资金过剩型金融危机与货币政策

金融危机分为两种类型:资金不足的对外负债型和资金过剩型,后者以日本自泡沫经济崩溃之后的经济危机为代表,两种危机的共同点在于道德风险问题引起的负债链的断裂。随着经济的高速发展,我国更多地面临第二种危机的挑战。本文把日本金融危机与中央银行货币政策之间的关系作为研究对象,主张我国应通过加快金融市场化的建设,防范金融风险。

Capital-excessive-type Financial Crisis and Monetary Policies

Financial crises can be classified into two types:lack - money - type crisis with foreign liabilities and capital - excessive - type. Japanese economic crisis after the collapse of the bubble economy is an example of the latter. The common characteristic of the two is the cut of liability chain resulted from moral hazard. China is likely to face challenge of the second type crisis more with fast economic development. This paper takes Japanese financial crisis and monetary policies of the Bank of Japan as objects of study, urging that China should accelerate financial liberalization in order to defend the Chinese financial system from financial risks.