金融约束:现阶段我国金融深化的政策选择——理论·经验·借鉴

Banking Restraint the Selection for Policies to Deepen Banking Sectors at Present in China

自爱德华·肖和伯纳德·麦金农较系统地提出金融自由化理论后 ,发展中国家掀起了轰轰烈烈的以自由化为趋向的金融改革浪潮。然而不幸的是 ,多数发展中国家金融自由化实践展现的并非肖和麦金农描绘的场景。西方经济学家从理论和实践两方面进行了反思 ,斯蒂格利茨等人基于发展中国家的实际提出了金融约束理论。对理论的研究以及对日本战后至 70年代的经验借鉴 ,我国现阶段不宜实行全面金融自由化政策 ,而应实施金融约束政策 。

After the theory of banking freedom was systematically put forward, the banking reform aiming at freedom is going on in developing countries. Unluckily, the result of the banking freedom in most developing countries is not satisfying. Western economists rethink about it from theory and practice and Stiglitz put forward banking restraint theory. Through studying the theory and Japanese experience after the Second World War, we can know it is suitable for China to adopt banking restraint policy rather than banking freedom policy. This is the policy selection to deepen banking sectors in China.