摘要
"信用扩张过度"是指信用货币膨胀速度快于实体经济产出的增长速度。它可以是价格型的、数量型的,也可以是制度型的及市场型的。它是金融危机的根源。这次美国金融危机是信用无限扩张的结果。这种信用无限扩张的主要工具是影子银行。影子银行的目的就通过信用的无限扩张来提高金融资产的杠杆率,过度地使用公共性的金融体系,从而为金融机构谋取利润最大化,但其风险要整个社会承担。
Excessive credit expansion refers to the fact that the credit expansion is faster than the growth of real economy. As the root cause of financial crises, it may be reflected in forms of price or quantity, and demonstrate a system- oriented or market-oriented nature. The unlimited credit expansion has brought about the current U.S. financial crisis. As one of the major means of unlimited credit expansion, the shadow banking system aims to improve the leverage ratios of financial assets by increasing their liquidity and making excessive use of the public financial system. Its main goal is to maximize the profits of some financial institutions, with the rest of society bearing the risk.
出处
《国际金融研究》
CSSCI
北大核心
2009年第12期14-23,共10页
Studies of International Finance
关键词
信用扩张
信用扩张过度
信用扩张类型
影子银行体系
Credit Expansion
Excessive Credit Expansion
Types of Credit Expansion
Shadow Banking System
作者简介
易宪容，中国社会科学院金融研究所研究员。
