中国的金融体系管理模式

China's Model of Managing the Financial System

作者：

马库斯·K·布鲁纳迈尔（Markus K. Brunnermeier）

迈克尔·索金（Michael Sockin）

魏雄

China's economic model involves active government intervention in financial markets. We develop a theoretical framework in which interventions prevent a market breakdown and a volatility explosion caused by the reluctance of short-term investors to trade against noise traders. In the presence of information frictions, the government can alter market dynamics since the noise in its intervention program becomes an additional factor driving asset prices. More importantly, this may divert investor attention away from fundamentals and totally toward government interventions (as a result of complementarity in investors' information acquisition). A trade-off arises: government's objective to reduce asset price volatility may worsen, rather than improve, information efficiency of asset prices.
中国的经济模式涉及ZF对金融市场的积极干预。我们建立了一个理论框架，其中的干预措施可以防止由于短期投资者不愿与噪声交易者交易而导致的市场崩溃和波动性爆炸。由于存在信息摩擦，ZF可以改变市场动态，因为干预计划中的噪音已成为驱动资产价格的另一个因素。更重要的是，这可能会将投资者的注意力从基本面转移到ZF的干预上（由于投资者信息获取的互补性）。需要进行权衡：减少资产价格波动的ZF目标可能会恶化而不是提高资产价格的信息效率。