摘要
金融中介在现代宏观经济运行中的主要功能是解决经济主体的逆向选择和道德风险问题,并为市场提供流动性保险。良好运作的金融中介可以克服现实世界中的金融摩擦,促进资源的有效配置,保障经济在更高的潜在水平上运行。但是金融中介在实现这些功能时,实际上把经济运行中的大量风险转移到了自身,在有限程度内利用杠杆实现基本职能。金融杠杆增长也为短期波动埋下隐患,当外生冲击大到一定程度,金融中介反而成为放大金融波动的罪魁。信息不对称、金融合约不完全、流动性错配成为金融市场内生不稳定的条件,资产价格伴随着金融中介资产负债表的恶化而大幅下跌,对经济造成持续性的放大效应。特别当金融中介自身受到种种约束时,金融稳定和全局宏观调控变得复杂而困难。本文通过对相关文献及理论模型进行梳理,加深了对金融中介宏观效应的理解,为宏观广义货币政策传导、宏观调控分析和研究提供更多视角和思路,并在梳理中指出了金融中介理论未来发展的重点和方向。
The main function of financial intermediaries in the modern macroeconomy is to mitigate adverse selection and moral hazard,and to provide liquidity insurance for the market.A well-functioning financial intermediary can overcome financial frictions in the real world,promote efficient allocation of resources,which ensures the economy grows at a higher potential level.However,when financial intermediaries realize these functions with a certain leverage,they actually transfer risks to themselves.The growth of financial leverage also creates hidden dangers for short-term fluctuations.When exogenous shocks reach a certain level,financial intermediaries become the culprits of amplifying financial fluctuations.Information asymmetry,incomplete financial contracts and liquidity mismatch are the sources of endogenous instability in the financial market.Asset prices fall sharply with the deterioration of the balance sheet of financial intermediaries,which has a sustained amplification effect on the economy.Especially when financial intermediaries themselves are subject to various constraints,financial stability and macroeconomic regulation become complex and difficult.By surveying the relevant literature and theoretical models,this paper helps to deepen the understanding of the macro effects of financial intermediation,provides various perspectives and ideas for monetary policy transmission,macroeconomic regulation analysis and research,and finally suggests the foci and directions of the future research of financial intermediary theory.
作者
袁志刚
郑志伟
葛劲峰
YUAN Zhigang;ZHENG Zhiwei;GE Jinfeng(Fudan University, Shanghai, China)
出处
《经济学动态》
CSSCI
北大核心
2020年第3期103-117,共15页
Economic Perspectives
基金
国家自然科学基金重点项目(71933001)。
关键词
金融中介
金融摩擦
经济波动
流动性
资产价格
Financial Intermediary
Financial Friction
Economic Fluctuations
Liquidity
Asset Price
