论拉美国家的金融自由化  

FINANCIAL LIBERALIZATION IN LATIN AMERICA

作　　者：江时学[1] 

机构地区：[1]中国社会科学院拉丁美洲研究所,研究员副所长北京100007

出　　处：《拉丁美洲研究》2003年第2期1-8,共8页Journal of Latin American Studies

摘　　要：90年代以前 ,拉美国家的金融制度明显具有“金融压抑”的特征。拉美有过两次引人注目的金融自由化。第一次金融自由化主要是在智利、阿根廷和乌拉圭等南锥体国家进行的 ,取得了一定的成效。第二次金融自由化始于 80年代末或 90年代初 ,具有以下两个特点 :实施金融自由化的国家几乎遍布整个拉美大陆 ;除在第一次金融自由化时采取的措施以外 ,还采取了对国有银行实施私有化、积极引进外国银行的参与及加强中央银行的独立性等措施。秘鲁是拉美第二次金融自由化“浪潮”的“潮头”。拉美国家实施的金融自由化在一定程度上缓解了“金融压抑”,使拉美国家吸引了大量外资 ,增强了金融机构为投资项目融资的能力。但在推动“金融深化”的过程中也加重了银行部门的脆弱性。金融自由化不是根治金融问题的“灵丹妙药”。急于求成的金融自由化与无效而乏力的政府监管结合在一起 ,会加重金融部门的脆弱性 。One of the pushing forces forfinancial globalization is financial liberalization implemented by both the developed and developing countries since the1 990 s.Before then L atin America's financial system was characterized as' financial repression' ,characterized as targeted loans,controlled interest rates, and high reserve requirements. In the 1 970 s only the Southern Cone countries carried out financial liberalization. However,their efforts resulted in crisis. Since the 1 990 s,as one part of the reform package,most of the L atin American countries have undertaken a second round of financial liberalization. In addition to freeing interests,eliminating targeted loans and reducing reserve requirements, L atin American countries also implemented such measures as privatizing the banks,introducing foreign banks and increasing independence of the central banks. Given the lack of capital formation and insufficient growth of the market in the early stage of economic development,it is natural for the government to rely upon certain degrees of' financial repression ' . However,in the later stage of economic development,shortcomings of financial repression tend to become more and more conspicuous. In certain cases ' financial repression' would cause low efficiency in the financial sector and turn it into a' bottle- neck' for the whole economy. L atin American financial liberalization succeeded in reducing' financial repression' .It also helped the region to attract more foreign capital. However,it also caused financial fragility and even bank crises in many countries. China is starting its own financial liberalization process.The L atin American experience shows that financial liberalization should be carried out with prudence and efficient government oversight. And,it should not be seen as a panacea for all the economic problems.

关 键 词：拉美国家 金融自由化 金融制度 "金融压抑" 利弊得失 

分 类 号：F837.3[经济管理—金融学]