现代金融体系顺周期效应成因分析

金融体系具有内在的顺周期性，在与实体经济相互作用下，容易放大经济的周期性波动。金融体系的发展催生了新的引发和加剧顺周期性的隐患，顺周期性对宏观经济和金融体系稳定性的影响增强，甚至可能引发系统性金融危机。美国次贷危机的爆发是典型的金融体系过度顺周期的表现。政策当局应全面认识现代金融体系下顺周期问题产生的原因，建立缓释顺周...

A Study on Causes of Pro-cyclical Effect of Modern Financial System

Financial systems are inherent pro-cyclical, due to the interactionwith real sectors, it is easy to amplify the swings in real economy. With the development of financial system, it has new forces that contribute to pro-cyclicality. The impact of pro-cyclicality on the stability of macro-economy and financial system has increased, and even could lead to systemic financial crisis. The outbreak of subprime crisis is a typical example of over-pro-cyclicality. So policymakers should explore the causes and implication of pro-cyclicality, and establish macro-financial stabilizing framework and counter-cyclical instrument to mitigate pro-cyclicality and prevent systemic risk.