信贷扩张、监管错配与金融危机概述VIP专享VIP免费

 当前文档修改密码：8362839信贷扩张、监管错配与金融危机：跨国实证 马勇 杨栋 陈雨露（中国人民大学财政金融政策研究中心，北京 100872; 中国人民大学财政金融政策研究中心，北京 100872; 中国人民大学，北京 100872）作者简介：陈雨露 中国人民大学副校长，中国财政金融政策研究中心教授、博士生导师马 勇 中国财政金融政策研究中心助理研究员杨 栋 中国人民大学博士后联系方式：陈雨露：13911227299；mailchenyulu@yahoo.com.cn马 勇：13908202108；mayong19828@hotmail.comCredit Expansion, Supervisory Mismatch and Financial Crisis: Cross-country Evidence MA Yong YANG Dong CHEN Yu-lu(China Financial Policy Research Center, Beijing, 100872; China Financial Policy Research Center, Beijing, 100872; Renmin University of China ,Beijing, 100872;)Abstract: based on the economic data of 66 representitive countries, this paper investigates the internal relationship between credit expansion, financial regulation and financial crisis. Empirical analysis tends to show that the procyclical interactions between credit expansion, asset prices and financial supervision are the basic mechanism behind financial crisis. Under the effects of procyclicality, financial crisis obtains the self-fuifilling way of accumulation and magnification, while the mismatched and ineffectual financial supervision not only has no use in preventing crisis but also may lead to even worse outcomes.Key words: credit expansion; supervisory mismatch; financial crisis信贷扩张、监管错配与金融危机：跨国实证摘要：以全球范围内具有代表性的 66 个国家的跨国数据为基础，本文系统考察了信贷扩张和金融监管在金融危机中的作用与实现方式。本文的研究表明，信贷周期、资产价格周期和金融监管周期的同周期性，是金融危机背后共同存在的基本机制。在这种机制下，金融风险获得了自我累积和放大的实现方式，而金融监管的错配和失效不仅无助于防范危机，还有可能使危机进一步恶化。关键词：信贷扩张 监管错配 金融危机JEL 分类：E32，G21，G28...