【作者】 王波；

【导师】 易江；

【作者基本信息】 华中科技大学 ， 金融学， 2012， 硕士

【摘要】 在麦金龙和肖提出的金融自由化理论指导下，自20世纪70年代中期以来，许多发展中国家开始进入金融开放的进程。随着资本流动自由化程度的加大，在短暂的繁荣后，许多国家发生了严重金融危机，尤其是银行挤兑危机更是给这些新兴发展中国家的金融系统造成巨大的损失。文章基于拓展的戴蒙德-迪布维格（Diamond-Dybvig）模型，通过数理模型分析的方法分析了在面临银行挤兑的情况下，政府实施存款冻结政策和最后贷款人政策的政策效果，以及这些政策对存款人事前的决策的影响。着眼于这些事后有效地政策应对方式，使得决策者在危机发生的情况下能够立即介入并能够带来适合当下情况的有效地资源分配方案。首先，分析了政府实施存款冻结政策的时机选择。其次，分析了在存在法院介入的情况下，是否重新制定支付计划对于政策效果的影响。然后，分析了影响最后贷款人政策实施效果的因素。通过分析，可以看出对于存款冻结政策，影响其实施效果的因素主要有存款者中无耐心的存款者的比例，存款者的风险厌恶程度以及央行实施存款冻结政策的时间；对于最后贷款人政策，影响政策实施效果的主要因素有存款者的类型，实施政策的时间以及贷款利率的选择。文章最后结合我国实际情况，分析了我国银行业所面临的风险，以及我国银行的风险防控措施。更多还原

【Abstract】 Under the guidance of financial liberalization theories created by McKinnon and Shaw, manydeveloping countries move towards opening their financial systems since1970s. With the capital flowliberalization, the financial crisis broke out among these developing economies after a quite shortperiod of economic boom. Particularly in Latin America and Asia, the bank run crisis brought thesenations tremendous losses.Built on expanded Diamond-Dibvig model, this thesis study ex post efficient policy response-thesuspension of convertibility and the lender of last resort policy-to a bank run on banking system andthe ex ante incentives these responses give to depositors.First, this paper will tell you the incentives that a banking authority faces in deciding when todeclare a deposit freeze and how this ex post decision, in turn, affects the ex ante incentives ofdepositors to participate in a run. Second, if there exist a court system that can decide wether torescheduling payment, how such court interventions can affect the fragility of banking system. Then,the paper will tell you the main factors that affect the effectiveness of the lender of last resort policy.The results show that the depositor’s type, the degree of risk aversion and when the government wouldresponse to a run are the main influencing factors for the policy of he suspension of convertibility. Tothe lender of last resort policy, the main influencing factors are the depositor’s type, the time thatgovernment choose to response to a run and the loan interest rate.更多还原