美国次贷危机研究—基于信息经济学的思考

发布时间：2018-06-25 21:23

本文选题：信息不对称 + 次贷危机　；参考：《吉林大学》2011年博士论文

【摘要】：自2007年4月以来爆发的美国次贷危机无论是在广度还是在深度都已经远远超过了1929-1933年大萧条。但危机没有爆发在新兴市场和发展中国家,而是在金融业高度发达、监管措施最为完备的美国,表明了我们对于金融危机的理解和认知仍存在缺陷,传统金融危机理论仍需要完善。而从信息不对称角度来剖析金融危机,揭示现代金融结构及其对经济行为的影响,构成了20世纪90年代金融危机研究的主要方面。本文就是选取了信息经济学的视角,尝试对美国次贷危机形成机理、传导机制和应对措施进行深入分析,并就中国如何强化金融监管防范金融危机提出某些具体建议。美国次贷危机的爆发固然有历史沿革下的美元本位、贸易失衡、放松管制等各种矛盾的积累,但美国金融市场上信息不对称问题持续的积淀已经到了必须正确认识的地步。由信息不对称引发的金融市场逆向选择、道德风险和信号发送等扭曲市场机制造成市场失灵,进而导致市场参与主体非理性行为是美国次贷危机爆发的真正原因。而危机传导过程中自我增强效应、非预期传导效应、扩大加速效应和统一市场效应又在以往危机传导理论未给予足够重视的。这些集合到一起,使得美国次贷危机既有较强的破坏性,又有迅速的蔓延性。而解决之道,则应从提高信息透明度,确保信息传导有效性,强化市场纪律和信息披露入手;同时建立良好的薪酬激励和实施有效的外部监管加强内外部约束,在市场不能自我纠正和调整时,以外部力量解决市场失灵,从而使金融市场恢复正常运行状态。
[Abstract]:The subprime mortgage crisis in the United States since April 2007 has far exceeded the depth and breadth of the Great Depression of 1929-1933. But the crisis did not break out in emerging markets and developing countries, but in the United States, where the financial sector is highly developed and the most comprehensive regulatory measures, indicating that our understanding and understanding of the financial crisis is still flawed. The traditional theory of financial crisis still needs to be perfected. From the angle of information asymmetry, this paper analyzes the financial crisis, reveals the modern financial structure and its influence on economic behavior, which constitutes the main aspect of the financial crisis research in the 1990s. From the perspective of information economics, this paper attempts to analyze deeply the formation mechanism, transmission mechanism and countermeasures of the subprime mortgage crisis in the United States, and puts forward some concrete suggestions on how to strengthen financial supervision and prevent financial crisis in China. Although the outbreak of the subprime mortgage crisis in the United States has a historical evolution of the dollar standard, trade imbalance, deregulation and other contradictions of accumulation, but the continued accumulation of information asymmetry in the United States financial market has reached the point that must be correctly understood. The adverse selection, moral hazard and signal sending of financial market caused by information asymmetry lead to market failure, which leads to irrational behavior of market participants, which is the real reason for the outbreak of the subprime mortgage crisis in the United States. However, in the process of crisis transmission, the self-reinforcing effect, the unexpected conduction effect, the expanding acceleration effect and the unified market effect have not been paid enough attention to in the previous crisis conduction theory. Together, the subprime mortgage crisis in the United States has both strong destructive and rapid spread. The solution should be to improve information transparency, ensure the effectiveness of information transmission, strengthen market discipline and information disclosure, and establish good compensation incentives and effective external supervision to strengthen internal and external constraints. When the market is unable to correct and adjust itself, the market failure can be solved by external force, so that the financial market can return to normal operation.
【学位授予单位】：吉林大学
【学位级别】：博士
【学位授予年份】：2011
【分类号】：F831.59;F062.5

【引证文献】