经济学家
經濟學傢
경제학가
Economist
2014年
9期
77~86
,共null页
金融危机 资本市场膨胀 金融脆弱性 过度资本化 金融化
金融危機 資本市場膨脹 金融脆弱性 過度資本化 金融化
금융위궤 자본시장팽창 금융취약성 과도자본화 금융화
Financial crisis; Inflation of capital market; Financial frangibility; Over - capitalization; Financialization
本文将陶普罗斯基（Toporowski）对金融危机发生机制的分析界定为结构性危机分析法，其通过金融体系结构变化与实体经济结构变化的辩证关系来阐释金融危机的发生机制。本文在陶普罗斯基（Toporowski）分析的基础上重新界定了金融化的内涵，拓展了对资本市场膨胀与崩溃原因的分析，突出强调了资本市场膨胀在适应宏观经济失衡的同时加剧了宏观经济的失衡。指出适应宏观经济失衡的债务经济运行机制的崩渍导致了金融危机的爆发。
本文將陶普囉斯基（Toporowski）對金融危機髮生機製的分析界定為結構性危機分析法，其通過金融體繫結構變化與實體經濟結構變化的辯證關繫來闡釋金融危機的髮生機製。本文在陶普囉斯基（Toporowski）分析的基礎上重新界定瞭金融化的內涵，拓展瞭對資本市場膨脹與崩潰原因的分析，突齣彊調瞭資本市場膨脹在適應宏觀經濟失衡的同時加劇瞭宏觀經濟的失衡。指齣適應宏觀經濟失衡的債務經濟運行機製的崩漬導緻瞭金融危機的爆髮。
본문장도보라사기（Toporowski）대금융위궤발생궤제적분석계정위결구성위궤분석법，기통과금융체계결구변화여실체경제결구변화적변증관계래천석금융위궤적발생궤제。본문재도보라사기（Toporowski）분석적기출상중신계정료금융화적내함，탁전료대자본시장팽창여붕궤원인적분석，돌출강조료자본시장팽창재괄응굉관경제실형적동시가극료굉관경제적실형。지출괄응굉관경제실형적채무경제운행궤제적붕지도치료금융위궤적폭발。
This article defines Toporowski＇ s analysis on financial crisis mechanism as structural crisis analysis method. It explains the formation mechanism of financial crisis through the dialectical relationship between the changes in the structure of financial crisis and the changes in the structure of the real economy. Based on Toporowski＇ s analysis, this article redefines the connotation of financialization, extends the analysis on the causes of the inflation and collapse of capital market, stresses that such inflation deteriorates the disequilibrium of macro economy although it tries to adapt to such disequilibrium, and points out that it is the collapse of the operation mechanism of debts crisis which tries to adapt to macro economic disequilibrium that leads to the outbreak of financial crisis.
