金融化对经济增长的影响:作用机理与中国经验

The Impact of Financialization on Economic Growth:On the Working Mechanism and the Example of the Chinese Experience

本文运用马克思资本循环理论,借鉴后凯恩斯主义"存量—流量"货币框架,构建"生产性部门—金融部门"两部门结构模型,分析金融化对经济增长的作用机理,并考察中国金融化与经济增长的关系,研究发现:金融化以金融资本实际回报率为中介对经济增长产生影响;适度的金融化可以促进资本循环周转,提高经济增长效率;过度的金融化最终将产生消费信贷挤压效应和金融虚拟化挤压效应,削弱资本的循环周转,降低经济增长效率。就中国经验而言,2008年以前,随着中国金融体制市场化改革的推进,金融化提升了经济增长效率;但自2008年以来,过度金融化趋向抑制了资本的循环周转,降低了经济增长效率。

Using Marx’s capital cycle theory and the post-Keynesian"stock-flow"monetary framework,this article constructs a two-sector structural model dubbed as"production-and-financial sector,"analyzes the working mechanism on how financialization affects economic growth,and examines the relationship between financialization and economic growth in China.This study discovers that financialization affects economic growth through the return of financial capital:while moderate financialization could increase the circulation of capital and the efficiency of economic growth;excessive financialization will do the opposite.As far as China’s experience is concerned,financialization helped increase the efficiency of economic growth before 2008,yet excessive financialization after that has decreased the circulation of capital and compromised the efficiency of economic growth.