投资限制、金融摩擦与外部失衡

Investment Restrictions,Financial Frictions and External Imbalances

本文认为,投资限制是经济外部失衡的根源,金融摩擦反而有助于降低外部失衡的规模。本文通过在HOM模型中引入投资限制与金融摩擦,分析表明,政府对于民间资本的投资限制将导致民间资本难以进入供给不足的受控产品部门,只能集中于竞争性的一般产品部门。在导致投资不足和消费不足的同时形成产能过剩,降低了民间资本的回报率,形成出口竞争性产品输出过剩资本的格局。而金融摩擦的存在,会缓解一般产品部门投资与供应过剩的局面,从而降低外部失衡。本文认为,解决中国经济外部失衡困境的有效路径为:放松管制;鼓励民间投资进入垄断性行业;进行金融市场化改革。

The paper found that investment restrictions financial frictions are conducive to reduce external imbalances are the root cause of China＇s economic imbalances, while By adding investment restrictions and financial frictions into the HOM model, private capital cannot invest on controlled sectors and focus on the competitive sectors, which may cause product shortage, inadequate consumption and excess production capacity, thus lowering the return of private capital. Therefore, the country will export competitive sector＇s product and output excess capital. Financial frictions would ease the competitive sector investment and excess supply, thus reducing the external imbalances. The paper thinks that the effective way to solve the external imbalances of China may be deregulation firstly, followed by encouraging private investment in monopoly industries, and reform the financial marketization at last.