非正式金融系统及其变迁:中国经济增长的路径依赖

Informal Financial System and Its Evolution: The Path Dependence of China Economic Growth

非正式金融和正式金融的并行双轨制是中国在转型初期的一种次优模式,为中国的经济增长提供良好的过渡。从中国经济增长的贡献成分可以看出非正式金融是其经济增长的一种路径依赖。并且这种非正式金融是在一定条件下是有效的;有效性来自于由“习惯法”所确定的中国社会固有的稳定性,私人部门所承受的来自外部的约束和激励以及中央和地方政府间的特殊的权力分配。但是非正式金融会产生逆向变迁,抑制经济的进一步的增长。中国所要做的是完善正式金融系统,恢复其在服务经济的功能中本应有的定位。

The co-existence of formal and informal financial system is a sub optimal model in China＇s early stage of transformation, and provides good transition for China economic growth. From the contribution components analysis on China economic growth, it is shown that informal finance is a type of path dependence. Furthermore, this kind of informal finance is efficient under certain conditions, and its efficiency is derived from the intrinsic stability of China society, which is defined by ＂customary rules＂, the exogenous bindings and incentives assumed by private sectors, and the special ways of powers allocation between central and local government. However, informal finance can result in adverse transition and prevent further economic growth. China needs to improve formal financial system and restore its justified function in economic service.