次贷危机演进中美国流动性重复逆转机制研究

发布时间：2018-05-09 16:24

本文选题：流动性重复逆转 + 非理性荣景　；参考：《河北工业大学》2012年硕士论文

【摘要】：本论文得到2011年国家社会科学基金项目(11BJL048)----“中美经济非对称共生条件下我国流动性重复逆转问题研究”的资助。 2007年初的美国次贷危机逐步演进深化成为全球性的金融危机，在危机演化的过程中，美国金融市场流动性在短期内出现由过剩到紧缩乃至枯竭的逆转现象。美国流动性的逆转根植于美国沉淀的房地产泡沫，在房地产发展的非理性荣景中衍生了一条完整的、链接美国房地产基础市场与其衍生市场的流动性链条，该链条是美国金融高度创新的反映，但也赋予风险的层层积聚。因而，泡沫的破裂引发了流动性链条的断裂，风险的集中爆发联动着全球金融的动荡。危机全面爆发后，美国为救助流动性困境中的金融机构采取了包括非常规救市措施在内的政府救助行动，引致美国流动性的逐渐恢复。可见，在危机演化的过程中，，美国金融市场的流动性在短短时间内演绎了从过剩到紧缺，又由紧缺到恢复外溢的完整波动，这一罕见现象被我们定义为流动性重复逆转。鉴于流动性重复逆转的抽象性与罕见性，文章引入生物学中植物细胞“质壁分离与复原”原理对其进行了形象化的阐释。在对流动性重复逆转有了一定的认知后，文章分析了美国流动性重复逆转的机制，分为首次逆转机制、再次逆转机制及关联外溢机制，按着这一逻辑链条层层展开，展开进行宏观分析的过程中体现了资产负债表、非常规救市涉及三角结构的研究视角。然而，为更好的验证宏观理论层面的剖析，文章从中微观视角对美国流动性重复逆转机制进行了实证研究，首次逆转中沿着次贷价值链条以微观机构为主体进行财务角度的分析，再次逆转中运用博弈论模型研究了政府对流动性危机的救助行为。在对理论和实证综合分析的积淀上，文章最后结合流动性重复逆转与国内外的经济金融热点，阐释了流动性逆转框架对我国金融改革实验区的启示及流动性重复逆转下的美欧中债务的“三债联动”。
[Abstract]:This paper is supported by the 2011 National Social Science Foundation Project 11BJL048- "study on the repeated reversal of liquidity in China under the condition of asymmetric symbiosis between China and the United States". At the beginning of 2007, the subprime mortgage crisis in the United States gradually evolved into a global financial crisis. In the process of crisis evolution, the liquidity of American financial market reversed from excess to contraction or even depletion in the short term. The reversal of liquidity in the United States is rooted in the precipitated real estate bubble in the United States, which has spawned a complete liquidity chain linking the American real estate infrastructure and its derivative markets in the irrational glory of real estate development. The chain is a reflection of the high degree of innovation in American finance, but also the accumulation of risks. As a result, the bursting of the bubble triggered the rupture of the liquidity chain, and the concentration of risk linked to the global financial turmoil. After the crisis broke out, the United States adopted government rescue measures, including unconventional rescue measures, to rescue financial institutions in troubled liquidity, which led to the gradual recovery of liquidity in the United States. It can be seen that in the process of crisis evolution, the liquidity of American financial markets in a short time deduces the complete fluctuation from excess to shortage, and from scarcity to recovery of spillover. This rare phenomenon is defined as the repeated reversal of liquidity. In view of the abstractness and rarity of repeated flow reversal, the principle of "separation and restoration of cytoplasm wall" of plant cells in biology is introduced in this paper. After a certain cognition of the repeated reversal of liquidity, the paper analyzes the mechanism of repeated reversal of liquidity in the United States, which is divided into the first reversal mechanism, the second reversal mechanism and the associated spillover mechanism. In the process of macro analysis, the balance sheet is reflected, and the unconventional rescue involves the triangle structure. However, in order to better verify the macro theoretical analysis, this paper makes an empirical study on the repeated reversal mechanism of liquidity in the United States from the micro perspective. In the first reversal, the micro-organization is the main body of financial analysis along the sub-prime value chain, and the game theory model is used to study the rescue behavior of the government to the liquidity crisis. On the accumulation of theoretical and empirical comprehensive analysis, the paper combines the repeated reversal of liquidity with the domestic and foreign economic and financial hot spots. This paper expounds the inspiration of liquidity reversal framework to the experimental area of financial reform in China and the "three debt linkage" of US, Europe and China debt under repeated liquidity reversal.
【学位授予单位】：河北工业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F831.59;F124;F171.2

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