开放经济体面临的三类系统性风险Three types of systemic risks facing by the open economy:A Literature Review
赵静,王宇哲,张明,郑联盛
摘要(Abstract)：
本文从私人部门、公共部门与对外部门的角度梳理开放经济体面临的系统性风险,指出私人部门的金融脆弱性、公共部门债务高企与对外部门面临的国际收支冲击,是开放经济体面临的三类最重要风险。通过对最新理论与实证研究的梳理,本文认为,金融机构脆弱性、私人部门杠杆率与金融市场脆弱性构成了私人部门的金融脆弱性;公共部门债务危机、政府救助导致的债务转移以及主权信用评级下调会造成公共部门债务风险;国际收支失衡、短期资本流动、货币政策溢出效应、货币危机和银行危机的联动会产生对国际收支的)中击,从而引发系统性风险。此外,本文还指出不同部门的金融脆弱性会相互传导,不同经济体面临的系统性风险的排列组合不同,这带来了金融危机不同的表现形式、传导顺序与影响大小。
关键词(KeyWords)： 开放经济体;系统性风险;私人部门;公共部门;对外部门
基金项目(Foundation): 中国社会科学院创新工程项目“中国的对外投资战略”的资助
作者(Author): 赵静,王宇哲,张明,郑联盛
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