摘要
20世纪70年代以来,西方国家以衍生品为代表的金融创新活动在去监管化的背景下过度发展。进入新世纪,美国金融机构利用次级抵押贷款作为基础资产开发和设计各类金融衍生品,其杠杆率不断攀升、复杂性与日俱增,在政府失灵和市场失灵的双重掩护之下将风险和损失传导至全球金融市场,成为2008年全球金融危机的直接导火索。危机启示我们,政府对待金融创新活动要把握好监管的尺度,关键在于防止政府失灵和市场失灵。
Since the 1970s,with the deregulation of financial system moves forward,financial innovation was overdeveloped in western countries.Entered for the 21st century,the leverage and complexity of financial derivatives was more and more serious.Because of government failure and market failure,the overdeveloped financial derivatives have triggered current global financial crisis.So the government should avoid government failure and market failure on supervision for financial innovation.
出处
《吉林金融研究》
2011年第8期17-21,共5页
Journal of Jilin Financial Research
关键词
金融创新
金融危机
政府失灵
市场失灵
Financial Innovation
Financial Crisis
Government Failure
Market Failure.
