【摘要】 随着金融市场的发展,投资者更多地通过金融中介间接参与金融市场投资。然而,金融中介的风险转移倾向容易导致风险资产的均衡价格偏离其基础价值,形成价格泡沫。长期存在的噪声交易者与金融投资中介化引发的资产泡沫相互推动,最终形成金融危机。即使在经济稳定的环境下,同样会由于金融市场本身发展的内在矛盾而导致危机的发生。更多还原

【Abstract】 With the development of financial market,more and more people invest their money in financial market through financial intermediaries.However,the inclination to Risk-shifting makes the price of assets depart from the true value of it and finally forms spume.This paper examines the interaction,with the game theoretic model of Hawk versus Dove,between the Noise Traders,surviving long term in the market,and the bubble of assets resulting from the actives of Risk-shifting of intermediaries,which leads up to a financial Crises.This article discloses the micro-fundamentals of financial Crises in a way and suggests that the intra-conflicts in the development of financial market maybe result in Financial crises,whether the macroeconomic is stable or not.更多还原