关键词: 金融诅咒 , 杠杆率 , 金融化 , 金融资源错配

Abstract: A lot of historical experience and academic research have shown that too much finance will bring about “financial curse”, in which condition financial system no longer supports but hurts economic growth. In this paper, we conclude five symbols of financial curse according to the experience of western countries. (1) the debt size enlarges quickly and the leverage increases fast; (2) the behavior of financial speculation is rampant and commodities are overfinancialized; (3) the endless expansion and the complex association of financial institutions lead to the phenomenon of “too big to fail”; (4) occupation and education shows the propensity of finance; (5) money revolves inside the financial system with the form of selfcirculation. Furthermore, we propose that the “financial curse” will result in hurting economic growth, triggering financial crisis, affecting policy decisions and widening the income gap and we discuss the corresponding channels and mechanisms in turn. Finally, with the actual conditions of China, we put forward four suggestions: (1)attaching great importance to the accumulation of highleverage risks in order to prevent systemic financial risk; (2) paying attention to too much finance so as toachieve healthyinteraction between financial development and real economy; (3) cracking down excessive financial speculation to keep market stable and in order; (4) adjusting fiscal and taxation policies to narrow the income distribution gap，to improve unfair distribution of income.

Key words: financial curse , financial leverage , financialization , misallocation of financial resource