The New Character Of Excess Liquidity And The Effect Of Financial Regulation In Post-Crisis Era

Subprime mortgage crisis as a landmark event in the history of the world economy, not only reflect the ever closer economic ties in each country at current, but also spawned many unprecedented and specific economic phenomenon. From2009to2012, although our country has been in excess liquidity period, but they are not the same degree of excess, therefore, the article regard the time for line, regard the measured data as the basis, we classified the four years from2009to2012as accelerated excess liquidity phase and mild excess liquidity period.Given the importance of the problem of excess liquidity, harmfulness of excess liquidity in different periods, setting the concept of the situation, searching the origins, analying the policy is very important.This paper measures the liquidity situation in our country during2009-2012through EM2index and M2/GDP index, the results showed that the four years, there is excess liquidity situation in our country, but the degree of excess is not the same. Therefore, this paper defined2009-2010as quickly excess liquidity; The2011-2012defined as moderate surplus. On this basis, respectively, from the perspective of both international and domestic do specific analysis of the causes of each period. Among them, the domestic aspect mainly from the foreign trade industry, banking, real estate industry to analyze. In excess liquidity acceleration period, the real estate industry rising to accelerate liquidity are important, therefore, to analyze game model in the real estate industry to explore the prices interest behind soaring real estate. Similarly, in moderate liquidity surplus, setting banking as an example, by building a model analysis of mutual insurance chain crisis’s impact on China’s credit.Elaborating on a new characterization of the excess liquidity in post-crisis era, analying these new roots of characterization, studying corresponding financial control policy of government, it will improve the integrity of the research on this issue, while, enhance the depth of research. Therefore, this article from the deposit reserve policy, interest rate policy, exchange rate policy as well as real estate and financial angles to study various policies for the mitigation of the effects of excess liquidity. Finally, according to the size of the effect of policies, provide policy recommendations for the future regulation.