民间金融制度变迁与经济绩效

The Vicissitudes of Private Finance System and the Economic Performance

本文从民间借贷利率的角度考察温州三次金融改革的制度变迁,分析温州民间金融制度变迁与当地民间金融组织演化、利率市场化改革和中小企业成长的关系。研究表明:民间借贷利率同银行机构基准利率走向一致,与货币政策息息相关;民间借贷利率推动利率市场化改革,消除民间利率的市场非理性有利于民间融资市场充分发挥其作为次级金融制度安排的作用。对1978~2012年温州民间金融制度变量的测度,结果显示,民间金融制度变迁每变动1%,经济增量增加5.497%,表明温州民间金融的制度变迁对当地经济增长具有促进作用。

From the perspective of the interest rates of private lending, this paper investigates the system vicissitudes in the three financial reforms in Wenzhou, and analyzes the relationship between the private financial system vicissitudes in Wenzhou and the evolution of local private financial organizations, the liberalization reform of interest rates, the development of SMEs. It is found that the private lending interest rates change in a same trend with the benchmark interest rates of banking institutions,and they are closely related to monetary policy; the private lending interest rates promote the liberalization reform of interest rates; eliminating the irrationality in interest rate markets helps the private financing market fully play its role as a secondary financial system arrangements. The measurement of the private financial system variables in Wenzhou during 1978-2012 shows that, if the vicissitude in private financial system varies by 1%, the economic increments will increase by 5.497%, which means that the vicissitude in private financial system in Wenzhou promotes the local economic growth.