论金融自由化的理论基础

On the Theories Underlying the Financial Liberalization

西方国家金融自由化的理论基础,并不是货币主义、哈耶克学派和弗莱堡学派的简单相加。金融自由化的理论基础是一个体系,它由一般基础、具体根据和技术基础三个层次构成。在三个层次的理论中,无疑新自由主义经济学处于核心的地位。新自由主义经济学论证了市场机制的重要性,而几个具体理论根据则论证了管制的不合理性,分析金融学则解决了自由化过程中金融商品的价格决定难题。

Since 1970, the wave of the financial liberalization has been rising in the developed countries. The theories underlying such liberalization is a complex system. They consist of general theories such as Neo-liberalism economics, specific theories such as capital market efficiency, regulation economics, financial deepening theory. There is also a methodological dimension: analytical finance. Neo-liberalism economics plays a crucial role.