep, negative output the larger the effect of per capita output, lower probability of occurrence of financial crisis in the process of the 25 countries. In this paper, using 1980~2001 years of data, an empirical test of the hypothesis to two yuan model.

【作者单位】：暨南大学;华南农业大学经济管理学院;
【基金】：“国际金融危机、损失承担非对称性与农民相对贫困恶化”,广东省哲学社会科学“十一五”规划2009年度一般项目(编号:09E-14)
【分类号】：F830;F224

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