Information Mechanism in the Financial Crisis:A New Perspective
基于跨国数据分析和案例研究，探讨了金融危机传播中的信息机制以及金融创新可能带来的信息扭曲，发现高质量信息披露和低政府腐败能降低危机概率，而复杂金融产品可能因信息不对称导致过度风险承担。
Based on cross-country data analysis and case study,this paper explores the information mechanism in the propagation of financial crisis and the possible information distortion brought by financial innovation.The empirical results show that the probability of financial crisis is significant lower when there are high quality of information disclosure and low level of government corruption.From the perspective of information-driven mechanism,some financial innovation may be too complicated to preserve financial stability because it will create or deteriorate the problem of inadequate information between investors if those financial products cannot be easily understood.When investors trade financial products they do not fully understand,their risk perception state will change systematically,which may finally lead to over risk taking behavior and financial crisis.The conclusion indicates that simple financial products may serve to financial stability because they help to the more effective functioning of information transmission.