The Theory And Empirical Reserch Of Financial Crisis Influence Factors

Financial crisis always is a retardation factor in the history of world's economic development. Not only the 2008's global financial crisis but also all previous financial crisis in many nations have caused different Recession.Relevant financial crisis once again become the study hotspot of theory and practice. Many economists and schools put forward many financial crisis theories to explore financial crisis causes and countermeasures. But the origin of financial crisis has no consensus yet.This paper reviews the evolution of the financial crisis theory and empirical research. First in combing the various economic schools of viewpoints, Then respectively causes of the crisis that were reviewed with the comparison three major the Great Depression in 1929 to 1933, Asian financial crisis from 1997 to 1999, the global financial crisis in the 2008 to 2009.Come to the cause financial crisis, macroeconomic instability factors, excessive corporate debt, financial system defects, non-rational behavior of individuals.Second, use the econometric methods analysis influencing factors of the financial crisis. Select the exchange rate, price index, stock index as a measure of three indicators of the main indicators of the financial crisis, the use of AHP analysis these three indicators of the financial crisis reached a comprehensive variable; select five factors:the inflation rate, interest rates, economic growth, current account balance-GDP ratio and international reserves as a financial crisis. Using the unit root test and generalized least square method with the financial crisis, the relationship between each factor measurement model. Draw the international reserve rate, economic growth and an annual interest rate on the financial crisis have the biggest impact on conclusion.In reaching the main factors that affect the financial crisis, after the further comparison the Government's relief measures and the effects of policy recommendations of the three major financial crisis which provide the basis for this article. Comparative analysis found that the financial crisis has some similarities, there are certain coping strategies and methods of the principle of universality. To prevent the financial crisis, we have to maintain macroeconomic stability, market and government identify the points of integration, strengthening financial supervision and improve the system, improve information transparency and reduce the irrational behavior of the individual and the establishment of a just, fair and orderly international financial system.