农村金融补贴政策功能界定:市场失灵的弥补意味着什么?

Financial Friction and the Function of Rural Financial Subsidy Policy in the Dual Economic Transition Process

针对于作为发展经济学基石的传统二元经济模型中金融因素的缺失,本文主要关注了如下问题:我们应当如何从金融的角度对二元经济模型加以拓展?这种拓展所引伸出的政策含义是什么?它对农村金融补贴政策的功能界定又有着什么样的启示?为此,本文首先提出了二元经济模型应从部门间金融资源流动角度加以拓展的观点,然后,根据部门间金融摩擦程度的不同以及现实当中存在的对农村金融的补贴,提出了决定部门间资金流动的"金融摩擦效应"和"政策反哺效应"两个动力机制,并据此提出了与刘易斯拐点对应的二元转型金融发展拐点。在对两个动力机制特征进行分析的基础之上,本文进而提出并验证了刘易斯拐点与金融发展拐点可能存在背离,以及这种背离源自于两个效应此消彼长的相互作用等两个假说。本文研究的政策含义是,在二元经济框架下,如果承认市场机制对于转型具有基础性作用,那么,农村金融补贴政策的一个重要功能界定是弥补部门间相对摩擦程度不同所造成的资金跨部门流动的扭曲。

For lack of financial factors in the traditional dual economic model as the cornerstone of development economics, this paper focuses on the following issues： How we should expand the dual economy model from financial view？ What are the policy implications of this expansion？ And especially, what we can learn to define the function of rural finance from this？ In this paper, we first put forward the view that the dual economy model can expand from the cash flow between the rural sector and industrial sector. Then, considering the facts, we argued that the cash follow mechanism between the two sectors was pushed by the effect of financial friction and the effect of policy subsidy. The effect of financial friction is cased by the financial friction difference between the two sectors, and the effect of policy subsidy is eansed by government subsidy to agriculture. From this, we find there is a financial development break point in the transition process, and which is corresponding to the Lewis break point. In the empirical chapters, we test two hypothesizes , one is probably there is a deviation between Lewis break point and financial development break point, the other is that the deviation is decide by the power of two effect. For policy, this study give an important meaning ： Under the framework of dual economy, if we argue that the market mechanism is the key factors for the economy transition, then the function of rural financial subsidy policy is to offset the cash flow distort between two sectors , which caused by the effect of financial friction.