文献类型：期刊文献

中文题名：解析次贷危机中的流动性挤兑机制与金融监管缺陷

英文题名：Analyzing the Liquidity Deterioration Mechanism and the Financial Supervision Mechanism Defect of Sub-Prime Crisis

作者：刘建国[1];沈云良[2]

机构：[1]华东理工大学商学院,上海200237;[2]中国农业银行上海分行浦东支行,上海200120

年份：2010

卷号：25

期号：6

起止页码：42

中文期刊名：华东理工大学学报（社会科学版）

外文期刊名：Journal of East China University of Science and Technology：Social Science Edition

收录：国家哲学社会科学学术期刊数据库;CSSCI:【CSSCI_E2010_2011】；

语种：中文

中文关键词：次贷危机;流动性恶化;金融监管

外文关键词：sub-prime mortgage crisis; capital market crunch; credit contraction

摘要：资本市场挤兑是次贷危机引发金融体系流动性恶化的主要途径。投资银行在危机爆发前采取高风险的杠杆运作机制,为后面的资本市场挤兑提供了巨大的能量。在危机爆发后,投资银行所遭遇的去杠杆化失灵则彻底引爆了挤兑危机。与之同时,商业银行隐蔽的表外实体投资方式将资本市场上的流动性恶化引入信贷市场,加剧了金融体系内部的流动性紧缩程度。次贷危机揭露了金融监管体系滞后于金融创新的危险性,通过总结其中的教训,改进中国现有金融监管的薄弱环节,将有助于建设一个长期健康的金融市场。
The capital market crunch was the main approach through which the Sub-prime mortgage crisis caused the liquidity deterioration inside the financial system.Before the crisis,the risky lever operating mechanism of the investment banks provided huge energy for the capital market crunch.After the crisis,the de-leverage malfunction of the investment banks detonated the crunch crisis.At the same time,commercial banks＇ concealing off balance sheet entity investment style brought capital market＇s liquidity deterioration into the credit market,which aggravated the liquidity contraction inside the financial system.The essay holds that the slowness of the financial supervision＇s development pace should take the most blame.The sub-prime crisis revealed the risk of the lag of financial regulatory system.China should learn from it,improve itself,and finally build an enduringly healthful financial market.