金融体系与实体经济关系的反思

Rethink about the Relationship between Financial System and Real Economy

准确理解金融体系与经济波动的关系,对于金融发展和金融风险防范至关重要。本文从理论研究和经济实践两个视角,对金融体系与实体经济的关系进行了进一步的思考。研究发现,在主流经济理论中,金融体系与实体经济的关系一直没有得到充分理解,是此次国际金融危机爆发的重要理论背景;金融体系并非实体经济对立面的虚拟经济,而是作为服务业一部分直接贡献了实体经济产出,并且还是实体经济配置资源的核心;实现金融体系与实体经济协调可持续发展的前提在于,准确理解金融体系自身的运行机制,并把握好其与实体经济的匹配度。

A precise understanding of the relationship between financial system and economic fluctuations is extremely crucial for financial development and risk prevention. This paper investigated into such relationship from two aspects of theoretical research and economic practice. The research found that the relationship between financial system and real economy has not been fully understood within the mainstream economic theory. This finding constructed the essential theoretical background for the eruption of the recent international financial crisis. Financial system, in its very nature, is not the fictitious economy which stands opposite to the real economy. Rather, it is one of the service industries, which contributes directly to the output of real economy, as well as the core part of resource configuration in the real economy. The precondition of improving the efficacy of financial system and preventing financial crises is to precisely understand the operating mechanisms of financial system and the matching degree between financial system and real economy.