金融体系扭曲、经济转型与渐进式金融改革  

Financial Repression,Economic Transition and Progressive Financial Reform

作　　者：张一林 林毅夫 朱永华 ZHANG Yilin;LIN Yifu;ZHU Yonghua(Lingnan College,Sun Yat-sen University;Institute of New Structural Economics,Peking University)

机构地区：[1]中山大学岭南学院,510275 [2]中山大学商学院,510275 [3]北京大学新结构经济学研究院,100871

出　　处：《经济研究》2021年第11期14-29,共16页Economic Research Journal

基　　金：马克思主义理论研究和建设工程重大项目;国家社会科学基金重大项目(2021MZD015);广东省基础与应用基础研究基金(2019A1515012157)的资助。

摘　　要：转型国家的金融抑制,本质上是政府在面对关系国防安全、社会稳定和国计民生的企业缺乏自生能力但又不能让其破产倒闭的约束条件下,以金融体系为中介来给这些"重要而不能倒但不补贴就要倒"的企业提供暗补所做出的"次优"的制度安排。发达国家之所以没有像转型国家那样的扭曲干预金融体系,是因为在发达国家除国防安全等少数可用财政直接补贴的战略型产业外,绝大部分产业符合比较优势,企业具有自生能力,无需政府利用金融体系给予暗补。转型国家的金融改革,不应简单照搬发达国家的金融制度,也不应采用"休克疗法"的激进方式,而是应当根据资本积累、比较优势变化、赶超战略下优先发展部门遗留下来的企业的自生能力的提高,制定阶段性的改革目标并采用渐进式的改革方式。这种与转型国家自身要素禀赋结构、比较优势及其变化相适应的渐进式金融改革,能避免因金融改革引发经济崩溃并达到支持经济增长的目的,是比休克疗法更优的金融转型方式。Since the emergence of the financial liberalization theory in the 1970 s,there have been persistent voices from all walks of life advocating that transition economies should remove all kinds of financial repression policies in one step and arrange a financial system consistent with developed countries.But is this the best option for countries in transition with respect to financial reform and financial development?The failure of the large number of transition economies which implemented shock therapy and the success of China’s dual-track progressive reforms have shown that radical elimination of distortions and copying the economic and financial systems of developed countries is not appropriate for developing countries.In the 1970 s and the 1980 s,Latin American countries,represented by Chile,carried out financial reforms which were oriented towards liberalization,marketization,and privatization,and modeled on developed countries such as the United States and the United Kingdom,but the results of the reforms were disappointing.On the contrary,since the reform and opening-up in 1978,China has also started market-oriented financial reform.Instead of simply copying the experience of developed Coundvies and implementing comprehensive privatization and liberalization,China’s financial reform was conducted in a gradual and moderate way.Up to now,China has not experienced a systemic financial crisis,the financial system has remained basically stable,the economy has grown steadily,and the efficiency of the financial system has been continuously improved.Clearly,the theory of financial liberalization cannot explain either the failure of financial reform in Latin American countries or the stability and economic performance brought about by China’s progressive financial reform.In view of this,this paper takes the soft constraints of the banking sector as an example to discuss the root causes of financial repression,and the necessary conditions and appropriate methods for the transition economies to successfully implem

关 键 词：赶超战略 政策性负担 自生能力 金融抑制 金融改革 

分 类 号：F831[经济管理—金融学]