西方主流金融发展观念的演变及其对我国的启示

The Evolution of Popular Views on Financial Development and Its Enlightenment to China

本文梳理和总结了西方学者关于金融功能、金融发展维度、金融发展动力、金融体系结构选择、政府作用和金融稳定性的流行观点,并结合实证经验和国际金融实践的新进展,探讨主流金融发展观的修正与面临的挑战。将理论逻辑和实践经验的启示与我国金融发展的现状和问题结合在一起,思考我国金融发展和改革的突破方向。我国在未来一段时间内,应该尽快缩小金融名义开放度与实际开放度之间的显著差异;应该以货币市场和债券市场为切入点,推进利率市场化改革,提升市场化利率机制对全社会储蓄和投资转化过程的影响;应该重视财政因素对金融效率和金融稳定性的影响。

The paper summarizes and reviews some popular points on the functions of the financial system, and the process of financial development, such as multi measures of fi- nancial development, the dynamic mechanism of financial development, the structure of the financial system, the role government in the process of financial development, and fi- nancial stability. Both empirical researches and new practices in advanced and emerging economies present some challenges to the popular views on financial development, and lead to the emerging of some different points about financial development. With the en- lightenment from the evolution of popular views on financial development, I think about the feasible breakthrough of Chinese financial reform and development.