全球金融危机十周年反思——基于中美两国比较分析的视角

Reflection on the 10th Anniversary of Global Financial Crisis Based on Perspective of Comparative Analysis between China and USA

中文关键词:  金融危机  救市政策  短期效果  长期效果  经验教训  供给侧改革

英文关键词:financial crisis  bailout policy  short-term effect  long-term effect  experience and lesson  supply-side reform

中文摘要:

      正值全球金融危机十周年之际,梳理并对比了中美两国在金融危机发生前的背景、危机产生的原因、所采取的应对政策以及这些政策的短期和长期效果。中美两国的救市政策内生于各自国家的经济制度,这些政策在短期内稳定了金融市场并带动了经济迅速反弹,但由于并未从根本上解决经济增长的结构性问题,两国救市政策的边际作用有限,且均存在一些不容忽视的负面效果。总结中美两国应对金融危机的经验教训,建议中国政府应处理好监管政策、货币政策与经济周期三者之间的关系,继续深化供给侧改革以解决四万亿投资政策的遗留问题,提前布局以防范和化解系统性金融风险,为经济持续稳定发展创造理想的宏观环境。

英文摘要:

      On the occasion of the 10th anniversary of the global financial crisis, this article reviews and compares the background of China and the United States of America (USA) before the financial crisis, the causes of financial crisis, the bailout and stimulation policies adopted to deal with the crisis and the short-term and long-term effects of these policies. These bailout and stimulation policies are inherent in the institution of either country respectively, which helped to stabilized the financial markets in the short term and led to a rapid economic rebound. However, since they failed to solve the structural problems in economic growth, the marginal benefits of these policies in both countries are limited, even with some negative effects that cannot be ignored. Summarizing the lessons learned from the countermeasures against financial crisis between China and the U.S.A, we suggests that the Chinese government should handle properly the relationship among regulatory policy, monetary policy, and economic cycle, continue to deepen the supply-side reforms to resolve the problem left over from the “RMB 4 trillion” policy, take the steps in advance to prevent and resolve the systemic financial risks and create the ideal macro environment for the sustainable and steady economic development.