The Research Of Financial Crisis From The Virtual Economy's Angle

Financial liberalization around the world promote asset securitization and financial innovation, the result has caused large-scale expansion of virtual assets. Especially since the 80s of last century, Western countries set off to "liberalization" as the characteristics of the wave of financial reforms made to speed up the frequency of financial crisis, which typically include the Latin American debt crisis, the European currency crisis and the Asian financial crisis, The financial crisis is a crisis shared characteristics of the main hazards arise limited to local areas and not spread to the world.In 2007, the outbreak of the U.S. financial crisis is different from the past, it originated in the United States, spread to the world, the world economy caused by different degrees. The damage caused by the financial crisis beyond all previous financial crisis. Although under the cooperation of all countries in the world, the world economy constantly move forward in the rough, but left many questions waiting for us to think about the reality on these issues urgently requires an in-depth theoretical research.Through close analysis of several financial crises, we can find a common factor behind these crises, that is, over-expansion of virtual economy. Virtual economy is a "double-edged sword", which originally was developed based on the real economy, and its attachment, and serve the real economy. But with the collapse of the Bretton Woods system, non-monetary gold dollar out of bondage to become institutionalized in the international currency, the dollar has led the world to provide liquidity expansion. Expansion in global liquidity in the process of rapidly increasing size of the virtual economy, a steady flow of funds into the stock market and financial derivatives market, the ultimate virtual economy from the real economy. As the volatility characteristics of virtual economies, which makes the already fragile financial system collapse of possibility. In the virtual economy, the OTC derivatives trading due to its high leverage and high risk, making the financial crisis triggered the current round of tipping point.Based on U.S. financial crisis as the background, from the virtual perspective on the financial crisis of economic theory to study the significance of the following:First, we studied the trend of world economy and the virtual high-risk sex, in theory and reveals the rich and the virtual economy the relevance of the real economy, virtual economy that can not be divorced from the real economy and development; second, because "financial cache of the existence of modern monetary theory to test the number of virtual economic factors, consider the money in the real economy and the flow between the virtual economy, It enriches the theory but also the quantity of money for the Government to formulate a theoretical basis for monetary policy; Third, in theory reveal the high risk of OTC derivatives trading contributed to an important reason for the current round of financial crisis, noting that financial innovation to the world bring economic prosperity while also planted the seeds of the crisis, the Government must strengthen supervision of OTC derivatives transactions.Full-text is divided into seven chapters. The first chapter is an introduction, the main topics of the paper background, significance, paper structures, methods and conduct a general description papers innovation; the second chapter of the virtual economy and financial crisis, to define the concept, analysis of the characteristics of the financial crisis, expressions and the financial crisis theory, and the characteristics of the virtual economy and the development stage, and finally reveals the virtual economy and the linkages between the financial crisis; The third chapter explains the macro level, the reasons for the outbreak of the financial crisis, that incompatibility is a virtual economy normal and the real economy, so the financial crisis is inevitable; chapter from meso level to explain the reasons for the financial crisis that Virtual Economy fragile financial system to make it easier to collapse; fifth chapter explains the micro level, financial crisis reason, that OTC derivatives transactions, and lack of supervision of highly leveraged, making them the source of the outbreak of financial crisis; the sixth chapter of the U.S. financial crisis has done a case study to verify the above on the virtual economy theory of financial crisis; under Chapter VII of the economy in the virtual environment, the Chinese how to guard against financial risks and enhance security of the financial markets, and make relevant policy recommendations.The Innovation of the paper as the follows:Firstly, we construct the Virtual Economy Research Framework of the financial crisis, the framework composed of three levels:at the macro level, the virtual economy and real economy is the cause of non-coordination the root causes of the financial crisis; in the concept level, because of the economic virtualization increase financial fragility, which triggered the financial crisis; at the micro level, the thesis focus on areas of focus to the virtual economy OTC derivatives trading links Because of its high risk and difficult to control the features, often the source of a financial crisis. Secondly, by analyzing the U.S. financial crisis, the paper revealed in previous financial crises and the different manifestations of the new features. The financial crisis in the past mainly in the real economy, the crisis is also a local area, while the financial crisis resulting from the virtual economy, the scope of the crisis is spread to almost all countries in the world. The crisis has also demonstrated the financial crisis, the economic environment changes with the changing needs of financial crisis theory constantly updated. Thirdly, the current economic system, the virtual economy to gradually transcend the reality of the real economy, we propose the traditional monetary theory can not fully explain the views of the current economic situation, in the paper, we try to virtual economy and real economy sectors combined study currency circulation mechanism and financial cellars, to explain the U.S. financial crisis to provide a new theoretical basis for monetary policy in the city government to provide reference. Fourth, this paper Virtual Economy two main forms:first, industrial hollowing out is to upgrade and optimize industrial structure in the inevitable process of economic phenomena, the second is the expansion of financial derivatives for developing countries, financial derivatives is an important tool to achieve financial deepening, which the establishment and improvement contributed to sound the market structure, while the basis of market financing by expanding the size to improve the efficiency of finance. Both in itself does not produce the financial crisis, but when the economy of structural gaps and the proliferation of derivatives, the destructive power it generates is unbearable to any country.