转型国家金融自由化的内在逻辑与不同选择

The Internal Logic and Different Options of Transitional Countries' Financial Liberalization

俄罗斯和中东欧国家的金融自由化战略具有合理性,通过对其内在逻辑和不同选择的分析,可以更加清晰地看出其中的规律。由于缺少储蓄和资本,转型国家只能选择相对激进的金融自由化,甚至因此忽略财政赤字不断累积的风险,俄罗斯和中东欧国家在这方面具有共同特征。而在金融模式的具体选择上,俄罗斯和中东欧国家又具有一定的差异性,其中的逻辑在于金融自由化的约束条件决定了金融模式。

Russia and Eastern European countries justify the financial liberalization strategy. Through the analysis of its in- ternal logic and the different options, we can clearly see the inherent pattern. Due to the lack of savings and capital, transitional countries can only choose relatively drastic financial liberalization, even ignoring the accumulating risk of fiscal deficit. But as to the specific financial modes, Russia and East European countries have various choices, which result from the logic that financial liberalization constraints determine the mode.