融资流动性与系统性风险——兼论市场机制能否在流动性危机中起到作用被引量：24

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摘要近年来我国金融市场出现了流动性不足,甚至钱荒现象。本文从融资流动性与系统性风险的视角出发,研究发现:银行间融资流动性紧张会增加系统性风险,而系统性风险提高也会进一步增加融资流动性紧张的局面。本文利用格兰杰因果检验和脉冲响应以及不同期限融资形式下融资非流动性与系统性风险对结论的稳健性进行检验。基于实证结果,本文从流动性层面提出相关系统性危机管理政策。

作者吴卫星蒋涛吴锟

机构地区对外经济贸易大学金融学院及应用金融研究中心对外经济贸易大学金融学院北京工商大学嘉华学院

出处《经济学动态》 CSSCI 北大核心 2015年第3期62-70,共9页 Economic Perspectives

基金国家自然科学基金(71373043) 国家社会科学基金(14AZD121) 对外经济贸易大学研究生科研创新基金(201403)的资助

关键词融资流动性系统性风险螺旋式增长同业拆放质押式回购

分类号 F831.5 [经济管理—金融学] F224 [经济管理—国民经济]

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