论一般均衡中的违约

人们通常认为违约对经济只有负面影响。但是，经济中实际上允许存在一定程度的违约，如公司股东的有限责任制度。GE（R，λ，Q）模型将违约因素纳入一般均衡模型进行考察，认为在不完全市场情况下，违约对经济存在一定的积极作用，表现在违约增加了可交易证券的供给，实现了更加有效的风险分担，提高了经济效率。然而．违约在增加证券供给的同时，也相应增加了经济的总体风险，使经济变得更加不稳定。因此，对违约现象进行适度惩罚，将违约水平限制在社会可接受的范围内，违约对经济的积极作用才能得到体现。

On Breach of faith in General equilibrium

People usually think that default will only have a negative influence upon the economy. But, in reality some default is allowed in economy, such as the limited liability system of the company shareholders. The GE （ R, h , Q） model brings the breaching factors into consideration in the general equilibrium model, holding that under the incomplete market circumstance, default will have certain positive effect to the economy in that supply of tradable securities are increased, and more efficient risk - sharing is realized, thus improving economic efficiency. However, at the same time, the economic total risk is also increased, making economy more unsteady. Therefore, a suitable punishment will be given for the default phenomenon, limiting the level of default within the social acceptable scope, the positive effect f default then can be embodied.