摘要
基于契约理论,金融经济周期理论在思想上继承了理性预期和货币主义学派的传统,在研究方法上借鉴了真实经济周期理论的动态一般均衡建模方法(DGEM),在周期传导机制上突破了传统周期理论。这一理论从借贷双方委托代理问题切入研究金融加速器效应,对经济短期剧烈波动进行了全新的阐释。
The financial business cycle is the persisting fluctuations and cyclical movements in economic activities caused by interior or exterior impacts, which are transmitted through financial system. The traditional economic theories claim that the origin and transmission of business cycle are irrelevant to financial factors, currencies and securities are only the virtual symbols which intermediates real economic activities, so the “financial veil view” is the core standpoint of the theories＇ system. However, the past financial crisis always came before depression. Given that the veil view deviated from economic intuitions and realities, the economists began to re-examine the role of financial factors in the business cycle.
In modern financial economies, the large-scale transformation among currencies in portfolios can be fulfilled in a moment, so the transfer of international idle funds across countries is the cause and transmission mechanism of economic fluctuation. Meanwhile, lots of countries employ macro-economic policies to make economies stable. Then the economic volatilities measured by real variables become feeble, while those measured by virtual variables become significant. So the economic policies under the guidance of traditional business cycle theories cannot effectively deal with potential financial risks.
Financial business cycle theories study the causes and transmission mechanism of business cycle with the modern analytical method from a brand-new angle of view, and draw the conclusions that contradict with the “view of financial neutrality” but accord with realities. The asymmetry of information is the main reason of the financial market failure, which causes the principal-agent problem between funds suppliers and users, and leads to the adverse selection and moral hazard, thus different financing channels cannot be substitutable completely. The gap in unit cost between interior funds and exterior funds is the important agency costs. The market failure is the original resource of fina
出处
《浙江大学学报（人文社会科学版）》
CSSCI
2007年第4期163-171,共9页
Journal of Zhejiang University:Humanities and Social Sciences
基金
国家社会科学基金重点资助项目(02AGJ001)
关键词
金融经济周期
金融摩擦
外源融资升水
传导机制
financial business cycle
financial friction
external financial premium
transmissionmechanism
