⑴ 条件货币期权
可提供的信息就这么多？
可我觉得有点问题：卖权（Put）应该是看跌，也就是说在英镑下跌的情况下期权才会获利，所以Spot Rate小于1.70的时候对期权才产生影响，即为有效，而大于1.70时期权价外，这时与1.70并无两样（注：因为有0.02的Premium，所以有效汇率平的部分是1.68）。
我想是这样，有效汇率是让期权生效的汇率。
以普通Put来看，当Spot大于Strike时，即1.70，期权价外，多大也没有用，因此有效汇率都等同于Strike-Premium，即1.68；而当Spot小于Strike时，越小越挣钱，因此有效汇率等同于Spot-Premium=Spot-0.02。
以CPO（Condition Put Option）来看，当Spot大于Strike时，即1.70，期权价外，多大也没有用，因此有效汇率都等同于Strike-Premium，即1.68，但到1.74时需要支付0.04的Premium，所以在1.74处会有个突降0.04；而当Spot小于Strike时，越小越挣钱，因此有效汇率等同于Spot-Premium，但因为未达到1.74所以没有Premium，所以有效汇率就等同于Spot。
⑵ 商界 术语
KPI（Key Performance Indication）即关键业绩指标CSG:Customer Solution Group,客户解决方案集
养老基金 pension fund
一刀切 universal application;non-discretionary implementation
一级市场 primary market
应收未收利息 overe interest
银行网点 banking outlets
赢利能力 profitability
营业税 business tax
硬贷款（商业贷款） commercial loans
用地审批 to grant land use right
有管理的浮动汇率 managed floating exchange rate
证券投资 portfolio investment
游资（热钱） hot money
有市场的产品 marketable procts
有效供给 effective supply
诱发新一轮经济扩张 trigger a new round of economic expansion
逾期贷款 overe loans;past-e loans
与国际惯例接轨 to become compatible with internationally accepted
与国际市场接轨 to integrate with the world market
预算外支出（收入） off-budget （extra-budgetary） expenditure（revenue）
预调 pre-emptive adjustment
月环比 on a month-on-month basis; on a monthly basis
Z
再贷款 central bank lending
在国际金融机构储备头寸 reserve position in international financial institutions
在人行存款 deposits at （with） the central bank
在途资金 fund in float
增加农业投入 to increase investment in agriculture
增势减缓 deceleration of growth;moderation of growthmomentum
增收节支措施 revenue-enhancing and expenditure control measures
增长平稳 steady growth
增值税 value-added tax（VAT）
涨幅偏高 higher-than-desirable growth rate;excessive growth
账外账 concealed accounts
折旧 depreciation
整顿 retrenchment;consolidation
政策工具 policy instrument
政策性业务 policy-related operations
政策性银行 policy banks
政策组合 policy mix
政府干预 government intervention
证券交易清算 settlement of securities transactions
证券业务占款 funding of securities purchase
支付困难 payment difficulty
支付能力 payment capacity
直接调控方式向 to increase the reliance on indirect policy instruments
间接调控方式转变职能转换 transformation of functions
职业道德 professional ethics
指令性措施 mandatory measures
指令性计划 mandatory plan;administered plan
制定和实施货币政策 to conct monetary policy;to formulate and implement monetary policy
滞后影响 lagged effect
中介机构 intermediaries
中央与地方财政 delineation of fiscal responsibilities
分灶吃饭重点建设 key construction projects;key investment project
周期谷底 bottom（trough）of business cycle
周转速度 velocity
主办银行 main bank
主权风险 sovereign risk
注册资本 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）
专款专用 use of funds as ear-marked
转贷 on-lending
转轨经济 transition economy
转机 turnaround
转折关头 turning point
准财政赤字 quasi-fiscal deficit
准货币 quasi-money
资本不足 under-capitalized
资本充足率 capital adequacy ratio
资本利润率 return on capital
资本账户可兑换 capital account convertibility
资不抵债 insolvent;insolvency
资产负债表 balance sheet
资产负债率 liability/asset ratio;ratio of liabilities to assets
资产集中 asset concentration
资产贡献率 asset contribution factor
资产利润率 return on assets （ROA）
资产质量 asset quality
资产组合 asset portfolio
资金成本 cost of funding;cost of capital;financing cost
资金到位 fully funded （project）
资金宽裕 to have sufficient funds
资金利用率 fund utilization rate
资金缺口 financing gap
资金体外循环 financial disintermediation
资金占压 funds tied up
自筹投资项目 self-financed projects
自有资金 equity fund
综合国力 overall national strength（often measured by GDP）
综合效益指标 overall efficiency indicator
综合治理 comprehensive adjustment（retrenchment）;over-haul
总成交额 total contract value
总交易量 total amount of transactions
总成本 total cost
最后贷款人 lender of last resort
团.
⑶ 有学经济学的能帮我翻译一篇文章吗，好像很多专业术语不懂唉。。谢谢了
International financial market
国际金融市场
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.
一个重要方面的转变，国际金融市场的速度，程度，范围和市场反应。政策制定者试图刺激增长或者通过扩张性的货币政策或财政*政策必须面对外部约束实行钉住汇率或*多少限制，可以从国外借。在整个二战后时期，失衡造成的差异，国家经济政策和宏观性能发展缓慢。资本流动性是有限的，并有机会少的资本外逃。在一些点，过度伸展的国家将贬值百分之10，百分之20，或使和循环将重新开始-没有伟大的头条新闻，无明显下降在国民收入，并没有受到影响的邻国。
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.
在过去的10年中，国际金融调整的性质已经改变。大小的增加和资金的国际流动，相当数量的国家债务可能是外国人，以外币计价的，并在实践中往往是短期债务。只要外国人感到自信的宏观经济表现的一个国家，现有的短期债务翻了新资本流动可能跟随从而进一步扩张。
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，动摇的信心（企业失败，银行失败，一种商品价格的下降，一个政治演讲，或一个丑闻）可以阻止资本的流动，危及*过渡*债务的现有条款。这种情况引发*国际储备的需求，这是在有限的供应，中央银行。一旦供应国际储备的威胁，该国的中央银行可能被迫下台，允许货币贬值没有任何保证在未来将稳定锚。我们可以称这一货币危机。因为银行债务为外国货币的贬值，加剧了银行的资产负债表，银行可能被迫停止贷款或在现有贷款筹集现金。国内银行很可能失败，如果这些步骤都不成功。因此，国内经济可能削弱严重以下货币危机。如果其他国家也采取了类似的宏观经济战略，或面临类似的宏观经济条件，这些事件突出表明，影响，大量资金可能当它移动跨越国界和以外币标价。
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.
国际金融市场施加强大的约束力-奖励好的政策和成果，以及惩罚穷人的政策和成果-*相同，股市投资者的奖励和惩罚公司业绩好坏。这一新的国际投资环境的重要问题提出了定价的外国证券投资者和宏观经济政策。
⑷ 把下面一段话翻成英文，谢绝机器~~希望人工翻译~~先谢啦
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 请哪位高手帮忙翻译成英文，谢谢啦．
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 谁能帮我翻译成英文不要机器翻得
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.
我坦诚。。。这是机器翻的。。
⑺ 求财金英语专业术语，英汉都要有的
ownership 所有权；拥有权
ownership in common 分权共有权
Pacific Basin Central Bank Conference 太平洋地区中央银行会议
Pacific Basin Economic Council 太平洋地区经济议会
Pacific Economic Co-operation Council 太平洋经济合作议会
Pacific Economic Outlook 《太平洋经济展望》
Pacific Finance (Hong Kong) Limited 怡泰富财务（香港）有限公司
package 整套方案
package concept 整体发展概念
package development 组合发展；整体发展
packing credit 打包贷款；打包放款
packing loan 打包放款
paid-in capital 实缴资本；实缴股本
paid-in share 实收股份
paid-up capital 缴足股本
paid-up share capital 缴足款股本
panic buying 恐慌性抢购
panic selling 恐慌性抛售
paper 票据；文件
paper clearing system 票据交换制度
paper gold 纸黄金
paper profit 账面利润；纸上利润
par of exchange 汇兑平价
par value 票面值
parallel transaction 平行交易
parent company 母公司；控股公司
pari passu 平等权利；同等权益；按相同比例
Paris Bourse 巴黎证券交易所
parity of pay 同等薪酬
parity of subsidy principle 相同津贴的原则；平等津贴原则
part owner 有部分拥有权的人
part ownership 部分所有权
partial bid 部分收购建议
partial endorsement 部分背书
partial offer 部分要约
partial return of contribution 发还部分供款
partial settlement 部分交收
participant 参与者
participating preference share 参与优先股
participation 参与；参加；参股
participation in profit 分红
partly paid share 已缴部分股款的股份
partly paid share capital 已缴部分股款的股本
下面网站里面有很多
⑻ 帮忙翻译一下
翻译你会看不？
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 关系 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 进行 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 关于汇率方面的英文翻译
除了赚取货币形式申办/提供蔓延,外汇交易商试图获利预测正确的方向,未来货币流动. 如果一个交易商花旗银行预期日圆欣赏(加强)美元. 经销商可能提高利率,并提供了成功,试图说服其他经销商出售给花旗银行,阻止日元其他经销商购买日元从花旗银行. 银行交易,购买多日元比出售. 如果日元对美元的预测表示,花旗银行可以销售商币,赚取较高利润. 反过来说,如果经销商花旗预期日圆贬值是对美元(减弱),经销商会以较低的利率和提供. 这样使销售和购买行动鼓励;日元的交易,更不愿买卖. 如果日元贬值预期,日圆回商可以以较低的价格购买中获利. 4、如果汇率朝着理想的方向,外汇交易赚取利润. 但是,如果外汇市场产生失败者朝相反的,出人意料的方向发展. 限制外汇市场交易可能造成的损失,银行对金融交易限制的成交量. 经销商受持仓限额规定的数量比买卖可以进行特定货币. 虽然银行保持正式的限制,但有时形式非法交易活动,吸引了巨大的损失超过持仓限额. 由于外汇管理部门正在考虑将银行利润中心,经销商压力产生可接受回报率银行的资金投入这项活动. 5、包围闪光货币价格,电话铃声,尖叫商人,他认为弗雷德提供一张用经济分析人士预测货币汇率. "他们可能是对的,"他说,"但他们也不知道如何拉动扳机"他知道. 27岁那年,他是汉诺威信托制造公司'最高英镑交易. 昨天上午,他仅约$500万英镑交易,不知进出市场的100倍. 为政元,他买了. 它撤退,他卖. "朝雇佣军士兵的命运,"他说. "我们没有任何关系. 我们为银行"货币交易时高. 作为政治家,具体怎么做就Dicker美元,年轻商人在世界排名30至50岁的银行进行日常管理的货币Marke
⑽ 求一篇3000以上单词金融危机英文论文
随着经济的全球化以及我国逐步开放金融业，我国的金融体系越来越成为世界金融体系不可分割的一部分。然而20世纪以来频繁发生的金融危机却明白无误地昭示着金融危机的危害性。尤其是对于我们这样一个大国而言，金融危机在某种意义上可能就是一个灾难性的结果。虽然我国迄今还未曾在发生金融危机，但是这并不意味着我国的经济结构和金融体系有多么健全，而更多地可归结为我国先前所处的封闭状态。事实上，国外近年来关于中国爆发金融危机的论调几乎就不曾停止过。比如尼古拉斯•拉迪就认为，中国的金融危机早已成熟，唯一缺乏的是引发危机全面爆发的导火索（吴传俯，2003）。更有《远东经济评论》2002年发表文章认为“中国金融系统在走向毁灭”。虽然这些观点各有其出发点，但是中国经济体系内部存在着许多诱发金融危机的因素却是不争的事实。因此，在金融开放已成为趋势的当前，从其他国家发生的金融危机中汲取经验，防范金融危机并且增强自身抵御金融危机的能力就更显得迫切而重要。
一、理论综述
关于金融危机，比较权威的定义是由戈德斯密斯（1982）给出的 ，是全部或大部分金融指标——短期利率、资产（资产、证券、房地产、土地）价格、商业破产数和金融机构倒闭数——的急剧、短暂和超周期的恶化。其特征是基于预期资产价格下降而大量抛出不动产或长期金融资产，换成货币。金融危机可以分为货币危机、债务危机、银行危机等类型。而近年来的金融危机越来越呈现出某种混合形式的危机。
（一）马克思的金融危机理论
马克思关于金融危机的理论是在批判李嘉图的“比例”理论、萨伊的“市场均衡法则”的基础上建立的。马克思指出，货币的出现使商品的买卖在时间上和空间上出现分离的可能性，结果导致货币与商品的转化过程出现不确定性，而货币作为支付手段的职能在客观上又会产生债务支付危机的可能性；因此，导致金融危机和经济危机的可能性的关键在于商品和货币各自不同的独立运动价值特性。而只要商品、货币存在，经济危机就不可避免，并且会首先表现为金融危机。
马克思进一步指出，“一旦劳动的社会性质表现为商品的货币存在，从而表现为一个处于现实生产之外的东西，独立的货币危机或作为现实危机尖锐化的货币危机，就是不可避免的。” 可见，马克思是将货币金融危机分为两种类型：伴随经济危机发生的货币金融危机和独立的货币金融危机。伴随经济危机的金融危机主要是以市场竞争、资本积累以及信用发展等因素为现实条件，而独立的货币金融危机则是金融系统内部紊乱的结果。同时马克思特别强调了银行信用在缓和和加剧金融危机中的作用。
总的来说，马克思认为金融危机是以生产过剩和金融过剩为条件，表现为企业和银行的流动性危机、债务支付危机，但是其本质上是货币危机。
（二）西方的金融危机理论
早期比较有影响的金融危机理论是由Fisher（1933）提出的债务－通货紧缩理论。Fisher认为，在经济扩张过程中，投资的增加主要是通过银行信贷来实现。这会引起货币增加，从而物价上涨；而物价上涨又有利于债务人，因此信贷会进一步扩大，直到“过度负债”状态，即流动资产不足以清偿到期的债务，结果引起连锁的债务－通货紧缩过程，而这个过程则往往是以广泛的破产而结束。在Fisher的理论基础上，Minsky（1963）提出“金融不稳定”理论，Tobin（1980）提出“银行体系关键”理论，Kindleberger（1978）提出“过度交易”理论， M.H.Wolfson（1996）年提出“资产价格下降”理论，各自从不同方面发展了Fisher的债务－通货紧缩理论。
70年代以后的金融危机爆发得越来越频繁，而且常常以独立于实际经济危机的形式而产生。在此基础上，金融危机理论也逐渐趋于成熟化。从70年代到90年代大致分为三个阶段。第一阶段的金融危机模型是由P.Krugman（1979）提出的，并由R.Flood和P.Garber加以完善和发展，认为宏观经济政策和汇率制度之间的不协调是导致金融危机的原因；第二阶段金融危机模型是由以M.Obstfeld（1994、1996）为代表，主要引入预期因素，对政府与私人之间进行动态博弈分析，强调金融危机由于预期因素存在的自促成性质以及经济基础变量对于发生金融危机的重要作用。1997年亚洲金融危机以后，金融危机理论发展至第三阶段。许多学者跳出货币政策、汇率体制、财政政策、公共政策等传统的宏观经济分析范围，开始从金融中介、不对称信息方面分析金融危机。其中有代表性的如Krugman(1998)提出的道德风险模型，强调金融中介的道德风险在导致过度风险投资既而形成资产泡沫化中所起的核心作用；流动性危机模型（J.Sachs，1998），侧重于从金融体系自身的不稳定性来解释金融危机形成的机理；“孪生危机”( Kaminsky & Reinhart, 1998 ) ，从实证方面研究银行业危机与货币危机之间固有的联系。
二、金融危机的国际经验与教训
从历史上看，早期比较典型的金融危机有荷兰的“郁金香狂热”、英格兰的南海泡沫、法国的密西西比泡沫以及美国1929年的大萧条等等。由于篇幅所限，本文仅回顾20世纪90年代以来所发生的重大金融危机，并试图从中找出导致金融危机发生的共同因素，以为我国预防金融危机提供借鉴。
（一）90年代一共发生了五次大的金融危机，根据时间顺序如下：
1.1992－1993年的欧洲货币危机
90年代初，两德合并。为了发展东部地区经济，德国于1992年6月16日将其贴现率提高至8.75％。结果马克汇率开始上升，从而引发欧洲汇率机制长达1年的动荡。金融风波接连爆发，英镑和意大利里拉被迫退出欧洲汇率机制。欧洲货币危机出现在欧洲经济货币一体化进程中。从表面上看，是由于德国单独提高贴现率所引起，但是其深层次原因是欧盟各成员国货币政策的不协调，从而从根本上违背了联合浮动汇率制的要求，而宏观经济政策的不协调又与欧盟内部各成员国经济发展的差异紧密相连。
2.1994－1995年的墨西哥金融危机。
1994年12月20日，墨西哥突然宣布比索对美元汇率的波动幅度将被扩大到15％，由于经济中的长期积累矛盾，此举触发市场信心危机，结果人们纷纷抛售比索，1995年初，比索贬值30％。随后股市也应声下跌。比索大幅贬值又引起输入的通货膨胀，这样，为了稳定货币，墨西哥大幅提高利率，结果国内需求减少，企业大量倒闭，失业剧增。在国际援助和墨西哥政府的努力下，墨西哥的金融危机在1995年以后开始缓解。墨西哥金融危机的主要原因有三：第一、债务规模庞大，结构失调；第二、经常项目持续逆差，结果储备资产不足，清偿能力下降；第三、僵硬的汇率机制不能适应经济发展的需要。
3.1997－1998年的亚洲金融危机
亚洲金融危机是泰国货币急剧贬值在亚洲地区形成的多米诺骨牌效应。这次金融危机所波及的范围之广、持续时间之长、影响之大都为历史罕见，不仅造成了东南亚国家的汇市、股市动荡，大批金融机构倒闭，失业增加，经济衰退，而且还蔓延到世界其它地区，对全球经济都造成了严重的影响。亚洲金融危机涉及到许多不同的国家，各国爆发危机的原因也有所区别。然而亚洲金融危机的发生决不是偶然的，不同国家存在着许多共同的诱发金融危机产生的因素，如宏观经济失衡，金融体系脆弱，资本市场开放与监控，货币可兑换与金融市场发育不协调等问题.
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