货币危机与银行危机共生机理研究

共生危机理论是传统金融危机理论演进的结果。货币危机与银行危机的共生机制有着一个清晰的理论架构：它源于金融体系的脆弱性，金融一体化以及金融自由化、不当的汇率制度和政策、银行体系中的货币错配等体制因素为两危机共生提供了环境，在信息不对称、公众预期、道德风险等因素的作用下，通过资产负债表效应、流动性、资本流动以及政府政策等渠道相互传导，彼此强化。

Analysis on the Symbiotic Mechanism of Currency Crisis and Banking Crisis

Twin crises theory is the evolutionary result of traditional financial crisis theory. The symbiotic mechanism of currency crisis and banking crisis has a clear theoretical framework. Twin crises result from the fragility of financial system, and the global financial integration, financial liberalization, inappropriate exchange rate system and the currency mismatch of banking system provide environment for the two crises＇ interaction. Under the impact of information asymmetry, public expectation and moral hazard, currency crisis and banking crisis are transmitted and reinforced each other through balance sheet effects, liquidity, capital flows and government policies channels.