金融自由化理论、实践梳理及对我国启示  

Review the Theory and Practice of Financial Liberalization and Its Enlightenment to China

作　　者：侯英[1] 王玉霞[2] Hou Ying;Wang Yuxia(Dalian Central Sub-Branch,the People's Bank of China;Dongbei University of Finance and Economics)

机构地区：[1]中国人民银行大连市中心支行 [2]东北财经大学

出　　处：《金融发展评论》2021年第8期83-94,共12页Financial Development Review

摘　　要：金融自由化理论在发展中国家产生了广泛而深远的影响,但其理论本身和实践均存在诸多困惑。发展中国家与发达国家市场结构、市场化程度不同,复制发达国家经验旨在消除金融抑制的金融自由化改革,难以改善发展中国家资源配置效率,实现金融发展、经济增长目标。不充分考虑发展中国家实体经济发展状况、缺乏足够条件以及不恰当顺序的金融自由化往往增强了金融体系的脆弱性,易引发金融危机,并对经济增长造成严重负面影响。对金融自由化理论和实践梳理表明,在金融供给侧结构性改革中,仍需更加灵活运用温和金融抑制政策维护金融系统稳定,谨慎推进金融自由化。The theory of financial liberalization has produced extensive and far-reaching influence in developing countries, but there are many perplexities in theory and practice. The market structure and degree of marketization of developing countries are different from developed countries. The financial liberalization reforms implemented to eliminate financial repression, which are copied from the experience of developed countries, are difficult to improve the efficiency of resource allocation in developing countries and achieve the goals of financial development and economic growth. Financial liberalization without adequate consideration of the real economic development of developing countries, the lack of sufficient conditions and the inappropriate sequence of financial liberalization often enhance the fragility of the financial system, trigger the financial crisis and cause serious negative impact on economic development. Since the reform and opening up, China has mainly implemented the reform of moderate financial repression and gradual financial liberalization, which is basically in line with the development of the real economy,has achieved financial development and promoted economic growth. In the financial supply-side structural reform, we still need to make more flexible use of moderate financial repression policies to maintain the overall stability of the financial system and prudently manage financial liberalization.

关 键 词：金融自由化 温和金融抑制 供给侧结构性改革 

分 类 号：F832[经济管理—金融学]