有效市场失效、金融危机与中央银行功能

发布时间：2018-05-05 20:45

本文选题：有效市场 + 金融危机　；参考：《学习与探索》2012年07期

【摘要】：阿罗—德布鲁一般均衡范式引申的金融市场理论认为,金融市场是有效率的,银行或中央银行无关紧要。然而,一旦有效市场失效,金融体系的内在机制不稳定,很容易造成破坏性的信贷膨胀——紧缩周期,此时中央银行的存在是十分必要的。正是由于金融市场的不完全,以及经济主体的机会主义行为,中央银行本身又成为市场不稳定的来源。从有效市场失效角度分析金融市场不完全、金融危机和中央银行政策之间的关系,关键在于降低交易成本和完善资本市场,同时还要重新定位中央银行的功能,应着眼于金融系统信贷过程中产生的债务管理,避免出现无法偿还的债务危机。只有这样,才能实现物价稳定和金融市场稳定。
[Abstract]:The financial market theory extended by the Haro Debroux general equilibrium paradigm holds that the financial market is efficient and the bank or the central bank is insignificant. However, once the effective market fails and the internal mechanism of the financial system is unstable, it is very easy to cause a destructive credit expansion - the contraction cycle, and the existence of the central bank is very necessary. Because of the incomplete financial market and the opportunism of the economic subject, the central bank itself has become the source of the market instability. The analysis of the incomplete financial market from the perspective of effective market failure and the relationship between the financial crisis and the central bank policy is to reduce the transaction cost and improve the capital market. To relocate the functions of the central bank, we should focus on the debt management produced in the financial system's credit process and avoid the unrepayable debt crisis. Only in this way can we achieve price stability and financial market stability.

【作者单位】：吉林大学中国国有经济研究中心;
【基金】：国家社会科学基金一般项目(12BQL009) 教育部人文社会科学一般项目(09YJA790082);教育部人文社会科学重点研究基地重大项目(01JJD790004) 吉林大学“985”工程项目的阶段性成果
【分类号】：F123.9;F832

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