金融脆弱性、信息不对称与新兴国家的金融危机

由于金融危机的前两代模型难以对亚洲金融危机做出合理的解释,因此产生了第三代模型。第三代模型有三种不同的形式,其中的道德风险模型受到广泛关注,但该模型并不能对新兴国家的金融危机给予完全令人信服的解释。文章首先阐释了Minsky的金融脆弱性假说并把之扩展到开放经济中,然后从信息不对称的角度来分析新兴国家金融脆弱性的产生与积聚过程,弥补了Minsky金融脆弱性假说的缺陷。这种基于微观基础的、动态的、结构性的方法有力地解释了新兴国家的金融危机。最后提出了一些政策启示,这些政策启示对我国同样也有着重要的借鉴意义。

Financial Vulnerability、Information Asymmetry and Financial Crisis in Emerging Economies

Unable to give credible explanations for Asian financial crisis, the models of first and second generation give rise to a third generation model which is expressed in three different forms with moral risk model being mostly focused. But its explanations are by far from being completely convincing. This paper takes Minsky's financial vulnerability assumption and extends it into open economies. The analysis of the financial vulnerability in emerging economies in perspective of information asymmetry is complementary to Minsky's assumption. This micro-based dynamic structuralist approach forcefully explains the crisis experienced by emerging economics and may just as well offer some insight for Chinese policy practice.