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AN INTERPRETATION OF THE FINANCIAL CRISIS FROM THE PERSPECTIVE OF CRISIS TRANSFER

GUO Jin-guang(DongBei University of Finance and Economics,Dalian,liaoning 116025,China)  
A traditional crisis usually demonstrates as a crisis in production capacity,but a modern crisis generally demonstrates as a credit crisis.There are fundamental differences in the generative mechanisms and transmission mechanisms of the two kinds of crises,which have made the classical "center-periphery" structural hypothesis invalid in explaining the current financial crisis in the US.However,the classical "center-periphery" crisis-transferring mechanism does not change in both kinds of crises.In the process of destructing and ever-escalating of the world financial system,China should locate itself appropriately such that it can strengthen regulation and prevent risks;specifically,China needs to cope with current situation with active and effective strategies in aspects such as financial institutions,financial tools,and industrial development.
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