【作者】 张敖；

【导师】 白钦先；

【作者基本信息】 辽宁大学 ， 金融学， 2011， 博士

【摘要】 由美国次贷危机引发的全球性金融危机,给全球各国的金融和经济带来了巨大的灾难。这场危机不仅是以美国为首的西方发达国家的金融危机和经济危机,更是当代西方金融发展理论的一场危机。从此次由美国次贷危机引发的全球性金融危机的发生、发展来看,这场危机是过分强调和注重金融自由化的结果,是市场失灵的集中体现,是政府干预的缺失。因此,运用外部性理论,以金融危机为视角,研究金融负外部性的形成机制和约束方式及具体政策应该可以作为突破口,结合由美元霸权引发的金融负外部性的国际传导的新特点,以此补充和完善当代金融发展理论。本文在对外部性理论进行系统梳理的基础上,对金融负外部性进行了界定,分析了金融负外部性的根源和形成原因,并对金融负外部性与金融风险、金融危机、金融危机传导等概念之间的关系进行了辨析。在金融负外部性形成机制的研究中,本文将危机中金融负外部性的形成按封闭经济和开放经济进行了划分。在封闭经济的金融负外部性形成机制的分析中,借助凯恩斯效应、威克塞尔效应、财富效应、金融加速效应等经典理论对来自本国的金融负外部性的形成机制进行了分析。在开放经济的金融负外部性形成机制的分析中,从金融危机的国际传染中抽取了与金融负外部性相关的五大方面进行了系统研究。而后,又重点对三代危机模型中金融负外部性的形成机制逐一进行了分析。在金融负外部性的约束政策选择上,本文首先对金融危机对经济的直接和间接的成本溢出进行了系统的总结,提出了政府干预和市场调节两种约束方式应同时发挥作用,并对金融自由化从金融负外部性视角进行了批判,并从危机的预警、防范和救助等方面提出了具体的约束政策。在实证研究中,本文将全球金融危机划分成美国次贷危机和全球金融危机两个阶段,对全球经济金融失衡和国际货币体系演进进行了分析,提出了美元霸权是此次全球金融危机蔓延的罪魁祸首,并参考国内外学术界对全球金融危机国际传染的最新研究成果,借鉴最优货币危机模型(Allen&Gale,2007)的推演方法,以美元霸权和影子银行为前提,构建了美国利用美元霸权将次贷危机向世界其他国家传染和转嫁的数理模型,并提出了由于全球经济金融失衡和美元霸权的存在,美国在此次全球金融危机中应该负有更大的责任。本文最后,按照金融负外部性的形成机制,对我国成功抵御亚洲金融危机和此次全球金融危机的原因进行了分析,论证了分业监管、资本项目管制和积极的政府干预是我国成功抵御两次金融危机的主要原因,并基于约束金融负外部性的角度提出了未来我国金融改革的主要方向。更多还原

【Abstract】 The Global Financial Crisis had led to great disasters to the economy all over the world. It was not only a crisis happed in the real world, but also a crisis in the financial development theories.This crisis had given us a clear view of market failure in the most developed country. It was mainly because of the apotheosis of financial liberalization. This dissertation had proved that government intervention must be indispensable because of NEF (Negative Externality of Finance). Government intervention, together with market self-fulfilling, formed the mechanism of the economy.By using the externality theories, the dissertation gave the definition of NEF. It analyzed the source and formation of NEF, and made the concept discrimination on NEF, financial risk, financial crisis and financial crisis contagion.In the research of the formation mechanisms of NEF, the dissertation divided them into two parts, the formation mechanisms in closed economy and the formation mechanisms in open economy. In the analysis of the closed economy, it gave a national view of formation mechanisms of NEF by using traditional theories, such as Keynes Effect, Wicksell Effect, Wealth Effect and Financial Accelerator Effect. In the analysis of the open economy, it discussed five aspects of NEF which could be found in contagion theories of financial crisis. And the dissertation also discussed the formation mechanisms of the three models of financial crisis one by one.In the study of restraints on NEF, the dissertation systematically summarized the direct and indirect costs of financial crisis, and proposed that government intervention, together with market self-fulfilling, formed the mechanism of the economy. It criticized the financial liberalization theories from the view of NEF, and made policies on the warning, management and salvation of financial crisis.In the empirical research of the global financial crisis, the dissertation proved that the main reason of the contagion of the Global Financial Crisis is dollar hegemony. It presented a simple model to deduce how the Sub-prime Crisis had been exported to the rest of the world based on dollar hegemony and shadow banking by using the methodology of "Optimal Currency Crisis" developed by Allen and Gale (2007). The model had shown the financial contagion of the sub-prime crisis, and revealed the secrets of how the U.S. had transferred risks and crisis to the rest of the world. Hence, U.S. should take more responsibilities for the Global Financial Crisis.In the last part, the dissertation revealed that it was contributed to separate supervision, capital account control and government intervention that China had resisted form Asian Financial Crisis and Global Financial Crisis. And the dissertation offered the main proposals of China’s restraint policies on NEF in the coming financial reform.更多还原