发展中国家金融发展战略的演变——国际经验和理论视角

Evolution of Financial Development Policies in Developing Countries

随着发展中国家经济发展观的转变,“华盛顿共识”逐步演变为“后华盛顿共识”。“后华盛顿共识”强调金融领域甚至是经济领域以外的因素。从一个国家自身的利益出发,金融市场是否具有效率优势,最终的评判标准是能否动员国内储蓄并促进国内的资本形成。开放经济中,这种效率优势应该是在与其他国家的对比中所体现出来的优势。这不是传统理论中的政府与市场机制效率的比较,而是一国内部市场因素与非市场因素结合以后,与其他国家所进行的效率比较。由此,在金融发展战略中强调市场与政府的互补关系,就是很自然的事。

The author observes that Washington agreement has gradually evolved to post-Washington agreement which emphasizes factors outside the financial system, even outside the economic system. The ultimate criterion for judging whether the financial market maintains advantages in efficiency is whether it leads to increasing savings and capital at home. In an open economy this advantage is reflected by the resuits of comparison with other countries. To he more specific, it refers to comparison of efficiency by examining both the market aspects and non-market aspects within a country with the equivalent aspects in other countries. Therefore, in the financial development it is natural to emphasize the complementary relation between the government and the market.