【摘要】 近年来流动性风险触发的系统性金融危机事件频繁发生,说明对流动性危机的触发、生成、传染、放大与治理机制进行深入研究具有十足的紧迫意义。本文在辨析流动性风险各类概念的基础上,探寻了流动性风险加剧系统性危机的传递路径,进而分析流动性风险的内涵及其测度指标体系的沿革,并探讨了宏观审慎监管框架下的流动性风险治理问题。整体来看,近年的研究逐渐将资产价格和流动性错配问题纳入到研究与决策视野,强调解决加总问题以连通宏微观流动性风险的度量,试图以动态监测流动性囤积与枯竭带来的系统性风险问题加以透视;并发现针对系统流动性风险的治理对策研究,需重点涵盖政府干预边界与方式、优化与平衡安全资产供给机制和优化风险承担激励等诸多方面。更多还原

【Abstract】 Systemic financial crisis events triggered by liquidity risk occur frequently, and it is of great significance to conduct indepth research on the triggering, generation, amplification, contagion and governance mechanisms of liquidity crisis. Based on the analysis of various concepts of liquidity risk, this paper explores the transmission path of liquidity risk to aggravate systemic crisis,and then analyzes the connotation of liquidity risk and the evolution of its measurement index system, and combs the domestic system liquidity risk level. Based on the discussing of measurements’ application, we explore the liquidity risk management under the framework of macro-prudential supervision. Recent researches have gradually incorporated the ideology of asset pricing and liquidity mismatch, emphasizing liquidity accumulation and dry-ups. The countermeasures need to focus on the boundary and mode of government intervention to mitigate the liquidity problems in crisis, optimize and balance the supply mechanism of safe assets and the incentives for risk taking.更多还原