⑴ 條件貨幣期權
可提供的信息就這么多？
可我覺得有點問題：賣權（Put）應該是看跌，也就是說在英鎊下跌的情況下期權才會獲利，所以Spot Rate小於1.70的時候對期權才產生影響，即為有效，而大於1.70時期權價外，這時與1.70並無兩樣（註：因為有0.02的Premium，所以有效匯率平的部分是1.68）。
我想是這樣，有效匯率是讓期權生效的匯率。
以普通Put來看，當Spot大於Strike時，即1.70，期權價外，多大也沒有用，因此有效匯率都等同於Strike-Premium，即1.68；而當Spot小於Strike時，越小越掙錢，因此有效匯率等同於Spot-Premium=Spot-0.02。
以CPO（Condition Put Option）來看，當Spot大於Strike時，即1.70，期權價外，多大也沒有用，因此有效匯率都等同於Strike-Premium，即1.68，但到1.74時需要支付0.04的Premium，所以在1.74處會有個突降0.04；而當Spot小於Strike時，越小越掙錢，因此有效匯率等同於Spot-Premium，但因為未達到1.74所以沒有Premium，所以有效匯率就等同於Spot。
⑵ 商界 術語
KPI（Key Performance Indication）即關鍵業績指標CSG:Customer Solution Group,客戶解決方案集
養老基金 pension fund
一刀切 universal application;non-discretionary implementation
一級市場 primary market
應收未收利息 overe interest
銀行網點 banking outlets
贏利能力 profitability
營業稅 business tax
硬貸款（商業貸款） commercial loans
用地審批 to grant land use right
有管理的浮動匯率 managed floating exchange rate
證券投資 portfolio investment
游資（熱錢） hot money
有市場的產品 marketable procts
有效供給 effective supply
誘發新一輪經濟擴張 trigger a new round of economic expansion
逾期貸款 overe loans;past-e loans
與國際慣例接軌 to become compatible with internationally accepted
與國際市場接軌 to integrate with the world market
預算外支出（收入） off-budget （extra-budgetary） expenditure（revenue）
預調 pre-emptive adjustment
月環比 on a month-on-month basis; on a monthly basis
Z
再貸款 central bank lending
在國際金融機構儲備頭寸 reserve position in international financial institutions
在人行存款 deposits at （with） the central bank
在途資金 fund in float
增加農業投入 to increase investment in agriculture
增勢減緩 deceleration of growth;moderation of growthmomentum
增收節支措施 revenue-enhancing and expenditure control measures
增長平穩 steady growth
增值稅 value-added tax（VAT）
漲幅偏高 higher-than-desirable growth rate;excessive growth
賬外賬 concealed accounts
折舊 depreciation
整頓 retrenchment;consolidation
政策工具 policy instrument
政策性業務 policy-related operations
政策性銀行 policy banks
政策組合 policy mix
政府幹預 government intervention
證券交易清算 settlement of securities transactions
證券業務占款 funding of securities purchase
支付困難 payment difficulty
支付能力 payment capacity
直接調控方式向 to increase the reliance on indirect policy instruments
間接調控方式轉變職能轉換 transformation of functions
職業道德 professional ethics
指令性措施 mandatory measures
指令性計劃 mandatory plan;administered plan
制定和實施貨幣政策 to conct monetary policy;to formulate and implement monetary policy
滯後影響 lagged effect
中介機構 intermediaries
中央與地方財政 delineation of fiscal responsibilities
分灶吃飯重點建設 key construction projects;key investment project
周期谷底 bottom（trough）of business cycle
周轉速度 velocity
主辦銀行 main bank
主權風險 sovereign risk
注冊資本 registered capital
逐步到位 to phase in;phased implementation
逐步取消 to phase out
抓大放小 to seize the big and free the small（to maintain close oversight on the large state-ownedenterprises and subject smaller ones to market competition）
專款專用 use of funds as ear-marked
轉貸 on-lending
轉軌經濟 transition economy
轉機 turnaround
轉折關頭 turning point
准財政赤字 quasi-fiscal deficit
准貨幣 quasi-money
資本不足 under-capitalized
資本充足率 capital adequacy ratio
資本利潤率 return on capital
資本賬戶可兌換 capital account convertibility
資不抵債 insolvent;insolvency
資產負債表 balance sheet
資產負債率 liability/asset ratio;ratio of liabilities to assets
資產集中 asset concentration
資產貢獻率 asset contribution factor
資產利潤率 return on assets （ROA）
資產質量 asset quality
資產組合 asset portfolio
資金成本 cost of funding;cost of capital;financing cost
資金到位 fully funded （project）
資金寬裕 to have sufficient funds
資金利用率 fund utilization rate
資金缺口 financing gap
資金體外循環 financial disintermediation
資金占壓 funds tied up
自籌投資項目 self-financed projects
自有資金 equity fund
綜合國力 overall national strength（often measured by GDP）
綜合效益指標 overall efficiency indicator
綜合治理 comprehensive adjustment（retrenchment）;over-haul
總成交額 total contract value
總交易量 total amount of transactions
總成本 total cost
最後貸款人 lender of last resort
團.
⑶ 有學經濟學的能幫我翻譯一篇文章嗎，好像很多專業術語不懂唉。。謝謝了
International financial market
國際金融市場
An important aspect in the transformation of international financial markets comes from the speed, severity*, and scope of market reactions. Policymakers who try to stimulate growth through either expansionary monetary or fiscal* policy must face an external constraint imposed by a pegged* exchange rate or a limit on how much can be borrowed from foreigners. Throughout most of the post-World War II period, imbalances resulting from differences in national economic policies or macroeconomic* performance were slow to develop. Capital mobility was limited, and there was less opportunity for capital flight. At some point, the overstretched country would devalue by 10 percent, 20 percent, or so and the cycle would start again - with no great headlines, no great drop in national income, and no knock-on* effects to neighboring countries.
一個重要方面的轉變，國際金融市場的速度，程度，范圍和市場反應。政策制定者試圖刺激增長或者通過擴張性的貨幣政策或財政*政策必須面對外部約束實行釘住匯率或*多少限制，可以從國外借。在整個二戰後時期，失衡造成的差異，國家經濟政策和宏觀性能發展緩慢。資本流動性是有限的，並有機會少的資本外逃。在一些點，過度伸展的國家將貶值百分之10，百分之20，或使和循環將重新開始-沒有偉大的頭條新聞，無明顯下降在國民收入，並沒有受到影響的鄰國。
Over the last 10 years, the nature of international financial adjustment has changed. With the increase in size and mobility of capital internationally, a substantial amount of national debts may be to foreigners, denominated in foreign currencies, and in practice these debts are often short-term. As long as foreigners feel confident about the macroeconomic performance of a country, existing short-term debts are rolled over and new capital flows may follow thus furthering the expansion.
在過去的10年中，國際金融調整的性質已經改變。大小的增加和資金的國際流動，相當數量的國家債務可能是外國人，以外幣計價的，並在實踐中往往是短期債務。只要外國人感到自信的宏觀經濟表現的一個國家，現有的短期債務翻了新資本流動可能跟隨從而進一步擴張。
However, any event that shakes confidence (a corporate failure, a bank failure, a commodity price drop, a political speech, or a scandal) could halt the flow of capital and jeopardize* the rollover* of debt on existing terms. A scenario of this sort triggers* a demand for international reserves, which are in limited supply at the central bank. Once the supply of international reserves is threatened, the country's central bank may be forced to step aside, allowing the currency to depreciate without any assurance of where the next stable anchor will be. We can call this a currency crisis. Because bank debts are in foreign currencies, the devaluation worsens bank balance sheets and banks may be forced to stop lending or call in existing loans to raise cash. Domestic banks are likely to fail if these steps are unsuccessful. Thus, the domestic economy may weaken severely following the currency crisis. If other countries have pursued similar macroeconomic strategies, or face similar macroeconomic conditions, these events underscore the impact that a vast pool of capital may have when it is mobile across borders and denominated in a foreign currency.
然而，任何事件，動搖的信心（企業失敗，銀行失敗，一種商品價格的下降，一個政治演講，或一個丑聞）可以阻止資本的流動，危及*過渡*債務的現有條款。這種情況引發*國際儲備的需求，這是在有限的供應，中央銀行。一旦供應國際儲備的威脅，該國的中央銀行可能被迫下台，允許貨幣貶值沒有任何保證在未來將穩定錨。我們可以稱這一貨幣危機。因為銀行債務為外國貨幣的貶值，加劇了銀行的資產負債表，銀行可能被迫停止貸款或在現有貸款籌集現金。國內銀行很可能失敗，如果這些步驟都不成功。因此，國內經濟可能削弱嚴重以下貨幣危機。如果其他國家也採取了類似的宏觀經濟戰略，或面臨類似的宏觀經濟條件，這些事件突出表明，影響，大量資金可能當它移動跨越國界和以外幣標價。
International financial markets impose a powerful disciplining force - rewarding good policies and outcomes, and penalizing* poor policies and outcomes - much the same as stock market investors reward and penalize companies for good and bad performance. This new international investment climate raises important questions for the pricing of foreign securities and for investors and macroeconomic policies.
國際金融市場施加強大的約束力-獎勵好的政策和成果，以及懲罰窮人的政策和成果-*相同，股市投資者的獎勵和懲罰公司業績好壞。這一新的國際投資環境的重要問題提出了定價的外國證券投資者和宏觀經濟政策。
⑷ 把下面一段話翻成英文，謝絕機器~~希望人工翻譯~~先謝啦
By the subprime crisis triggered global financial crisis in many countries in the world economic development caused a defeat and the economic development of our country has the world's attention, China has become the focus of the world, for the development of China, other countries demand appreciation of the RMB is getting higher and higher. The renminbi under the trend of export of shaoxing, certainly will have certain effects on the exchange rate change, face, the enterprise should pay attention to the prevention of RMB appreciation, and adopts "rapid steps go" policy, improve risk awareness, completes the information collecting prediction, strengthen management, to improve the process speed up innovation, improve efficiency and rece the cost enhance the competitiveness of enterprises. The government should give enterprise policy support, enhanced export tong rates.
⑸ 請哪位高手幫忙翻譯成英文，謝謝啦．
If the Renminbi revaluation's scope is oversized, or the opportunity grasps improper, will bring five big malpractices:
first, will be specially the labor-intensive form enterprise has the impact on our country Export enterprise. In the international market, our country proct labor-intensive proct's export value is lower than other country similar procts price far particularly. Investigates its reason; first, our country labor force low in price; second, as a result of the intense domestic competition, causes the Export enterprise to do not hesitate the initial capital, competes to use the low price sale the strategy. Once the Renminbi revalues, for the maintenance similar Renminbi price agent, our country export procts price which expressed with the foreign currency will improve, this will weaken its price competitive power; But must make the export procts the foreign currency price to be invariable, will then extrude Export enterprise's profit space inevitably, this has no alternative but to be specially the labor-intensive form enterprise has the impact on the Export enterprise. second, does not favor our country to introce the foreign direct investment. Our country is in the world introces foreign direct investment most countries, at present the Foreign-funded enterprise in our country instry, the agriculture, service instry and so on each domain is playing day by day the obvious role, to promotes the technology advancement, to increase the labor employment, the export expansion, thus to promotes the entire national economy development to have the noticeable influence. After Renminbi revaluation, although to has invested in China the foreign merchant will not have the substantive influence, but to will soon come the foreign merchant which China will invest to have the adverse effect, because this will cause their cost of investment rise. In this case, they will possibly invest change other developing countries.
third, enlarges the domestic employment pressure. The Renminbi revaluation to the Export enterprise and the foreign direct investment's influence, will manifest finally in the employment. Because our country export procts' majority is the labor-intensive proct, the export will be blocked definitely will enlarge the employment pressure; The Foreign-funded enterprise provides one of additional employment post most departments, foreign capital decelerated growth, will cause the domestic employment situation to be more stern.
fourth, affects the money market the stability. If the Renminbi revalues, the massive foreign short-term speculative capital will take an opportunity, will hype the RMB rate wantonly. In the China money market growth also very much not perfect situation, this very easy to cause the finance money crisis. Moreover, the Renminbi revaluation can cause by the US dollar weight bank existing bad assets actual amount to further rise, does not favor the entire banking instry's reform and the debt structural adjustment.
fifth, the large amount foreign exchange reserve will face the shrinkage the threat. At present, China's foreign exchange reserve reaches as high as 659,100,000,000 US dollars, is only inferior in Japan occupies second in the world. The sufficient foreign exchange reserve is our country economic potentiality strengthens the important symbol which unceasingly, the level of opening up enhances day by day, is also we promotes the domestic economy development, the participation externally orientated economic activities powerful guarantee. However, once Renminbi revaluation, large amount foreign exchange reserve folding fan near shrinkage threat. If the Renminbi exchanges US dollar and so on main convertible currency to revalue 10%, then our country's foreign exchange reserve then shrinks 10%. This is the stern question which we can not but face. **
⑹ 誰能幫我翻譯成英文不要機器翻得
9O since the 20th century, despite the world financial crises, one after another, but this time the sub-prime crisis pervasiveness of the influence of the deep impact of the traditional strong financial system can be said is unprecedented. This paper analyzes the capacity of the U.S. subprime mortgage crisis real estate market buyers expect China, government policies and the banking business philosophy and other effects, as well as sub-prime crisis on China real estate development inspiration, including the current real estate market situation and there problems. Large influx of foreign capital, excess liquidity in the capital, mortgage securitization slow, and the regulation of housing mortgage loan risk may ince deficiencies in China's "sub-prime crisis." In order to take preventive measures, how to deal with the real estate market for our current economic crisis with strategies and suggestions and look forward to the future development of the domestic real estate market, speed up the exchange rate reform, strict financial supervision, to graally solve the housing mortgage loan securitization facing a "bottleneck" . The occurrence of the subprime crisis for the Chinese real estate credit market alarm. Therefore, careful analysis of the reasons for the crisis, China's real estate market in solving the current problems there is a very important practical significance.
我坦誠。。。這是機器翻的。。
⑺ 求財金英語專業術語，英漢都要有的
ownership 所有權；擁有權
ownership in common 分權共有權
Pacific Basin Central Bank Conference 太平洋地區中央銀行會議
Pacific Basin Economic Council 太平洋地區經濟議會
Pacific Economic Co-operation Council 太平洋經濟合作議會
Pacific Economic Outlook 《太平洋經濟展望》
Pacific Finance (Hong Kong) Limited 怡泰富財務（香港）有限公司
package 整套方案
package concept 整體發展概念
package development 組合發展；整體發展
packing credit 打包貸款；打包放款
packing loan 打包放款
paid-in capital 實繳資本；實繳股本
paid-in share 實收股份
paid-up capital 繳足股本
paid-up share capital 繳足款股本
panic buying 恐慌性搶購
panic selling 恐慌性拋售
paper 票據；文件
paper clearing system 票據交換制度
paper gold 紙黃金
paper profit 賬面利潤；紙上利潤
par of exchange 匯兌平價
par value 票面值
parallel transaction 平行交易
parent company 母公司；控股公司
pari passu 平等權利；同等權益；按相同比例
Paris Bourse 巴黎證券交易所
parity of pay 同等薪酬
parity of subsidy principle 相同津貼的原則；平等津貼原則
part owner 有部分擁有權的人
part ownership 部分所有權
partial bid 部分收購建議
partial endorsement 部分背書
partial offer 部分要約
partial return of contribution 發還部分供款
partial settlement 部分交收
participant 參與者
participating preference share 參與優先股
participation 參與；參加；參股
participation in profit 分紅
partly paid share 已繳部分股款的股份
partly paid share capital 已繳部分股款的股本
下面網站裡面有很多
⑻ 幫忙翻譯一下
翻譯你會看不？
1. Properly handle the bilateral economic and trade relations
Properly handle the China-US economic and trade relations, first of all need to multi-disciplinary approach, to illustrate the development of practical evidence-US trade relations is the economic foundation of China-US cooperation in many aspects; both sides win, and the United States is the great beneficiaries, resulting in United States U.S. trade deficit is mainly e to excessive restrictions on technology exports to me; the United States launched an attack on trade issues for me, not only inconsistent with WTO rules, but also detrimental to U.S. economic development and the interests of the American people, many of Sino-US cooperation, should strengthen and develop the overall situation of Sino-US cooperation to deal with trade issues, followed by, in the United States focused on trade issues of concern to take a flexible approach, through bilateral consultations, and expand imports of U.S. procts have a representative at the same time, urged the U.S. to relax export restrictions to China again, pay attention to American companies in the positive role of China-US trade 關系 when the stress is, in the US-funded enterprises will be Zhijie victims, Ying Dang persuade the U.S. government Dongdeweihu US economic and trade relations is in their own interests last, to maintain exports to the U.S. good order at all levels of government in China should give full play to the role of chambers of commerce and big business to enhance the coordination of U.S. export order to avoid vicious competition and lead to internal disputes in export trade
2. Positive response to the Sino-US trade disputes
To address the trade imbalance caused by trade disputes, export procts from the point of view, China should take the lower-end procts in the labor-intensive aspects of taken the necessary measures to adjust for example, Yun Yong-out a number of economic and legal Shouan regulate the operation of processing value-added Shao Zhi Li Bu the holes on the processing trade enterprises to voluntarily limit, step by step, our country can take the initiative to promote instrial upgrading and export procts, upgrades, however, capital-intensive high-end procts or high-tech proct exports should be based on WTO rules and take active measures should promote the export of
3. To develop "domestic economy," graally change the situation of excessive dependence on external demand
Enter in the Structural Adjustment of China's economic stage, the expansion of domestic demand is the basic standpoint of China's development demands the development of domestic demand-based economy, building a higher level of open economy and opening up the domestic market, domestic and international market expansion and deepening of both Construction of open economy issues in the meaning, the development of domestic demand is also an important part of economy, therefore, should vigorously promote trade and economic integration within and outside the operational capabilities of the integrated global logistics and global supply chain management demands the development of domestic economy structure, deepen, change investment and exports deepening domestic demand for the consumption and investment, particularly in cultivating and expanding residential and automobile consumer credit consumer debt consumer rable goods final consumption leisure services in rural consumption structure, investment in human resources and other new domestic demand, it is necessary to target mainly the graal extension of extend to external demand, and efforts to promote the ability to meet foreign demand, continuous restructuring and upgrading
4. Accelerate the "go" pace
China has a competitive advantage to encourage instries and enterprises "going out" can be set up by foreign investment in local enterprises and institutions to the domestic surplus proction capacity of raw materials and spare parts exports to foreign markets can be considered to 進行 several phases: First, the future five to ten years of the initial stage, the main objective is to graally explored in practice and Establishment of our multinational enterprises overseas investment channels and regional governance systems Model-invested enterprises after the reform of state-owned enterprises to export-oriented enterprises and the strength of private enterprises the main investment areas have a comparative advantage is mainly the domestic instry as well as domestic enterprises supporting the development of transnational business with sales and proction processes II is the next 20 years of steady development stage, the main goal is to initially establish international proction system, the formation of a group of multinational corporations and medium-sized enterprises, and graally cultivates international integrated logistics and financial operations capabilities Third, over the longer term development of the global proction system, the formation of a number of global competitiveness of the large multinational corporations and enterprises, these enterprises where the configured in the global market supply chain and technology innovation
5. Prudent response to the pressure and the exchange rate of RMB exchange rate mechanism
Reflect changes in market supply and demand to increase flexibility of RMB exchange rate system reform, the direction, the exchange rate is also better to play the role of the international balance of payments adjustment, to maintain monetary policy independence of the necessary requirement for Dan Shi, adjust the RMB exchange rate system Bixushenzhong, should be selected employment, balance of payments and less stressful relatively stable foreign exchange market, the timing of reforms to increase the foreign exchange market foreign exchange transactions of the main tools for fostering increased business and financial institutions, exchange rate risk awareness, for the adjustment of RMB exchange rate system to actively create conditions
⑼ 關於匯率方面的英文翻譯
除了賺取貨幣形式申辦/提供蔓延,外匯交易商試圖獲利預測正確的方向,未來貨幣流動. 如果一個交易商花旗銀行預期日圓欣賞(加強)美元. 經銷商可能提高利率,並提供了成功,試圖說服其他經銷商出售給花旗銀行,阻止日元其他經銷商購買日元從花旗銀行. 銀行交易,購買多日元比出售. 如果日元對美元的預測表示,花旗銀行可以銷售商幣,賺取較高利潤. 反過來說,如果經銷商花旗預期日圓貶值是對美元(減弱),經銷商會以較低的利率和提供. 這樣使銷售和購買行動鼓勵;日元的交易,更不願買賣. 如果日元貶值預期,日圓回商可以以較低的價格購買中獲利. 4、如果匯率朝著理想的方向,外匯交易賺取利潤. 但是,如果外匯市場產生失敗者朝相反的,出人意料的方向發展. 限制外匯市場交易可能造成的損失,銀行對金融交易限制的成交量. 經銷商受持倉限額規定的數量比買賣可以進行特定貨幣. 雖然銀行保持正式的限制,但有時形式非法交易活動,吸引了巨大的損失超過持倉限額. 由於外匯管理部門正在考慮將銀行利潤中心,經銷商壓力產生可接受回報率銀行的資金投入這項活動. 5、包圍閃光貨幣價格,電話鈴聲,尖叫商人,他認為弗雷德提供一張用經濟分析人士預測貨幣匯率. "他們可能是對的,"他說,"但他們也不知道如何拉動扳機"他知道. 27歲那年,他是漢諾威信託製造公司'最高英鎊交易. 昨天上午,他僅約$500萬英鎊交易,不知進出市場的100倍. 為政元,他買了. 它撤退,他賣. "朝僱傭軍士兵的命運,"他說. "我們沒有任何關系. 我們為銀行"貨幣交易時高. 作為政治家,具體怎麼做就Dicker美元,年輕商人在世界排名30至50歲的銀行進行日常管理的貨幣Marke
⑽ 求一篇3000以上單詞金融危機英文論文
隨著經濟的全球化以及我國逐步開放金融業，我國的金融體系越來越成為世界金融體系不可分割的一部分。然而20世紀以來頻繁發生的金融危機卻明白無誤地昭示著金融危機的危害性。尤其是對於我們這樣一個大國而言，金融危機在某種意義上可能就是一個災難性的結果。雖然我國迄今還未曾在發生金融危機，但是這並不意味著我國的經濟結構和金融體系有多麼健全，而更多地可歸結為我國先前所處的封閉狀態。事實上，國外近年來關於中國爆發金融危機的論調幾乎就不曾停止過。比如尼古拉斯•拉迪就認為，中國的金融危機早已成熟，唯一缺乏的是引發危機全面爆發的導火索（吳傳俯，2003）。更有《遠東經濟評論》2002年發表文章認為「中國金融系統在走向毀滅」。雖然這些觀點各有其出發點，但是中國經濟體系內部存在著許多誘發金融危機的因素卻是不爭的事實。因此，在金融開放已成為趨勢的當前，從其他國家發生的金融危機中汲取經驗，防範金融危機並且增強自身抵禦金融危機的能力就更顯得迫切而重要。
一、理論綜述
關於金融危機，比較權威的定義是由戈德斯密斯（1982）給出的 ，是全部或大部分金融指標——短期利率、資產（資產、證券、房地產、土地）價格、商業破產數和金融機構倒閉數——的急劇、短暫和超周期的惡化。其特徵是基於預期資產價格下降而大量拋出不動產或長期金融資產，換成貨幣。金融危機可以分為貨幣危機、債務危機、銀行危機等類型。而近年來的金融危機越來越呈現出某種混合形式的危機。
（一）馬克思的金融危機理論
馬克思關於金融危機的理論是在批判李嘉圖的「比例」理論、薩伊的「市場均衡法則」的基礎上建立的。馬克思指出，貨幣的出現使商品的買賣在時間上和空間上出現分離的可能性，結果導致貨幣與商品的轉化過程出現不確定性，而貨幣作為支付手段的職能在客觀上又會產生債務支付危機的可能性；因此，導致金融危機和經濟危機的可能性的關鍵在於商品和貨幣各自不同的獨立運動價值特性。而只要商品、貨幣存在，經濟危機就不可避免，並且會首先表現為金融危機。
馬克思進一步指出，「一旦勞動的社會性質表現為商品的貨幣存在，從而表現為一個處於現實生產之外的東西，獨立的貨幣危機或作為現實危機尖銳化的貨幣危機，就是不可避免的。」 可見，馬克思是將貨幣金融危機分為兩種類型：伴隨經濟危機發生的貨幣金融危機和獨立的貨幣金融危機。伴隨經濟危機的金融危機主要是以市場競爭、資本積累以及信用發展等因素為現實條件，而獨立的貨幣金融危機則是金融系統內部紊亂的結果。同時馬克思特別強調了銀行信用在緩和和加劇金融危機中的作用。
總的來說，馬克思認為金融危機是以生產過剩和金融過剩為條件，表現為企業和銀行的流動性危機、債務支付危機，但是其本質上是貨幣危機。
（二）西方的金融危機理論
早期比較有影響的金融危機理論是由Fisher（1933）提出的債務－通貨緊縮理論。Fisher認為，在經濟擴張過程中，投資的增加主要是通過銀行信貸來實現。這會引起貨幣增加，從而物價上漲；而物價上漲又有利於債務人，因此信貸會進一步擴大，直到「過度負債」狀態，即流動資產不足以清償到期的債務，結果引起連鎖的債務－通貨緊縮過程，而這個過程則往往是以廣泛的破產而結束。在Fisher的理論基礎上，Minsky（1963）提出「金融不穩定」理論，Tobin（1980）提出「銀行體系關鍵」理論，Kindleberger（1978）提出「過度交易」理論， M.H.Wolfson（1996）年提出「資產價格下降」理論，各自從不同方面發展了Fisher的債務－通貨緊縮理論。
70年代以後的金融危機爆發得越來越頻繁，而且常常以獨立於實際經濟危機的形式而產生。在此基礎上，金融危機理論也逐漸趨於成熟化。從70年代到90年代大致分為三個階段。第一階段的金融危機模型是由P.Krugman（1979）提出的，並由R.Flood和P.Garber加以完善和發展，認為宏觀經濟政策和匯率制度之間的不協調是導致金融危機的原因；第二階段金融危機模型是由以M.Obstfeld（1994、1996）為代表，主要引入預期因素，對政府與私人之間進行動態博弈分析，強調金融危機由於預期因素存在的自促成性質以及經濟基礎變數對於發生金融危機的重要作用。1997年亞洲金融危機以後，金融危機理論發展至第三階段。許多學者跳出貨幣政策、匯率體制、財政政策、公共政策等傳統的宏觀經濟分析范圍，開始從金融中介、不對稱信息方面分析金融危機。其中有代表性的如Krugman(1998)提出的道德風險模型，強調金融中介的道德風險在導致過度風險投資既而形成資產泡沫化中所起的核心作用；流動性危機模型（J.Sachs，1998），側重於從金融體系自身的不穩定性來解釋金融危機形成的機理；「孿生危機」( Kaminsky & Reinhart, 1998 ) ，從實證方面研究銀行業危機與貨幣危機之間固有的聯系。
二、金融危機的國際經驗與教訓
從歷史上看，早期比較典型的金融危機有荷蘭的「鬱金香狂熱」、英格蘭的南海泡沫、法國的密西西比泡沫以及美國1929年的大蕭條等等。由於篇幅所限，本文僅回顧20世紀90年代以來所發生的重大金融危機，並試圖從中找出導致金融危機發生的共同因素，以為我國預防金融危機提供借鑒。
（一）90年代一共發生了五次大的金融危機，根據時間順序如下：
1.1992－1993年的歐洲貨幣危機
90年代初，兩德合並。為了發展東部地區經濟，德國於1992年6月16日將其貼現率提高至8.75％。結果馬克匯率開始上升，從而引發歐洲匯率機制長達1年的動盪。金融風波接連爆發，英鎊和義大利里拉被迫退出歐洲匯率機制。歐洲貨幣危機出現在歐洲經濟貨幣一體化進程中。從表面上看，是由於德國單獨提高貼現率所引起，但是其深層次原因是歐盟各成員國貨幣政策的不協調，從而從根本上違背了聯合浮動匯率制的要求，而宏觀經濟政策的不協調又與歐盟內部各成員國經濟發展的差異緊密相連。
2.1994－1995年的墨西哥金融危機。
1994年12月20日，墨西哥突然宣布比索對美元匯率的波動幅度將被擴大到15％，由於經濟中的長期積累矛盾，此舉觸發市場信心危機，結果人們紛紛拋售比索，1995年初，比索貶值30％。隨後股市也應聲下跌。比索大幅貶值又引起輸入的通貨膨脹，這樣，為了穩定貨幣，墨西哥大幅提高利率，結果國內需求減少，企業大量倒閉，失業劇增。在國際援助和墨西哥政府的努力下，墨西哥的金融危機在1995年以後開始緩解。墨西哥金融危機的主要原因有三：第一、債務規模龐大，結構失調；第二、經常項目持續逆差，結果儲備資產不足，清償能力下降；第三、僵硬的匯率機制不能適應經濟發展的需要。
3.1997－1998年的亞洲金融危機
亞洲金融危機是泰國貨幣急劇貶值在亞洲地區形成的多米諾骨牌效應。這次金融危機所波及的范圍之廣、持續時間之長、影響之大都為歷史罕見，不僅造成了東南亞國家的匯市、股市動盪，大批金融機構倒閉，失業增加，經濟衰退，而且還蔓延到世界其它地區，對全球經濟都造成了嚴重的影響。亞洲金融危機涉及到許多不同的國家，各國爆發危機的原因也有所區別。然而亞洲金融危機的發生決不是偶然的，不同國家存在著許多共同的誘發金融危機產生的因素，如宏觀經濟失衡，金融體系脆弱，資本市場開放與監控，貨幣可兌換與金融市場發育不協調等問題.
With the globalization of the economy and the graal opening up of China's financial sector, China's financial system is the world's financial system has increasingly become an integral part. Since the 20th century, however frequent the financial crisis has clearly demonstrated the danger of a financial crisis. Especially for a big country like ours, the financial crisis may in a sense is a disastrous outcome. Although not yet in the event of financial crisis, but this does not mean that China's economic structure and how a sound financial system, and more can be attributed to China's closed earlier. In fact, in recent years, foreign financial crisis on China's argument almost never stopped. • For example, Nicholas Lardy on China's financial crisis is already mature, the only lacking is full-blown crisis of the fuse (down Wu, 2003). More, "Far Eastern Economic Review" published an article in 2002 that "China's financial system in the direction of destruction." Although these views have their starting point, but within the Chinese economy there are many factors that trigger the financial crisis, it is an undisputed fact. As a result, has become the trend of financial liberalization of the current, which occurred from other countries learn from the experience of the financial crisis and prevent financial crises and to strengthen its ability to withstand the financial crisis is all the more urgent and important.
I. Theory
On the financial crisis, the authority of the definition of comparison is by Goldsmith (1982) given that all or most of the financial indicators - short-term interest rates, assets (assets, securities, real estate, land) prices, the number of business bankruptcy and the closure of a number of financial institutions - the sharp, short and ultra-cycle deterioration. Its characteristics is based on the expected decline in asset prices and a large number of out of real estate or long-term financial assets into the currency. Financial crisis can be divided into currency crises, debt crises, banking crises, such as the type. In recent years more and more of the financial crisis showed a mixed form of crisis.
(A) Marx's theory of financial crisis
Marxist theory on the financial crisis in the Ricardian criticism of the "proportional" theory, say the "market equilibrium rule" based on the. Marx pointed out that the emergence of the currency of the sale of goods in time and space emerged the possibility of separation, resulting in the conversion of currency and commodity process uncertainty, and currency as a means of payment in the objective function of the debt will have to pay the possibility of a crisis; therefore, lead to a financial crisis and economic crisis lies in the possibility of their goods and monetary value of different characteristics of the independence movement. And so long as the commodity, currency exists, the economic crisis is inevitable, and will first be reflected in the financial crisis.
Marx further pointed out that "once the performance of the social nature of labor as a commodity currency exists, and thus the performance of the proction of a reality other than in things, an independent monetary crisis or acute crisis, as the reality of the currency crisis is inevitable." Can be seen Marx is the monetary and financial crisis will be divided into two types: with the economic crisis occurred in the monetary and financial crisis and an independent monetary and financial crisis. With the economic crisis of the financial crisis is based on market competition, capital accumulation, as well as the development of factors such as credit for the actual conditions, and an independent monetary and financial crisis in the financial system is the result of internal disorder. At the same time, special emphasis on Marxism in easing bank credit and increased the role of the financial crisis.
In general, Marx believed that the financial crisis is overproction and a surplus for the financial conditions, performance for the enterprise and banking liquidity crisis, debt payment crisis, but it is essentially a currency crisis.
(B) the Western theory of financial crisis
Comparison of influential early theory of the financial crisis by Fisher (1933) raised the debt - deflation theory. Fisher believes that the process of economic expansion, the increase in investment was mainly achieved through bank credit. This will cause an increase in currency in order to price increases; and inflation and in favor of the debtor, the credit will be further expanded, until the "over-indebtedness", and that is not enough liquid assets maturing debt obligations outstanding, the result was a chain reaction of debt - deflation process and this process is often the end of a wide range of bankruptcy. In the basis of Fisher's theory, Minsky (1963) put forward the "financial instability" theory, Tobin (1980) that "the key to the banking system" theory, Kindleberger (1978) that "excessive trading" theory, MHWolfson (1996) put forward " decline in asset prices "theory, the different aspects of their development from the Fisher's debt - deflation theory.
70 since the outbreak of the financial crisis are becoming more and more frequent, and often independent of the actual form of the economic crisis arising. On this basis, the theory of financial crises are becoming more and more mature. From 70's to 90's roughly divided into three stages. The financial crisis in the first phase of the model is by P. Krugman (1979) put forward by R. Flood and P. Garber and development to perfect that the macroeconomic policies and exchange rate system is the lack of coordination between the causes of financial crisis ; the second phase of financial crisis, the model is by M. Obstfeld (1994,1996), represented mainly the introction of the expected factors, between the Government and the private sector dynamic game analysis, stressing that the financial crisis as a result of factors expected to contribute to the nature of the self as well as economic the basis of variables for the occurrence of the important role of the financial crisis. The 1997 Asian financial crisis, the financial crisis to the third phase of theoretical development. Many scholars out of monetary policy, exchange rate system, fiscal policy, public policy, such as the traditional scope of macroeconomic analysis, from the financial intermediation, asymmetric information analysis of the financial crisis. One representative, such as Krugman (1998) raised the risk of moral hazard model, to emphasize the moral hazard of financial intermediaries in the investment subsequently led to the formation of excessive risk of asset bubbles in the central role; liquidity crisis model (J. Sachs, 1998) , focusing on its own financial system from instability to explain the formation mechanism of the financial crisis; "twin crises" (Kaminsky & Reinhart, 1998), empirical research from the banking crisis and currency crisis in the inherent link between.
Second, the financial crisis and lessons of international experience
Historically, typical of early financial crisis, the Netherlands, "Tulip Fever", the South Sea Bubble in England, France and the United States of the Mississippi bubble in 1929 and so on of the Great Depression. Due to limited space, this article only to recall the 20th century have occurred since the 90's a major financial crisis, and attempts to find financial crisis led to the common factors that prevent financial crises in our country for reference.
(A) a total of 90 occurred ring the five major financial crisis, according to chronological order as follows:
1.1992-1993 in the European currency crisis
The early 90s, the two Germanys merged. In order to develop the eastern part of the regional economy, Germany in June 16, 1992 to raise its discount rate to 8.75 percent. The results mark the exchange rate began to rise, causing the European exchange rate mechanism of the instability as long as 1 year. The outbreak of the financial crisis after another, pound sterling and Italian lira were forced to withdraw from the European Exchange Rate Mechanism. European currency crisis in the European Economic and Monetary integration process. On the surface, is e to Germany to raise the discount rate arising from a separate, but their deep-seated reason is that EU member states co-ordination of monetary policy, thereby fundamentally contrary to the Joint floating exchange rate system requirements, and macroeconomic policy does not Coordination with EU Member States the difference between economic development are closely linked.
2.1994-1995 financial crisis in Mexico.
December 20, 1994, the Mexican peso against the U.S. dollar suddenly announced fluctuations of the exchange rate will be extended to 15%, as the economy's long-term accumulation of contradictions in the market would trigger a crisis of confidence, the result of people selling their pesos, early in 1995, the peso devaluation 30%. Subsequent stock market drop. Substantial depreciation of the peso and the inflation caused by input, so that in order to stabilize the currency, a substantial increase in Mexican interest rates, the result of reced domestic demand, a large number of enterprises closed down, unemployment increased. In the international assistance and the efforts of the Government of Mexico, Mexico's financial crisis began to ease after 1995. Mexico's financial crisis for three main reasons: First, the scale of debt, structural imbalance; Secondly, the current account deficit continued, resulting in lack of reserve assets, decreased liquidity; Third, the rigid exchange rate regime can not adapt to the needs of economic development.
3.1997-1998 years of the Asian financial crisis
The Asian financial crisis was a sharp devaluation of the Thai currency in Asia, the formation of a domino effect. The financial crisis affected the scope and ration, the effects of history are rare, not only in Southeast Asian countries resulted in the currency markets, the stock market turbulence, a large number of financial institutions collapse, rising unemployment, economic recession, but also spread to the world other regions of the global economy has had a significant impact. The Asian financial crisis, involving many different countries, the reasons for the outbreak of the crisis also differ. However, the occurrence of the Asian financial crisis is not accidental, there are many different countries inced by common factors arising from the financial crisis, such as macro-economic imbalances, the fragile financial system, capital market openness and control, currency convertibility and financial market development and other non-conforming issue