发展战略、技术选择与金融抑制

Toward Development Strategy,Technology Choice and Financial Repression

本文主要分析了"金融抑制"的成因,认为赶超战略是导致"金融抑制"的根本性原因。只要国家采用了违背比较优势的发展战略,选择了不具有自生能力的技术,不管采用利率手段还是采用税收手段进行宏观控制,"金融抑制"都在所难免。我们的模型表明,政府利用利率手段进行控制会比利用税收手段进行控制导致更严重的"金融抑制"和福利损失。所以,选择了赶超战略的理性政府会选择税收手段进行宏观控制。

This article focuses on the causes of financial repression.Catch-up strategy is the fundamental cause of financial repression.If a country adopts nonviable technology,the financial repression will be inevitable,whether the government takes interest rate or tax measures.Our model shows that the interest rate measures will result in greater financial repression and welfare loss than tax measures.