基于美元本位制视角的美国金融危机国际传染渠道研究

发布时间：2018-07-03 08:12

本文选题：美元本位制 + 美国金融危机　；参考：《湘潭大学》2012年硕士论文

【摘要】：随着金融全球化、自由化的发展，各国之间的经济贸易往来越来越频繁，跨国资本的流动量也越来越大，，20世纪90年代以来发生的多次金融危机均表现出明显的国际传染性。2007年美国金融危机从爆发到迅速演变为全球性金融海啸的过程，引起了国内外各界人士对金融危机国际传染性的高度关注。 20世纪80年代以来，美国凭借美元在国际货币体系中的霸权地位，主要通过贸易渠道向世界输出美元获得真实资源，推进经济去工业化进程，并通过其发达的金融市场向外出售各种金融产品收回美元，这种美元运行机制加深了美国与其他国家之间的贸易、金融关系。当美国爆发危机引起美国金融资产价格下跌、市场流动性紧缩、经济疲软时，危机将顺着美元运行机制的反方向传染到其他国家，进而引发全球性金融危机，有必要对美元本位制下美国金融危机的国际传染渠道进行研究。基于传统的金融危机国际传染理论与美元本位制的特征及运行机制，先从理论层面分析美国金融危机通过共同冲击、贸易、金融及预期渠道的国际传染效应，再以股票市场为例对美国金融危机的国际传染性进行实证分析，进一步检验美元本位制下美国金融危机的国际传染效应，并试图论证美元本位制是放大与扩张美国金融危机国际传染效应的制度原因。
[Abstract]:With the development of financial globalization and liberalization, the more frequent economic and trade exchanges between countries, The flow of transnational capital is also increasing. Many financial crises that have occurred since the 1990s have shown obvious international contagion. In 2007, the financial crisis in the United States developed rapidly into a global financial tsunami. It has aroused great concern about the international contagion of the financial crisis. Since the 1980s, the United States has relied on the hegemonic position of the US dollar in the international monetary system. Mainly through the export of US dollars to the world through trade channels to obtain real resources, to promote the process of economic de-industrialization, and through its developed financial markets to sell a variety of financial products to recover US dollars. This dollar mechanism deepens trade and financial relations between the United States and other countries. When the crisis in the United States causes the US financial asset prices to fall, the market liquidity shrinks, and the economy weakens, the crisis will spread to other countries in the opposite direction of the operating mechanism of the dollar, thereby triggering a global financial crisis. It is necessary to study the international contagion channel of American financial crisis under the dollar standard system. Based on the characteristics and operating mechanism of the traditional international contagion theory of financial crisis and the dollar standard system, this paper first analyzes the international contagion effect of the American financial crisis through the common impact, trade, finance and expected channels from the theoretical level. Taking the stock market as an example, the paper makes an empirical analysis of the international contagion of the American financial crisis, and further tests the international contagion effect of the US financial crisis under the dollar standard system. This paper tries to prove that the dollar standard system is the institutional reason for amplifying and expanding the international contagion effect of American financial crisis.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F831.59

【参考文献】