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美国次贷风波席卷全球,引发了更深层次的金融风暴。剖析次贷危机和金融风暴的本质有助于探索化解这场全球性金融危机的有效途径。深入分析可以发现次贷危机起源于疯狂的虚拟资本和荒谬的金融衍生品,金融监管的缺失和非对称信息使得危机愈演愈烈;次贷危机从美国向全球蔓延形成了“负外部性金融溢出”效应,外围国家正在承受金融全球化带来的风险转移。文章提出“金融创新半径”的概念,指出惟有遵循金融资源配置的客观规律才是金融创新的理性归宿;一切金融危机,其实质都是货币的危机,只有建立新的国际货币体系,加强人民币在国际货币体系中的地位和作用,才能共同走出“斯蒂格利茨陷阱”。
The subprime mortgage crisis in the United States swept the world, triggering a deeper financial crisis. An analysis of the nature of the subprime mortgage crisis and the financial crisis has helped to find effective ways to address this global financial crisis. In-depth analysis can be found in the subprime mortgage crisis originated from the crazy virtual capital and ridiculous financial derivatives, the lack of financial regulation and asymmetric information makes the crisis intensified; the subprime mortgage crisis spread from the United States to the global “negative external financial spillover ”Effect, peripheral countries are undergoing the risk of financial globalization shift. The article puts forward the concept of “radius of financial innovation” and points out that it is the rational fate of financial innovation to follow the objective law of financial resources allocation. All financial crises are essentially currency crises. Only by establishing a new international monetary system and strengthening The role and status of the renminbi in the international monetary system can work together out of the “stiglitz trap.”