本文選題：次貸危機 + 資產(chǎn)負(fù)債表放大機制��； 參考：《中國社會科學(xué)院研究生院》2012年博士論文

【摘要】：本文在對美國次貸危機的發(fā)生背景及其演進(jìn)過程進(jìn)行剖析的基礎(chǔ)上，從金融機構(gòu)資產(chǎn)負(fù)債表的視角揭示了次貸危機放大為全球金融危機的機理，并為分析金融危機的資產(chǎn)負(fù)債表放大機制提供了一個理論框架。據(jù)此，本文在回顧相關(guān)文獻(xiàn)的基礎(chǔ)上，結(jié)合危機中金融機構(gòu)資產(chǎn)負(fù)債表調(diào)整的一些特征事實，提出并論證了如下子命題： 1、金融機構(gòu)的債務(wù)融資約束收緊和（或）有效風(fēng)險規(guī)避上升可能會觸發(fā)金融機構(gòu)資產(chǎn)負(fù)債表調(diào)整與資產(chǎn)價格下跌之間的正反饋循環(huán)，，從而放大危機。 2、具有系統(tǒng)重要性的金融機構(gòu)受到負(fù)向沖擊可能會使金融機構(gòu)之間資產(chǎn)負(fù)債表關(guān)聯(lián)所形成的金融網(wǎng)絡(luò)變成沖擊的放大器。 3、金融機構(gòu)資產(chǎn)負(fù)債表惡化和實體經(jīng)濟下降之間可能會出現(xiàn)正反饋循環(huán)，導(dǎo)致金融體系與實體經(jīng)濟螺旋式下降。 4、金融危機通過跨國金融機構(gòu)資產(chǎn)負(fù)債表所進(jìn)行的傳染可能會形成初始危機國金融機構(gòu)資產(chǎn)負(fù)債表收縮與被傳染國金融機構(gòu)資產(chǎn)負(fù)債表收縮之間的正反饋循環(huán)，導(dǎo)致全球性危機。 5、金融危機的資產(chǎn)負(fù)債表放大機制要發(fā)揮作用需要具備一定的初始條件，而次貸危機之前的金融體系一直在不斷地積累這些條件。 本文最終得出的結(jié)論是：在具備一定的初始條件下，相對小的負(fù)向初始沖擊會通過金融機構(gòu)資產(chǎn)負(fù)債表調(diào)整所形成的正反饋機制放大為金融市場的系統(tǒng)性沖擊并對實體經(jīng)濟產(chǎn)生嚴(yán)重后果；在美國次貸危機演變?yōu)槿蚪鹑谖C的過程中存在著一種資產(chǎn)負(fù)債表放大機制。
[Abstract]:Based on the analysis of the background and evolution of the American subprime crisis , this paper reveals the mechanism of the sub - loan crisis being amplified into the global financial crisis from the perspective of the balance sheet of financial institutions , and provides a theoretical framework for the analysis of the financial crisis .

1 . The tightening of debt financing and / or the avoidance of effective risk aversion in financial institutions may trigger a positive feedback loop between the adjustment of the balance sheet of financial institutions and the fall of asset prices , thereby amplifying the crisis .

2 . The negative impact of systemically important financial institutions may turn the financial network formed by the balance sheet association between financial institutions into an impact amplifier .

3 . There may be positive feedback between the deterioration of balance sheet of financial institutions and the decline of physical economy , resulting in a downward spiral of financial system and entity economy .

4 . The contagion of the financial crisis through the balance sheet of transnational financial institutions may form a positive feedback loop between the contraction of the balance sheet of financial institutions in the initial crisis countries and the contraction of the balance sheet of the affected country financial institutions , resulting in a global crisis .

5 . The financial crisis ' s balance - sheet amplification mechanism needs to have certain initial conditions , and the financial system before the subprime crisis has been accumulating these conditions .

The conclusion is that , under certain initial conditions , the relatively small negative initial impact will be amplified by the adjustment of the balance sheet of financial institutions into systemic shocks in financial markets and have serious consequences for the real economy ;
There is a balance sheet amplification mechanism in the evolution of the US subprime crisis into the global financial crisis .
【學(xué)位授予單位】：中國社會科學(xué)院研究生院
【學(xué)位級別】：博士
【學(xué)位授予年份】：2012
【分類號】：F831.59

【引證文獻(xiàn)】

相關(guān)碩士學(xué)位論文 前1條

1 雷遲;基于資產(chǎn)負(fù)債表法的美國次貸危機傳染機制研究[D];遼寧大學(xué);2013年

本文編號：1905231