摘要
高杠杆率与金融危机的高相关性决定了去杠杆成为中国经济发展过程中绕不过的门槛。去杠杆有良性去杠杆,也有恶性去杠杆。恶性去杠杆多由去杠杆过程中资金流动性过度紧缩所引发,文章认为金融机构流动性危机传导至实体部门,最终可能导致长期的经济衰退。因而,在去杠杆过程中保持适度的流动性至关重要。如何管理流动性,需要央行兼顾总量性与结构性货币政策,加强金融市场与金融机构流动性监测,防止系统性金融危机发生。
The high correlation between high leverage and financial crisis has determined that deleveraging has become a threshold that cannot bypass in China's economic development. Deleverage has benign and vicious sides. Malignant deleveraging is triggered by liquidity crisis in the process of deleveraging. liquidity crises of Financial institutions are transmitted to the physical sector and may eventually lead to a long-term economic decline. Therefore,it is important to maintain moderate liquidity during the deleveraging process. How to manage liquidity requires the central bank to consider both aggregate and structural monetary policies,to strengthen the liquidity monitoring of financial markets and financial institutions.
出处
《世界经济研究》
CSSCI
北大核心
2018年第11期44-50,64,共8页
World Economy Studies
