CAJ | 학술논문

经济结构失衡和政府行为失当是美国金融危机形成和爆发的主要根源。经济结构失衡为金融危机的产生提供了温床，政府行为失当则过度地干扰了市场经济的正常运行：过度宽松的货币政策和“公允价值”的会计准则提高了银行的放贷能力和激励；金融监管的放松为金融创新提供了空间；政府的住房政策则为金融创新提供了方向。这些政策的合力最终促成了次级抵押贷款证券化机制的形成和蓬勃发展，紧缩的货币政策则直接引发了金融危机。金融危机给我们的重要启示是，为保证经济的正常运行，必须注意经济结构的平衡，提高宏观经济政策的长期性、稳定性。
경제결구실형화정부행위실당시미국금융위궤형성화폭발적주요근원。경제결구실형위금융위궤적산생제공료온상，정부행위실당칙과도지간우료시장경제적정상운행：과도관송적화폐정책화“공윤개치”적회계준칙제고료은행적방대능력화격려；금융감관적방송위금융창신제공료공간；정부적주방정책칙위금융창신제공료방향。저사정책적합력최종촉성료차급저압대관증권화궤제적형성화봉발발전，긴축적화폐정책칙직접인발료금융위궤。금융위궤급아문적중요계시시，위보증경제적정상운행，필수주의경제결구적평형，제고굉관경제정책적장기성、은정성。
Imbalanced economic structure and government＇s misconduct are the main root that caused the financial crisis. The imbalanced economic structure provideda a breeding ground for the financial crisis, and the government misconduct unduly interfered the normal operation of the market economy： over-generous monetery policy and the ＂fair-value＂ accounting standards improved the bank＇s lending ability and intentives; The relaxation of financial regulation provided a direction for financial innovation; The government＇s housing policy provided a direction for financial innovation. The force of these policies eventually led to the mechanism of subprime mortgage and its flourishing. Tight monetary policy directly triggered the financial crisis. It gives an important lesson： In order to ensure the normal operation of the economy, we must note the balance of the economic structure, improve the longterm and stability of macroeconomic policies.