金融抑制、金融法治和经济增长

Financial Repression,Rule of Law in Finance and Economic Growth

在发展中国家和转型国家中普遍存在着金融抑制。金融抑制在本质上是一种隐性的税收。金融抑制政策不利于一国的金融深化,会损害经济的可持续增长。良好的法治环境能够对金融发展和金融深化起到至关重要的作用。在中国,缓释金融抑制和完善金融法治的路径主要为:强化私有财产权的保护,包括对普通居民的存款债权和投资股权的保护;强化对金融契约自由和契约执行力的保护;有序放开金融业的市场准入和在金融业中引入自由平等竞争原则;完善金融司法制度,包括须提高司法的独立性和承认判例法。

Usually, there exists financial repression in developing and transition countries. In nature, financial repression is a hidden tax. The policy of financial repression will hinder financial deepening, and damage sustainable economic growth in the long run. The good legal environment plays a crucial role in financial deepening and development. In China, the main ways to ameliorate financial repression and improve the rule of law in Finance are： to sharpen the protection of private property rights including the obligation rights of the common depositors against the banks and the shareholders＇ rights of the common investors, sharpen the protection of the financial contract freedom and the enforcement of the contract, open financial market entry sequentially and set up the principle of free and equal competition, and improve the financial judicial system, including the strengthening of judicial independence and establishment of case law institution.