西北农林科技大学学报:社会科学版
西北農林科技大學學報:社會科學版
서북농림과기대학학보:사회과학판
Journal of Northwest Sci-Tech University of Agriculture and Forestry(Social Science)
2007年
4期
99~103
,共null页
金融经济周期 金融摩擦 外源融资升水 传导机制
金融經濟週期 金融摩抆 外源融資升水 傳導機製
금융경제주기 금융마찰 외원융자승수 전도궤제
financial business cycle; financial friction; external financial premium; transmission mechanism
以经济周期传导机制为主线,介绍了金融经济周期理论的发展脉络、核心内容、优势与局限及政策含义。在金融市场自由化和全球化背景下,以金融为核心的虚拟经济周期波动更加显著。传统周期理论无法解释短期内经济剧烈波动并跨国扩散的现象,金融经济周期理论从借贷双方的委托—代理问题切入研究金融加速器效应。金融摩擦是影响冲击传导的重要因素,“银行信贷渠道”和“资产负债表渠道”是金融加速器的主要形成机制,经济剧烈波动是加速器效应的具体表现,而传统的宏观调控政策掩盖了金融市场的潜在风险。
以經濟週期傳導機製為主線,介紹瞭金融經濟週期理論的髮展脈絡、覈心內容、優勢與跼限及政策含義。在金融市場自由化和全毬化揹景下,以金融為覈心的虛擬經濟週期波動更加顯著。傳統週期理論無法解釋短期內經濟劇烈波動併跨國擴散的現象,金融經濟週期理論從藉貸雙方的委託—代理問題切入研究金融加速器效應。金融摩抆是影響遲擊傳導的重要因素,“銀行信貸渠道”和“資產負債錶渠道”是金融加速器的主要形成機製,經濟劇烈波動是加速器效應的具體錶現,而傳統的宏觀調控政策掩蓋瞭金融市場的潛在風險。
이경제주기전도궤제위주선,개소료금융경제주기이론적발전맥락、핵심내용、우세여국한급정책함의。재금융시장자유화화전구화배경하,이금융위핵심적허의경제주기파동경가현저。전통주기이론무법해석단기내경제극렬파동병과국확산적현상,금융경제주기이론종차대쌍방적위탁—대리문제절입연구금융가속기효응。금융마찰시영향충격전도적중요인소,“은행신대거도”화“자산부채표거도”시금융가속기적주요형성궤제,경제극렬파동시가속기효응적구체표현,이전통적굉관조공정책엄개료금융시장적잠재풍험。
With the transmission mechanism of business cycle as the main clue, introduction is made to the development, core context, advantages and limits,and policy implication of the financial business cycle theory. Under the background of liberalization and globalization in the financial market, the virtual business cycle becomes more significant. However, the traditional business cycle theory cannot explain why the short-term economy fluctuates more intensely and disperses cross countries. The financial business cycle theory studies the financial accelerator effect from the principal-agent relations between creditor and borrower. The financial friction is the fundamental factor which affects the transmission of impacts. The "bank credit channel" and "balance sheet channel" are the main resources that form the financial accelerator. The fact that the short-term economy fluctuates intensely is the sequence of the accelerator effect, and the traditional macro-policies hide the potential risks in the financial market.