金融发展理论国外研究的最新进展

The Latest Developments of Foreign Research on Financial Development Theory

金融发展理论已经由早期的以新古典经济学为基础的M-S范式经由以内生增长理论为基础的内生金融发展理论发展到以新制度经济学、新政治经济学为基础的新制度金融发展理论。金融发展理论的研究范围已经由发展中国家(或地区)扩展到各种类型的国家(或地区),研究内容从发展中国家如何通过金融深化促进经济增长扩展到金融中介、金融市场如何产生和发展,从发展中国家的金融结构问题扩展到不同金融体系的比较上,从具体的金融机构观扩展到一般的金融功能观,从研究金融发展与经济增长关系这样的显在问题深入到研究金融(自身的)发展规律等潜在问题,进而由仅考虑经济变量扩展到考虑正式制度变量再发展到考虑非正式制度变量,诸如历史、文化、宗教和社会习俗等制度背后更深层面的因素,由把制度变量当作外生变量处理发展到把制度视作经济体系的演化博弈的内生过程。

Financial development theory has developed from the early McKinnon-Shaw paradigm based on neoclassical economics via endogenous financial development theory based on endogenous growth theory to neo-institutional financial development theory based on neo-institutional economics and neo-political economy. The research scope of financial development theory has expanded from developing countries （regions） to all types of countries （ regions）, the research content has expanded from how developing countries use financial deepening to promote economic growth to how financial intermediaries and financial markets are created and develop, from the financial structures of developing countries to comparing different financial systems, institutions to general financial functional paradigm from specific views about financial s, from explicit issues such as the relationship between financial development and economic growth to latent issues such as financial development, from considering only economic variables to considering formal institutional variables and then informal ones including deeper factors of historical, cultural, religious and social customs systems, and from taking institutional variables as exogenous variables to regarding institutions as the endogenous process of the evolution and gaming of economic systems.