The relationship between financial liberalization and financial crisis has been studied deeply by domestic and foreign scholars. Carlos daz-alejandro believes that financial liberalization and deregulation lead to more risky behaviors of financial institutions, interest rate liberalization, expansion of mixed business scope and financial innovation, which lead to higher risks and speculations and increase the degree of financial vulnerability. Willianmson studied 35 systemic financial crises from 1980 to 1997, and found that financial liberalization had largely exposed the instability of the financial system and increased financial risks. Barth, Caprio and Levine pointed out that as of 1998, 130 countries suffering from financial crisis had implemented financial liberalization reforms, and their economic development was closely related to the international capital market. The empirical analysis of 53 financial crises by demirguc-kunt and Detragiache shows that financial liberalization increases the probability of financial crisis, and the large-scale expansion of domestic credit and the formation and expansion of asset bubbles are the symptoms of financial crisis. It can be said that every financial crisis in the past 20 years has triggered the theoretical circle's discussion and reflection on financial liberalization. In the context of the American subprime crisis into the global financial crisis. Financial liberalization is also indispensable to the exploration of the root causes of the subprime crisis. Ding bing pointed out that the neo-liberal policy centered on the implementation of overall privatization, marketization and liberalization has aggravated the fundamental contradiction and polarization between the rich and the poor inherent in capitalism, and laid a hidden danger and foundation for the current international financial crisis. Zhang xinping believed that the outbreak of American subprime mortgage crisis once again proved the disadvantages of financial liberalization. Financial liberalization under the guidance of neo-liberalism led to the absence of financial market regulation, asymmetric information, loss of industry credit and excessive speculation. By reflecting on the us subprime crisis, wang jie analyzed the relationship between interest rate liberalization, mixed operation, financial innovation, financial deregulation, capital free flow and financial risks, and pointed out that excessive financial liberalization would breed financial risks and aggravate the vulnerability of financial system. Wang lijun summarized the relationship between financial liberalization policies and financial crisis in the United States and believed that financial liberalization led
