论东亚金融市场发展中的政府替代

On Developing Government Substitute in Financial Markets in East Asia

政府替代在东亚金融市场发展的不同阶段具有不同的特点 ,对金融市场产生了不同的影响。在东亚金融市场发展初期 ,大量的政府替代有力地促进了市场的发育 ;而东亚金融危机的爆发 ,则与东亚金融市场政府替代的过快弱化有较大的关系。因此 ,东亚金融市场发展给予我们的启示是 :在金融市场发展初期 ,大量的政府替代有益于市场的发展 ;在政府替代从强化向弱化的转变进程中 ,必须注意速度与方式的适度。

Government substitute in the different phases in the development of east Asian financial markets represents different characteristics, thus making different impacts on financial markets. In the initial period, intensive government substitute energetically promoted the development of financial markets; the eruption of financial crisis in eastern Asia had something to do with the fast weakening of the government substitute on the financial markets in eastern Asia. Therefore, the enlightenment drawn from the development of eastern Asian financial markets is that, in the initial period, intensive government substitute is good to the development of financial market; when government substitute is goes from strong to weak, the moderate speed and manner have to be managed.