对我国金融抑制现象的一种解释

On Financial Reppression in China

实际利率、居民储蓄和银行信贷是金融抑制和金融深化理论中的几个重要变量。对我国2001～2012年2月的实际利率、储蓄存款增速和各项贷款增速的月度数据进行实证检验后发现,麦金农和肖的金融抑制理论的传导机制在我国作用显著,实际利率过低甚至为负导致我国出现了严重的金融抑制现象。鉴于此,我国应尽快放开存贷款利率管制,提高实际利率,加快银行业经营转型,培育非银行金融体系,促进我国金融深化。

The real interest rates, Saving and Credit are the variables that play a important role in the theory of financial repression and financial deepening, the examination of the relationship of the three variables using the datas from Jan. 2001 to Feb. 2012 shows that, the transmission mechanism of Mckinnon and Shaw＇ s financial repression still exists in China. Keeping the real interest rates in the very low level lead to serious financial repression. In this context, China should release the control of deposit and loan interest rates, increase real interest rates, speed up the transformation of commercial bank management, develop the non-bank financial system, to promote the financial deepening.