政府在金融发展中的作用──兼评“金融约束论”

Functions of the Government in Financial Development

人们一般认为，亚洲和拉美的金融危机是由不恰当的金融自由化引起的，由于金融市场的失灵，必须引入政府干预。本文则显示，即使给定稳定的经济环境，只要经济主体追求利益最大化，政府对金融市场的干预就必然阻碍技术创新和经济增长。东亚金融发展与经济增长的关系只能由银行业的竞争等金融深化机制来解释，政府的作用在于维护市场秩序和协调交易关系。

Many people hold that it is the inadequate financlal liberalization that has led to the financial crises in Asia and Latin America.They believe that government intervention is quite necessary. This paper, however,maintains a different view. The author points out that as long as maximum profits are set as the goal,government intervention is bound to pose obstacles to technologlcal innovation and economic progress even if the economic conditions are reasonably stable. The relationship between financial development and economic growth in East Asia can only be interpreted in the light of financial mechanism such as competi tion in banking.The functions of the government in marketing,then,are maintenance of order and coordi nation of dealings.