CAJ | 학술논문

2007年金融危机的一个重要特征是几乎同时在世界范围内发生。本文通过构建理论模型，考察了跨国银行在金融危机国际传染过程中的作用。结果表明，在经济状况良好时期．资产证券化和国际金融市场的存在使得银行私人最优的流动性准备低于社会最优水平．二者在降低银行融资流动性风险的同时。扩大了市场流动性风险。即使从长期来看银行也是稳健的，短期资产价格波动也可能导致挤兑，引发系统性风险。文章最后提出了一些维护国内金融体系稳定的启示。
2007년금융위궤적일개중요특정시궤호동시재세계범위내발생。본문통과구건이론모형，고찰료과국은행재금융위궤국제전염과정중적작용。결과표명，재경제상황량호시기．자산증권화화국제금융시장적존재사득은행사인최우적류동성준비저우사회최우수평．이자재강저은행융자류동성풍험적동시。확대료시장류동성풍험。즉사종장기래간은행야시은건적，단기자산개격파동야가능도치제태，인발계통성풍험。문장최후제출료일사유호국내금융체계은정적계시。
A key feature of the 2007 financial crisis is that it almost simultaneously occurred worldwide. Based on a theoretical model, the paper analyses the role of transnational banks in the international contagion of financial crisis. We find that under normal conditions, a bank＇s private optimal liquidity provision is lower than socially optimal level with the existence of asset securitization and international financial market. Although it decreases the funding liquidity risk, their existence increases the market liquidity risk. Short-time asset price fluctuation would lead to bank run and systemic risk, even though the bank is solvent in the long run. Finally, the paper puts forward some implications for the maintenance of China＇s financial system stability.