金融自由化、国家控制力与发展中国家的金融危机

Financial Liberalization,State Financial Control and Financial Crisis in Developing Countries

对于同时处于改革和开放双重背景下的发展中国家而言,能否在金融开放进程中实现无危机的稳定增长是值得关注的长期战略问题。通过将金融危机置于金融自由化和国家控制力动态匹配的框架下加以解读,可以得出结论:匹配失衡的金融自由化和国家金融控制力的衰微在发展中国家的金融危机中扮演着重要角色。在金融业加速开放的过程中,为确保宏观金融风险处于可控状态,发展中国家应该从战略上保持适度的国家控制力,以提高维持金融稳定和保证经济安全的能力。

For developing countries that face the dilemma of reforming in the process of liberalization, how to realize the stable economic growth without crisis is an important strategic issue. By analyzing financial crisis in the framework of the dynamic matching of financial liberalization and state financial control, this paper argues that the unbalanced financial liberalization and the decline of state control play an important role in the financial crisis of developing countries. In the speeding-up opening process of domestic financial industry, developing countries should maintain the state financial controlling ability strategically in a proper way to enhance the capacity of maintaining financial stability and economic security.