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 Wysłany: Nie 21:34, 24 Kwi 2011 Temat postu: With the financial stability of credit risk _4167 |
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Credit Risk Review of the Relationship with the financial stability
Abstract: In this by the subprime mortgage crisis has triggered a financial in the global crisis intensified, making the world's attention to financial stability has been enhanced, the paper reviewed the research history of financial stability issues, summed up the ago until the industry and the academia on the definition of financial stability than its evaluation, the author gives the definition of financial stability, and analysis of today's financial crisis, the most prominent financial risks - credit risk and reviews the relevant discourse Credit risk with the relationship between financial stability. Key words: credit risk; financial stability; financial vulnerability; credit risk transfer world financial industry in recent years, rapid development of the financial crisis broke out frequently, so how to develop the domestic financial sector to maintain financial system stability has become a topic of great concern to national authorities, in the late 20th century, 90, Mexico, Southeast Asia, Russia and other countries and regions have a great turmoil in the financial crisis or shock to the national government and academia, but also to promote national and Some international organizations on the financial stability of, and coordination of a country's macroeconomic policies, external factors on the impact of the financial system, the independence of financial supervision and corporate governance, bankruptcy and even Accounting of the standard criteria of financial infrastructure Facilities include a sound overall framework into the analysis of financial stability within the field of vision. While countries continue to strengthen financial stability concerns, but how to define financial stability in the current domestic and international theory and practice have not yet reached a common consensus on the current major epidemic in the academic community is described by state law to definition of financial stability. Theory in this area can be divided into two directions financial stability (financial stability) direction and financial instability (financial instability) or financial vulnerability (financial fragility) direction. The former state of financial stability through the financial system should have the characteristics to define financial stability, the latter by describing the state of financial instability, the state of the financial system has come to define financial stability of reflexivity. First, the content and framework of financial stability features from the state to define financial stability, financial stability of the argument, in the country in terms of a Liuxi Liang, Luo De-Zhi (2000) proposed based on balanced view of the financial markets, financial stability means that the balance of the financial markets, that does not change the conditions of the external conditions, interest rates, exchange rates, money supply and official reserves, and other variables in a harmonious and stable state. Wang Shan (2000) defines financial stability as monetary, exchange rate stability and financial stability, that is, when the financial market prices of financial assets without excessive fluctuations in the normal operation of the state of knowledge for financial stability, said. European Central Bank Executive Board member Padoa Shioppa (2003) will be defined as an environment of financial stability in this environment, the financial system in three parts (financial intermediation,[link widoczny dla zalogowanych], financial markets and financial infrastructure) are in good condition In the face of various shocks to the financial system is in good condition, will be savings in the investment function into the financial system can remain stable efficiency. Executive Director of the UK financial services institutions Foot (2003) that the financial stability to meet the following points: First, stability of the currency; the second is the level of unemployment close to the natural growth rate; third is the economy's major financial institutions and markets operate normally; Fourth, the economic the physical assets or the relative price of financial assets will not affect the stability of the currency and employment levels. Reverse angle from the financial fragility of financial stability review the theory of financial fragility in the first theory is the discussion on the vulnerability of the currency, Marx believed that the money generated when it already has a particular vulnerability. Keynes (Keynes 1931) from the monetary point of view the functions and characteristics of the vulnerability of the currency note. With the development of financial theory Fisher (Irying Fisher, 1933) the debt deflation theory was first started from the perspective of the financial mechanism of the vulnerability research, summarizes previous research results obtained fragile financial system of closely related with the macroeconomic cycle, in particular, is closely related to the repayment of debt, is over-indebtedness (deflation process) caused. 1982 Hyman.P.Minshy in the Minshy that the inherent fragility of financial nature of the financial sector, high debt by the financial industry sector operating characteristics of the shape of the decision. Old gold in the domestic front (2001), Wu Zhiwen (2002), Wang et al (2006) and others on the financial vulnerability of the study, in which Wu Zhiwen reference FASP system stability by setting the system parameters and the actual method compared to the situation of vulnerability of the financial system is divided into four parts (the financial market subsystem, subsystem banks, financial monitoring subsystem, macro-economic environment subsystem) and were given different weights, and then each subsystem evaluation parameters defined and calculated by the final summary of the vulnerability of the entire financial system, its from 1991 to 2000 financial data, statistics, its design parameters obtained in China in the years before the overall financial fragility, and then decreased overall higher vulnerability of the conclusions, and gives some suggestions. I believe that financial stability should be a whole, the long-term, dynamic and sustainable goals, so the definition of financial stability should be the overall long-term, dynamic and sustainable point of view, and should not be confined to one area or a static state. At the same time building a stable financial system is important is not to maintain or prevent the occurrence of a certain state, but required to meet the reasonable allocation in the economy have both the funds can be within an acceptable range by adjusting the way the ability to withstand shocks . Only in this way can only be called a financial system stable financial system.
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