【摘要】 2008年以来,持续1年多的美国次债危机进一步演化为一场全球性的金融危机,各国政府在危机中借鉴历史经验与创新并举,展开了规模庞大的救市行动。时至今日,政府救市规模和直接介入的程度还在不断加大,金融危机仍在继续,经济衰退还在蔓延,各国政府也还在救市和刺激经济的政策中艰难抉择。我们认为,在这场史无前例的全球金融危机中,政府的决策充满了矛盾和失误。由于准备不足,政府在仓促应战中出现决策瑕疵固然可以理解,但是对危机的性质和规模都严重低估,缺乏全局和宏观的视野,对救市措施缺乏整体的框架和指导,这不仅对救市的效果产生影响,也为未来埋下隐患。更多还原

【Abstract】 Since 2008, the sub-prime crisis, which lasted for more than one year has evolved into a global financial crisis. During the crisis, each government made use of existing and innovative instruments to rescue financial institutions and stimulate real economy. But until now the crisis is continuing and G3 have fallen into deep recession. Governments have misunderstood the crisis’s essence and underestimated its influence. Lacking of a comprehensive view during the salvage has not only damaged the effectiveness of the bailout package but also created hidden troubles for further economic growth.更多还原