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阿罗—德布鲁一般均衡范式引申的金融市场理论认为,金融市场是有效率的,银行或中央银行无关紧要。然而,一旦有效市场失效,金融体系的内在机制不稳定,很容易造成破坏性的信贷膨胀——紧缩周期,此时中央银行的存在是十分必要的。正是由于金融市场的不完全,以及经济主体的机会主义行为,中央银行本身又成为市场不稳定的来源。从有效市场失效角度分析金融市场不完全、金融危机和中央银行政策之间的关系,关键在于降低交易成本和完善资本市场,同时还要重新定位中央银行的功能,应着眼于金融系统信贷过程中产生的债务管理,避免出现无法偿还的债务危机。只有这样,才能实现物价稳定和金融市场稳定。
The theory of financial markets extended by the general equilibrium paradigm by Arrow-Debre believes that financial markets are efficient and that banks or central banks do not matter. However, once the effective market fails, the inherent mechanism of the financial system is unstable and it is easy to cause a devastating credit expansion - a tightening cycle. At this time, the existence of a central bank is absolutely necessary. It is precisely because of incomplete financial markets and the opportunistic behavior of economic agents that the central bank itself has become a source of market instability. Analyzing the relationship between the incomplete financial market, the financial crisis and the policy of the central bank from the perspective of effective market failure, the key lies in reducing transaction costs and improving the capital market. At the same time, it is necessary to reposition the functions of the central bank. The focus should be on the process of credit in the financial system The resulting debt management, to avoid the debt crisis can not be repaid. Only in this way can price stability and financial market stability be achieved.