货币政策视角下系统性金融风险发生与演变机制研究评述
|
摘要
自2015年以来,系统性金融风险发生的可能性越来越大,影响范围也越来越广,中国政府在各种场合都强调要守住不发生系统性金融风险的底线,然而,其发生及演变机制却不清晰,货币政策在其中的作用也不明确。对系统性金融风险发生和演变机制的相关文献进行系统性总结,对货币政策在其中所起的作用进行梳理,对目前的研究现状进行评述,对未来研究的方向进行展望,为系统性金融风险问题及货币政策在其中的作用这一系列重大问题进行了承上启下的研究。
Since 2015,systemic financial risks have become more and more likely to occur and its impact wider and wider. The Chinese government has emphasized to maintain a bottom line for systemic financial risks on various occasions. However,its occurrence and the evolution mechanism are not clear yet,and the role of monetary policy in it is not clear either. We systematically summarize the relevant literatures on the occurrence and evolution mechanism of systemic financial risks,sort out the role of monetary policy in it,and review the current research status looking forward to guide the future related research.
Since 2015,systemic financial risks have become more and more likely to occur and its impact wider and wider. The Chinese government has emphasized to maintain a bottom line for systemic financial risks on various occasions. However,its occurrence and the evolution mechanism are not clear yet,and the role of monetary policy in it is not clear either. We systematically summarize the relevant literatures on the occurrence and evolution mechanism of systemic financial risks,sort out the role of monetary policy in it,and review the current research status looking forward to guide the future related research.
引文
[1]Allen,F.and D.Gale.Financial contagion[J].Journal of political economy,2000,108(1):1-33.
[2]Angeloni,I.and E.Faia.Capital regulation and monetary policy with fragile banks[J].Journal of Monetary Economics,2013,60(3):311-324.
[3]Bernanke,B.S.and A.S.Blinder,Credit,money,and aggregate demand[R].National Bureau of Economic Research,1988.
[4]Borio,C.E.and P.W.Lowe,Asset prices,financial and monetary stability:exploring the nexus[R].2002.
[5]Carter,M.,Financial innovation and financial fragility[J].Journal of Economic Issues,1989(14):779-793.
[6]Diamond,D.W.and P.H.Dybvig,Bank runs,deposit insurance,and liquidity[J].The journal of political economy,1983(25):401-419.
[7]Dupor,B.,Comment on:Monetary policy and asset prices[J].Journal of Monetary Economics,2002,49(1):99-106.
[8]Furfine,C.H.Interbank exposures:Quantifying the risk of contagion[J].Journal of money,credit and banking,2003,35(1):111-128.
[9]Glick,R.and M.M.Hutchison,Banking and currency crises:how common are the twins?[R].2000.
[10]Kaminsky,G.L.and C.M.Reinhart,The twin crises:the causes of banking and balance-of-payments problems[J].American economic review,1999,89(3):473-500.
[11]Kaufman,G.G.Bank failures,systemic risk,and bank regulation[J].Cato J.,1996(16):17.
[12]Minsky,H.P.The financial instability hypothesis[J].The Jerome Levy Economics Institute Working Paper,1992(74).
[13]Mishkin,F.S.Asymmetric information and financial crises:a historical perspective[R].National Bureau of Economic Research,1990.
[14]Obstfeld,M.Models of currency crises with self-fulfilling features[J].European economic review,1996,40(3):1037-1047.
[15]Taylor,J.B.,The financial crisis and the policy responses:An empirical analysis of what went wrong[R].National Bureau of Economic Research,2009.
[16]Whidbee,D.A.and M.Wohar,Derivative activities and managerial incentives in the banking industry[J].Journal of Corporate Finance,1999,5(3):251-276.
[2]Angeloni,I.and E.Faia.Capital regulation and monetary policy with fragile banks[J].Journal of Monetary Economics,2013,60(3):311-324.
[3]Bernanke,B.S.and A.S.Blinder,Credit,money,and aggregate demand[R].National Bureau of Economic Research,1988.
[4]Borio,C.E.and P.W.Lowe,Asset prices,financial and monetary stability:exploring the nexus[R].2002.
[5]Carter,M.,Financial innovation and financial fragility[J].Journal of Economic Issues,1989(14):779-793.
[6]Diamond,D.W.and P.H.Dybvig,Bank runs,deposit insurance,and liquidity[J].The journal of political economy,1983(25):401-419.
[7]Dupor,B.,Comment on:Monetary policy and asset prices[J].Journal of Monetary Economics,2002,49(1):99-106.
[8]Furfine,C.H.Interbank exposures:Quantifying the risk of contagion[J].Journal of money,credit and banking,2003,35(1):111-128.
[9]Glick,R.and M.M.Hutchison,Banking and currency crises:how common are the twins?[R].2000.
[10]Kaminsky,G.L.and C.M.Reinhart,The twin crises:the causes of banking and balance-of-payments problems[J].American economic review,1999,89(3):473-500.
[11]Kaufman,G.G.Bank failures,systemic risk,and bank regulation[J].Cato J.,1996(16):17.
[12]Minsky,H.P.The financial instability hypothesis[J].The Jerome Levy Economics Institute Working Paper,1992(74).
[13]Mishkin,F.S.Asymmetric information and financial crises:a historical perspective[R].National Bureau of Economic Research,1990.
[14]Obstfeld,M.Models of currency crises with self-fulfilling features[J].European economic review,1996,40(3):1037-1047.
[15]Taylor,J.B.,The financial crisis and the policy responses:An empirical analysis of what went wrong[R].National Bureau of Economic Research,2009.
[16]Whidbee,D.A.and M.Wohar,Derivative activities and managerial incentives in the banking industry[J].Journal of Corporate Finance,1999,5(3):251-276.