基于金融失衡的金融危机解析及其货币政策涵义

金融系统固有的亲周期性，在自我实现机制和加速机制下，会导致金融风险的积累和金融失衡：金融失衡多以金融危机的方式释放。次贷危机就是金融系统过度亲周期性失衡的结果，并凸显出以美国为核心的“虚拟资本主义模式”和以美元为核心国际货币金融体系的制度性缺陷。奉行“规则优于相机抉择”和以显性的或隐性的通货膨胀率为最终目标，以利率操作规则为特征的现行货币政策框架对金融风险、金融失衡的积累表现的是无奈。因此面对这一挑战，需要革新现行货币政策框架。

Financial Crisis Resulting from Financial Imbalance and Its Implication for Monetary Policy

The inherent pro-cyclicality of financial system will lead to the accumulation of financial risks and financial imbalances with its self-fulfilling and accelerating mechanism,and financial imbalances always result in the outbreak of financial crisis.The US Subprime Mortgage Crisis is caused by the excessive pro-cyclicality imbalances of financial system,and shows the defects in the simulated model of capitalism with America as the core and the international monetary and financial system with the US dollar a...