摘要
金融市场化改革的关键是在长期内处理好提高金融效率和加强金融稳定的跨期平衡问题。本文从金融效率、金融稳定和跨期平衡三个维度,研究了金融市场化改革的推进路径。基于金融供需均衡框架的分析表明,金融市场化改革会增加供给曲线的长度,降低供给曲线的斜率,有助于实现金融供需均衡,但政府抑制可能导致金融供给不足或供给过剩,影响金融效率和金融稳定。考虑金融效率和金融稳定的跨期平衡,金融市场化改革总体上存在三条路径:同步提高型、稳定优先型和效率优先型,最终都可以实现全面提高金融体系效率和稳定的目的。中国金融市场化改革总体上遵循的是"稳定优先型"路径,由于过于注重短期的金融稳定,导致金融资源错配不断积累和脆弱性不断提高。下一步改革要更加注重提高金融效率,通过更高效的资金配置来降低金融脆弱性,实现金融效率和金融稳定的跨期平衡。
It is a crucial target of financial marketization to pursue an inter-temporal equilibriumbetween financial stability and efficiency in the long term. This article discusses the issue ofpath design of financial marketization reform from the perspectives of financial stability,financial efficiency and their inter-temporal equilibrium. Based on the analysis framework ofsupply-and-demand equilibrium, we find that financial marketization reform helps to achieveequilibrium between financial supply and demand by increasing the length and decreasing theslop of financial supply curve. But the insufficiency or excess financial supply caused byfinancial repression reduces financial stability and efficiency. Taking the inter-temporalrelationship of financial stability and efficiency into consideration, there exist three paths for'financial marketization reform, including the 'simultaneous-improving type', thestability-first type'and the'efficiency-first type'. All of them work in helping achieve thefinal' goal of enhancing financial stability and efficiency. China has chosen the'stability-firsttypeas the path for its financial marketization reform. But By putting too much emphasis onshort-term financial stability, China has suffered from financial resource mismatching andrising financial vulnerability. Therefore, the financial marketization reform of the next stageshould focus on financial efficiency and reduction of financial vulnerability through moreefficient capital distribution to achieve an inter-temporal equilibrium between financialstability and efficiency in the long term.
出处
《国际经济评论》
CSSCI
北大核心
2016年第5期100-113,共14页
International Economic Review
基金
中国人民大学2015年度拔尖创新人才培育资助计划成果
