基于金融创新的投资者决策突变与央行危机救助

基于一个纳入奈特不确定性的决策模型,从金融创新及其产生的投资者不确定性出发,探讨金融危机中投资者决策突变和央行危机救助的时点与方式,结果表明,金融创新的复杂性增加了投资者的不确定性,在不了解金融创新工具真实风险的情况下只好选择以应付最坏情况的方案来应对冲击,央行危机救助的时点应放在投资者对未来的不确定性突然增加并开始调整原有策略的时刻,救助的主要措施是承诺在一定条件下购买资产或注入流动性,从而降低投资者的不确定性,避免投资者决策突变成为群体行为。

Investor Decision-Making Mutation and Central Bank Crisis Salvation Based on Financial Innovation

When the impact event occurs,the investor decision-making changes abruptly.This article,based on the investors'decision-making model,aims to cope with worst-case program and design a new investment model,finally achieves the evolution of events during the financial crisis.Through the analysis on the investors'decision-making model,the paper studies the time point and the way of crisis salvation from the central bank.In this paper,we studied,on the central bank crisis beforehand salvation,the central bank sh...