股市危机

股市危机及安全网的理论和经验研究

Theoretical and Empirical Studies of Stock Market Crisis and the Financial Safety Net

接下来是股市危机。

Then came the stock market crisis .

股市危机，亦称股灾、股市崩盘、股市泡沫破裂等。

The SMC is also called Stock Disaster , Stock Smash and stock market foam rupture .

股市危机过去经常发生，今后仍将经常发生。

The SMC often occurred in the past and will still take place frequently in the future .

金融危机大体上有三种类型：一是支付危机，二是股市危机，三是汇市危机。

Financial crises include three types such as payment crisis , stock market and foreign exchange market crisis .

股市危机打击了美国经济的薄弱环节（如贸易逆差）。

The stock-market crisis struck at the soft underbelly of the US economy , eg its trade deficit .

在这个8月里，英国经历了两场危机，一场街头危机，一场股市危机。

Britain has experienced two crises this August , one on the streets and one in the markets .

接下来是股市危机。各路专家一致宣称，同样的遭遇很快会降临到法国头上。

Then came the stock market crisis . The same thing would soon happen to France , pundits of all kinds claimed .

但在2008年金融危机中，银行业危机和股市危机互相影响，拖累整体经济下滑。

By contrast , in 2008 the banking crisis and the stock market crisis infected each other , pulling down the entire economy .

基于制度和投资者行为的交互作用，提出了一个适用于分析股市危机的发生机理的逻辑分析框架。

Presented a logic analysis framework that is applied to analyze of the mechanism of the stock market crisis based on the interaction of the system and the investor behavior .

该理论体系架构可作为研究股市危机的一个基础性理论框架。（2）本文提出了研究股市危机的形成原因和发生机理的一个逻辑分析框架。

This framework can be considered as a basic one to study SMC . ( 2 ) This paper presents a study of a logic analyzer about the mechanism of stock market crisis .

备忘录把眼下的金融状况与1937年的情况相提并论，当时是1929年股市危机后的第8年，也是导致股票估值激增的4年印钞政策结束之时。

The note likens financial conditions today to those in 1937 , eight years after the 1929 stock market crisis and at the end of four years of money printing that had led to surge in equity valuations .

在美国金融危机引发全球主要金融市场动荡之际，中国领域也遭受了前所未有的通货膨胀加剧、汇率升值加速和股市危机加深等一系列棘手的问题。

Since the US financial crisis causes the main financial markets unrest globally , China also seriously suffers a series of thorny problems including speed up of inflation , currency appreciation , and worse crisis in domestic stock market .

如何准确识别、有效预防和妥善处置股市危机仍是世界性难题，目前人们对股市危机及安全网的理论认识还较肤浅、零散，学术争议甚多，股市危机及安全网的理论体系尚不成熟。

How to avoid , recognize and deal with SMC has become a critical worldwide problem . Nowadays the theoretical understanding of SMC and safety net is superficial and scattered . There are many academic disputes and the theoretical system of SMC is not yet mature .

股市危机一旦发生，会引发股市全面的资金链条紧缩效应、资产价格预期坍塌效应等，给投资者、融资者及其他市场参与主体造成惨重的损失，对金融系统和实体经济的消极影响都很大。

Once the SMC arises , it will trigger the complete capital chain shrink effect and estimated capital price collapsing effect that will cause great loss of investors , fund raisers and other market event participants and have strong negative impact on financial system and entity economy .

实际上很显然，甚至谈论股市创出危机后新高就是一件很无味的事。

No. indeed , to be clear , it is tenuous even to say that stocks have made a post-crisis high at all .

投资者将全球股市推至危机后最高点，即便国际货币基金组织（IMF）警告世界面临数年缓慢而欠佳的增长，凸显出乐观的交易者和谨慎的政策制定者之间的反差。

Investors pushed global stock markets to post-crisis highs yesterday even as the IMF warned that the world faces years of slow and subpar growth , highlighting the contrast between buoyant traders and cautious policy makers .

美国股市已升至危机前高点的水平。

Stocks rose to a post-crisis high in the US .

股市对这次危机的反应如何？

How 's the market reacting to the crisis ?

市场本应成为高瞻远瞩的机制，但股市对次贷危机严重性的认识却慢慢吞吞。

Markets are meant to be forward-looking mechanisms , but equity markets have taken their time to acknowledge the severity of the credit crisis .

其他市场，如日本股市也饱受危机之苦，只由中国的股市持续创下新高。

Other markets , such as Japan 's , were also vulnerable to the crisis , but the Chinese stock market continually hit record highs .

英国夏令时间周三上午8点，受益于美国经济的好转及依然宽松的货币政策，华尔街行情被推升至创纪录的高点，从而令全球股市出现金融危机爆发以来的最佳行情。

Wednesday 08:00 BST. Global stocks are at their best levels since the outbreak of the financial crisis , bolstered by record highs on Wall Street as the US economy improves but monetary policy remains accommodative .

公允价值计量被认为是企业倒闭、股市下跌、危机深化的主要原因，更有人提出要重返历史成本计价的时代。

Accusations and abuses such as " Owing to the fair value measurement , business failed , the market fell , the crisis deepened " continued . Even someone offered to return to the time of historical cost measurement .

中国股市：怎样转变危机？

China : Security Market : How to Transit Crises ?

本周，股市创下了危机后的新高，暗示市场处于极度兴奋状态。

Stock markets hit new post-crisis highs this week . Cue immense excitement .

或者，你认为股市反弹标志着危机的结束？

Or you think the stock market rally marks the end of the crisis ?

更全面的看，香港及中国股市是这个信贷危机世界的唯一流动性源泉。

More broadly , the Hong Kong and mainland stockmarkets have been a source of liquidity in a credit-crunched world .

投资者已将股市推上金融危机前的高点，这股上涨势头毫无减弱迹象。

Investors have pushed the asset class towards pre-financial crisis highs , and there is little sign of the momentum abating .

随着中国股市飙升至金融危机以来的最高点位，很多分析人士将矛头直指北京，称历时一年的本轮牛市受到了政府鼓励。

As Chinese stocks have soared to their highest since the financial crisis , many analysts point the finger to Beijing , calling the year-long bull run a state-sanctioned rally .

美国股市昨日出现金融危机最高峰以来的单日最大跌幅。对全球经济增长忧心忡忡的投资者，大举逃离股市，转向政府债务避险。

US shares tumbled in their biggest falls since the peak of the financial crisis as a global growth scare caused investors to shun equities and take refuge in government debt .