中国式失衡辨析及其货币政策含义——基于分权式改革与金融压抑视角的分析  

Chinese Style Imbalances and the Implication for Monetary Policy

作　　者：傅勇[1] 

机构地区：[1]中国人民银行上海总部,上海200120

出　　处：《上海金融》2010年第10期27-32,共6页Shanghai Finance

摘　　要：国际比较显示,一些经济体在高速增长时期,均出现过与当前中国类似的结构性失衡,失衡应该看作是快速成长时期的阶段性现象。横向比较显示,分权式改革尤其是1994年以来的分税制改革,是加剧结构失衡的重要制度根源。在金融层面上,普遍存在的金融压抑阻碍了储蓄-投资在内部达到平衡,银行部门只得购买国外资产输出过多的储蓄资金,由此引致外部失衡。在经济失衡及其逐步调整的背景下,货币政策应特别关注相关的财政金融风险。Cross-country comparatives show that,some economies share the same structural imbalances with china during their rapid growing period.Thus,this paper treats China＇s imbalances as a temporary phenomenon.Decentralizing reform,especially Fenshuizhi Reform since 1994,played an important role in aggravating these imbalances.At financial aspect,banks in the repressed system have to buy foreign assets in order to absorb excessive deposit.In this environment,monetary policy should pay special attention to several relevant fiscal or financial risks.

关 键 词：失衡 分权 金融压抑 货币政策 

分 类 号：F830[经济管理—金融学]