摘要
这次美国金融危机是近20年来一连串事件长期信用无限扩张的结果。这种信用无限扩张的主要工具是影子银行。在金融全球化的国内外背景下,影子银行是一个创造流动性的新的融资体系。它的实质就是为了规避正式监管规则而由发起人设计一套如何把市场流动性转变银行流动性的金融产品及市场安排。其目标就是通过流动性增加来提高金融资产的杠杆率,过度地使用公共性的金融体系,从而为金融机构谋取利润最大化。这种新融资模式既为流动性的转换与聚集创造条件,也为流动性突然中断及整个金融体系突然崩溃留下巨大的隐患。本文就是从这个角度揭示这次美国金融危机的流动性传导机制及内在机理的。
The current U. S. financial crisis was the resuh of the unlimited expansion of long-term credit over the past 20 years. The main tool of this unlimited expansion of credit is the shadow banking system. Shadow bank is a new financing system creates liquidity in the context of financial globalization. Its essence is to transform market liquidity into bank liquidity by a form of financial products and market arrangements devised by the sponsor in order to circumvent the formal regulatory rules. Its goal is to improve the leverage ratios of financial assets by increasing their liquidity and use excessively of the public financial system, so as to maximize the profits of some financial institutions. This new financing model creates conditions for the liquidity to gather and transform , it also exists potential danger of a sudden interruption and collapse of the entire financial system. This article is from this perspective to reveal the liquidity transmission mechanism of current U.S. financial crisis.
出处
《金融研究》
CSSCI
北大核心
2010年第5期41-57,共17页
Journal of Financial Research
基金
国家社科基金重点项目(批准号:08AJY006)的研究成果
关键词
美国金融危机
影子银行
流动性传导机制
证券化资产与工具
U. S. financial crisis
shadow banking system
liquidity transmission mechanisms
asset securitization
