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本文总结了历次金融危机爆发前的普遍特征并将其归为三大类:信贷扩张及资产泡沫化、跨境资本大规模流动、汇率和全球大宗商品价格波动异常剧烈,这些顽疾难医的“病症”伴随着每轮金融危机并且能够被识别。同时,将金融危机爆发后的救市政策归纳为:资金面救市、市场信心面救市、政策面救市、经济基本面救市四个方面,从而为金融危机的识别和治理提供理论依据。
This article summarizes the general characteristics of the previous financial crisis and classifies them into three categories: credit expansion and asset bubbles, large-scale cross-border capital flows, unusually volatile exchange rates and global commodity prices, “Illness” is accompanied by every round of financial crisis and can be identified. At the same time, the bailout policies after the outbreak of the financial crisis are summarized as four aspects: the capital-saving market, the market confidence-saving market, the policy-oriented rescue market and the economic fundamentals rescue, which can provide a theoretical basis for the identification and governance of the financial crisis.