金融与实体经济“分离假说”及其政策意义

Segregation Hypothesis of Finance and Entity Economy and its Policy Meaning

金融与实体经济的日益分离是近20年来经济发展的重要现象之一。不同的经济学家对这种分离现象的认识及其原因的解释并不相同。但其中分离的原因在许多方面又都是大同小异,这些原因可以综合归纳为以下五个方面:实物资产基础、技术创新、制度因素、融资结构的变化及失衡和金融管制的解除与自由化。经济学家对于分离性质的不同界定蕴含着经济政策取向的差异。

A gradual segregation of finance and entity economy is one of the important phenomena in economy development in recent two decades. Different economists have interpreted the cognition of it according to their different understandings. While the reasons for it are quite similar in many respects. In all, five respects are summarized as follows： substance assets base, technology innovation, system factor, financing structure movement and unbalance, and free of finance control and finance liberation. The different definitions of the nature of segregation given by economists suggest different economy policy orientation.