关键词: 金融化 , 实体经济 , 金融本质 , 内生性 , 风险性

Abstract:

This paper first examines the characteristics of the two rounds of economic financialization since 1870, and based on relevant theories, taking the systematic banking crisis in 16 countries as a sample, empirically analyzing the precrisis from the two dimensions of growth and distribution and the universal characteristics of the real economy and financial systems of these countries. This paper also expounds the essence of finance from the perspective of financial endogenous and risk. The main conclusions are as follows: First, the first round of financialization before the Great Depression from the 1870s to 1929 was characterized by economic monetization and commercial bank asset expansion. The second round of financialization in the 1970s to the present has changed the financial structure to marketoriented, and the banks asset structure has also been adjusted to the market. Second, moderate financialization is conducive to economic growth and improved income distribution. These phenomena will further strengthen the real economy and financial imbalances. Third, the financial sector has an endogenous impact on the real economy. To complicate the risk structure of the entity sector, corresponding policies are needed to suppress the tendency of excessive financialization.

Key words: financialization , real economy , financial essence , endogenous , risk