中文摘要：

文章对20世纪90年代以来各次系统性金融危机的成因与处置进行了梳理分析。研究认为,90年代以来各次系统性金融危机爆发的理论根源在于新自由主义思想的影响及其政策推行,以及金融全球化背景下的国际货币体系的缺失与国际协调机制的缺乏。严重依赖外部因素的宏观经济失衡、经济非理性繁荣、地产泡沫膨胀以及金融过度且监管缺失是屡次危机爆发的关键共性因素。系统性金融危机的处置要考虑危机的成因、宏观经济条件、金融体系的稳健情况、金融体系的风险传导等,以此为依据来选择适当措施,其中危机爆发后的流动性管理最为紧迫。这对我国今后管理危机下的经济问题能提供一些借鉴与启示。

英文摘要：

This paper is to analyze the causes and treatment of systemic financial crises since the 1990s. The systemic financial crises stemmed from the impact of new liberalism and its policy, the inadequacy of the international monetary system, and the lack of in- ternational coordination mechanism against the background of financial globalization. Macroeconomic imbalance due to excessive de- pendency on external factors, irrational economic prosperity and real estate bubbles, financial excesses under lax financial supervi sion are the key common factors of the crises. Handling the crises requires an overall consideration of their causes, the macroeco nomic conditions, safety of the financial system, and the risk transmission of the financial system, etc. Liquidity management is the most urgent upon the outbreak of a crisis.