流动性冲击与中国金融改革  

Liquidity Shock and Financial Innovation

作　　者：孙立坚[1] 

机构地区：[1]复旦大学经济学院

出　　处：《世界经济研究》2012年第12期18-23,84,共6页World Economy Studies

基　　金：2011年度教育部人文社会科学重点研究基地重大项目"金融市场一体化发展与风险控制"(项目批准号:11JJD790015)的部分中期研究成果

摘　　要：由于金融泡沫的重灾地欧美政府至2008年以来一直在推行大规模的货币救市政策,而各国金融体系资源配置能力在随之而来的周期下行过程中又凸显出不断萎缩的状态,因此"后危机时代"中国经济一定会面对全球流动性泛滥的挑战。如果中国不能看清我们抗衡危机所需要的结构调整及周期和政策协调的紧迫性,那么欧美国家所形成的金融危机给中国经济产生的负面影响将难以估量。为此,本文指出我们应对未来严峻挑战最关键的步骤就是要尽快发展和健全中国的金融体系,而不能像过去那样过度仰仗货币政策被动的对冲手段来缓解。本文提出了"企业家金融"、"关系型金融"、"供应链金融"、"财富金融"、"消费金融"、"政府金融"、"国家金融"和"全球化金融"等不同的改革与发展模式来适应中国经济转型各个环节对金融服务的紧迫要求。Since 2008,European and U.S.governments,hardly hit by the financial bubbles,have been implementing large-scale monetary bailout policies.Meanwhile,in the period of cyclical downstream process,the ability of each country's financial system in allocating resources is continuously declining.In the Post-crisis Era,China economy will be confronted with the challenges of global liquidity overflow.If the urgency of structural adjustment,countercyclical strategy and policy coordination which fight against the crisis cannot be realized,the negative impacts of this financial crisis from Europe and the United States on China economy will be much difficult to estimate.Therefore,the paper points out that,in dealing with these serious future challenges,instead of the over-reliance on passive contractive monetary policies,the key point is to develop and improve China's financial system.Here,a number of different reform and development models,such as 'entrepreneurs finance','relationship finance','supply chain finance','wealth finance','consumption finance','government finance','national finance'and'globalization finance',are proposed to meet the urgent needs of financial services in different stages of the process of China's economic transformation.

关 键 词：三类矛盾 金融脆弱性 金融发展 

分 类 号：F832.1[经济管理—金融学]