| 金融危机应对政策的有效性:基于40起事件的实证研究 |
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| 引用本文： | 陈雨露,马勇.金融危机应对政策的有效性:基于40起事件的实证研究[J].财贸经济,2011(1). |
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| 作者姓名： | 陈雨露 马勇 |
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| 作者单位： | 陈雨露,CHEN Yulu(北京外国语大学,100872);马勇,MA Yong(中国人民大学国际货币研究所,100872) |
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| 基金项目： | 教育部重大攻关课题，北京市教育委员会共建项目 |
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| 摘 要： | 本文以20世纪80年代以来世界范围内40次重要的系统性银行危机为基础,对金融危机后常见的15种应对措施进行了系统的实证评价.结果表明,系统性银行危机发生后,大规模政府干预、流动性支持(紧急贷款)、重新资本化、银行关闭和兼并是使用频率最高的5项措施,但大规模政府干预和流动性支持往往伴随着较高的财政成本,而重新资本化和兼并则分别伴随着危机持续时间的延长和产出损失的上升.一揽子担保计划虽有助于提高危机期间的经济增长率,但危机后的经济增长却相对较低.国有化措施不仅会产生较高的财政成本,通常还伴随着较高的产出损失.存款人承担损失和IMF援助这两种措施有助于缩短危机持续时间,但IMF援助通常伴随着较高的财政成本和危机期间较低的经济增长率.
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| 关 键 词： | 金融危机 政策工具 有效性 |
The Effectiveness of Policy Tools after Financial Crisis:Empirical Assessment Based on 40 Financial Crisis Events |
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| CHEN Yulu,MA Yong.The Effectiveness of Policy Tools after Financial Crisis:Empirical Assessment Based on 40 Financial Crisis Events[J].Finance & Trade Economics,2011(1). |
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| Authors: | CHEN Yulu MA Yong |
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| Institution: | CHEN Yulu,MA Yong(China Financial Policy Research Center,100872) |
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| Abstract: | Based on cross-country data of 40 systemic banking crises since 1980s,this paper investigates the economic effectiveness of 15 policy tools after the crisis.The empirical result shows that after systemic banking crisis,large-scale government intervention,liquidity support(emergency lending),recapitalization,bank closures and mergers are the 5 most frequently used tools to contain or solve financial crisis.Large-scale government intervention and liquidity support(emergency lending) usually have high fiscal c... |
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| Keywords: | Financial Crisis Policy Tools Effectiveness |
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