我国金融业渐进式改革的逻辑:以“次优选择”的集合达到最优

The Logic of the Gradual Financial Reform in China: From Assemblage of "Subdominant Option"to Optimum

在我国渐进式改革过程中 ,纯粹的市场金融制度将无法提供足够的货币供给 ,理论上更优的制度安排往往会被理论上次优但更实用的制度安排所替代。渐进式改革的核心是其制度的演进过程 ,而不是目标 ,是无数次次优选择的加紧过程 ,这个过程是市场机制的标准部件与制度通过“次优选择”相互磨合的整合过程。中国金融业通过次优选择战略的集合来演绎市场关系 ,提高了改革的效率 ,达到了改革的最优。

In the process of our gradual reform,the sheer market financial institution can not provide enough supply of money,the dominant institutional arrangement in theory is always replaced by the institutional arrangement which is subdominant in theory but more utilitarian.The core of the gradual reform is the evolutional process of its institution,but isn't the target.It's the accumulated process of many subdominant options,which is formed by the standard of market mechanism conflicting with the 'subdominant option'.From the assemblage of subdominant option in finance deduce market relation,and get to the optimum of the reform.The article is trying to explain the success of the gradual financial reform in China.