金融摩擦与中国经济波动：基于金融经济周期视角的研究

内容简介

本书将金融经济周期前沿理论应用于中国经济波动问题的研究，结合中国经济现实与制度特征，探讨了不同经济部门在金融摩擦作用下对中国经济波动的影响。研究结果充分表明，金融摩擦在中国经济波动的传导过程中扮演着重要角色，这为理解和分析现实的中国经济波动问题提供了一个新的视角，同时为政府平抑宏观经济波动、增强宏观调控效果提供了一些政策启示。

The outbreak of the subprime mortgage crisis in the United States in 2007 and the international financial crisis triggered a large number of studies on the impact of financial factors on economic fluctuations. In recent years, the focus on financial factors has become a hot spot in economic fluctuation research and even macroeconomics research, and has formed an important emerging research field - Financial Business Cycle (FBC). The study of financial economic cycle introduces financial friction into the DSGE model framework to reveal the transmission mechanism of economic fluctuation under financial friction. This book applies the attention of the frontier theory of financial economic cycle to the real estate market and financial intermediation to the study of China's economic fluctuations, and discusses the impact of different economic sectors on China's economic fluctuations under the influence of financial frictions based on China's economic fluctuations based on the characteristics of China's economic reality and institutions.From the perspective of the financial economic cycle, this book first focuses on China's real estate market. This book incorporates the land finance behavior of local governments into a DSGE model framework, and at the same time describes the financial frictions faced by local governments and enterprises, so as to analyze the role of local government land finance in the transmission of economic fluctuations. In addition to its institutional uniqueness on the supply side, China's real estate market also shows the characteristics of unbalanced regional development, and the housing price level of different regions has significant differences. This book further constructs a multi-regional DSGE model to depict financial frictions within and between regions, thereby extending the study of real estate prices and economic fluctuations to the regional level.In the above study, the household sector actually plays the role of financial intermediary, but because the financial intermediation sector is not explicitly introduced in the theoretical model, it is difficult to study the financial friction it faces. To this end, this book further studies the impact of DSGE on economic fluctuations by constructing a DSGE model that includes commercial banks, and at the same time depicting the financial frictions at both ends of the assets and liabilities of Chinese commercial banks. Further, this book extends the above model framework containing financial intermediation to the study of shadow banking in China. The rapid expansion of shadow banking in recent years has brought about subversive changes in China's social financing structure. Unlike the typical shadow banking system in the West, the Chinese-style shadow banking system is dominated by commercial banks, which makes it possible to have unique characteristics of economic fluctuations.This book examines the impact of different economic entities and different financial frictions on China's economic fluctuations from the perspective of the financial economic cycle. The results of the study fully show that financial friction plays an important role in the transmission of China's economic fluctuations. With the rapid development of China's financial market and the deepening of market-oriented reforms, the above effects of financial friction have become more and more important. At the same time, China's financial market also has many characteristics of its own, and the financial frictions it faces reflect its institutional uniqueness. This book makes a preliminary exploration on the combination of financial economic cycle research and China's economic characteristics, which can provide a new perspective for understanding and analyzing the actual problem of China's economic fluctuations, and at the same time provide some policy enlightenment for the government to stabilize macroeconomic fluctuations and enhance the effect of macro-control.（AI翻译）

作者简介

高然:（著）

高然，经济学博士，美国伊利诺伊大学香槟分校访问学者（2015—2016年），毕业于北京大学光华管理学院（2017年），现任教于四川大学经济学院。主要研究方向为宏观经济学与宏观金融，相关论文发表于《经济研究》《金融研究》等学术期刊；担任《经济研究》《金融研究》《管理世界》的匿名审稿人。

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