| 金融开放格局下的外源性金融危机:危机源甄别及其政策含义 |
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| 引用本文： | 李华民.金融开放格局下的外源性金融危机:危机源甄别及其政策含义[J].中国软科学,2007(3):124-134. |
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| 作者姓名： | 李华民 |
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| 作者单位： | 广东金融学院,华南金融研究所,广东,广州,510521;华南师范大学,经济与管理学院,广东,广州,510632 |
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| 基金项目： | 广东金融学院人文社会科学研究基金 |
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| 摘 要： | 金融虚拟化使得金融危机越来越孤立于宏观经济基础而爆发，并在金融体系内自循环。银行业开放因为本土银行机构特许权价值丧失和外国银行道德风险问题致使东道国银行业体系更加脆弱；资产账户开放背景下的国际游资流动方向的突然逆转可单独引发货币危机，并扩展成为全面金融危机。国际游资泛滥归因于国际储备货币主要供应国长期推行宽松货币政策所导致的全球流动性过剩，而新兴市场国家的出口导向战略则为国际游资泛滥提供了资本依赖性战略背景。在主权国家意义上，中国继续实施对国际短期资本的严格控制，至少可以在短期内规避外源性金融危机；实现经济增长模式的彻底转变，并因此弱化经济发展的对外依赖，是击览避外源性金融危机的根本出路。
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| 关 键 词： | 金融开放 外源性危机 金融虚拟化 特许权价值 国际游资 国际流动性 |
| 文章编号： | 1002-9753(2007)03-0124-11 |
| 修稿时间： | 2006-08-16 |
Exogenous Crisis of Finance in the Age of Financial Globalization: Discriminatory Analysis on the Sources of Crisis and Its Policy Implications |
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| LI Hua-min.Exogenous Crisis of Finance in the Age of Financial Globalization: Discriminatory Analysis on the Sources of Crisis and Its Policy Implications[J].China Soft Science,2007(3):124-134. |
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| Authors: | LI Hua-min |
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| Institution: | 1. South China Financial Research Institute, Guangdong University of Finance, Guangzhou 510521, China; 2. School of Economics and Management, South China Normal University, Guangzhou 510632, China |
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| Abstract: | The financial crisis in the age of financial virtualization is more and more derived from its micro- foundation of economy, and self - circulated inside the financial system. Owing to the openness of the banking industry, the native bank will lose its Franchise Values that will bring about much frangibility of banking industry in the host country. The abruptly reversal of the floating direction of international hot money can solely give rise of the currency crisis that easily propagates to be the all - round financial crises in the liberalization process of the capital account, The overflow of international hot money is attribute to the over - supply of international reserve currency by those key supplying countries that perform an expending monetary polices for a long term, and the developing strategy of export leading economy in the emerging market conntries provides an capital - dependent path of economic growth for the international hot money. At a sense of the sovereignty, Claim should continuously take on strictly control over the international hot money, and at least avoid the exogenous crisis in the near future. However, the thorough transfomation of the traditional model of economic growth, which can weaken the external capital -dependent of economic development, is the fundamental way for Chinag evasion of exogenous crisis. |
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| Keywords: | financial openness exogenous crisis financial virtualization franchise values international speculative capital international liquidity |
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