美国次贷危机的资产负债表放大机制研究

发布时间：2018-05-18 08:58

本文选题：次贷危机 + 资产负债表放大机制　；参考：《中国社会科学院研究生院》2012年博士论文

【摘要】：本文在对美国次贷危机的发生背景及其演进过程进行剖析的基础上，从金融机构资产负债表的视角揭示了次贷危机放大为全球金融危机的机理，并为分析金融危机的资产负债表放大机制提供了一个理论框架。据此，本文在回顾相关文献的基础上，结合危机中金融机构资产负债表调整的一些特征事实，提出并论证了如下子命题： 1、金融机构的债务融资约束收紧和（或）有效风险规避上升可能会触发金融机构资产负债表调整与资产价格下跌之间的正反馈循环，，从而放大危机。 2、具有系统重要性的金融机构受到负向冲击可能会使金融机构之间资产负债表关联所形成的金融网络变成冲击的放大器。 3、金融机构资产负债表恶化和实体经济下降之间可能会出现正反馈循环，导致金融体系与实体经济螺旋式下降。 4、金融危机通过跨国金融机构资产负债表所进行的传染可能会形成初始危机国金融机构资产负债表收缩与被传染国金融机构资产负债表收缩之间的正反馈循环，导致全球性危机。 5、金融危机的资产负债表放大机制要发挥作用需要具备一定的初始条件，而次贷危机之前的金融体系一直在不断地积累这些条件。本文最终得出的结论是：在具备一定的初始条件下，相对小的负向初始冲击会通过金融机构资产负债表调整所形成的正反馈机制放大为金融市场的系统性冲击并对实体经济产生严重后果；在美国次贷危机演变为全球金融危机的过程中存在着一种资产负债表放大机制。
[Abstract]:Based on the analysis of the background and evolution of the American subprime crisis , this paper reveals the mechanism of the sub - loan crisis being amplified into the global financial crisis from the perspective of the balance sheet of financial institutions , and provides a theoretical framework for the analysis of the financial crisis .

1 . The tightening of debt financing and / or the avoidance of effective risk aversion in financial institutions may trigger a positive feedback loop between the adjustment of the balance sheet of financial institutions and the fall of asset prices , thereby amplifying the crisis .

2 . The negative impact of systemically important financial institutions may turn the financial network formed by the balance sheet association between financial institutions into an impact amplifier .

3 . There may be positive feedback between the deterioration of balance sheet of financial institutions and the decline of physical economy , resulting in a downward spiral of financial system and entity economy .

4 . The contagion of the financial crisis through the balance sheet of transnational financial institutions may form a positive feedback loop between the contraction of the balance sheet of financial institutions in the initial crisis countries and the contraction of the balance sheet of the affected country financial institutions , resulting in a global crisis .

5 . The financial crisis ' s balance - sheet amplification mechanism needs to have certain initial conditions , and the financial system before the subprime crisis has been accumulating these conditions .

The conclusion is that , under certain initial conditions , the relatively small negative initial impact will be amplified by the adjustment of the balance sheet of financial institutions into systemic shocks in financial markets and have serious consequences for the real economy ;
There is a balance sheet amplification mechanism in the evolution of the US subprime crisis into the global financial crisis .
【学位授予单位】：中国社会科学院研究生院
【学位级别】：博士
【学位授予年份】：2012
【分类号】：F831.59

【引证文献】