摘要
传统全球金融视角过于关注汇率的贸易渠道,形成了"海岛群"的认识。但汇率除贸易渠道外,还有金融渠道。在金融渠道作用下,货币在全球范围流动,影响力不受地域限制,以"矩阵"示意更为合理。因此,要转变思维,分清因果,资本流动不是全球风险的关键点,根本问题在于杠杆与监管。
The traditional global fnancial perspective pays too much attention to the trade channel o the exchange rates. However, exchange rates affect the economy not only through a trade channel but also through a financial channel. Under the influence of financial channel, monetary spillovers follow the network of banking ttows and are a cross-currency phenoinenon, not just a cross-border one. Doing justice io globa quidity means moving from the islands view of the global economy to that of the dense network of connecled nodes. This article concludes that capital flow is not the key point of global risk, the fundamental problcm is everage and supervision .
出处
《金融市场研究》
2017年第6期40-44,共5页
Financial Market Research
关键词
金融监管
美元
货币流动性
Financial Supervision, US Dollars, Monetary Liquidity
