The Development Of Financial Crisis Theory And Its Enlightment On China

Financial crisis theory has always been a hot topic in economy field since ancienttimes. Research on it has a long history, especially since1980s. With the appearance ofeconomic globalization, economic financialization, financial internationalization and therapid development of science and technology, financial crisis has broken out morefrequently and has more serious effects on global financial market and economy. Financialcrisis has become a ghost in the process of economy development. Each financial crisisemerged with many new features different from previous ones, therefore current financialcrisis theory cannot completely and profoundly explain these crisis appearing in economicglobalization. Research on financial crisis theory has set off a new upsurge in academicfield. However, up to now, new perspectives on financial crisis are just reflections of someaspects of it and have not formed a unified theoretical system yet.In this paper, firstly the author combed traditional theory of the financial crisis in orderto achieve a systematic and profound understanding of the existing theory of the financialcrisis. Secondly, taking American financial crisis as an example, the author reviewed andsummarized financial crisis theory and did a deep research into this crisis from thebackground and the conduction mechanism of the financial crisis. Thirdly, the authorsystematically summarized the new perspectives on financial crisis emerged in post-crisisperiod. Lastly, the author concluded that the new perspectives on financial crisis emergedin post-crisis period had referential significance for the healthy and sustainabledevelopment of financial industry.