金融发展水平适度性的跨国比较研究——基于金融可能性边界视角

A Cross-Country Comparative Study on Financial Development Suitability: Based on Financial Possibility Frontier

文章简要回顾了国际上对金融可能性边界概念的最新研究成果,现有研究表明金融可能性边界是一个受约束的最佳金融发展水平,它考虑到了影响金融系统深化的结构性国家特征、制度和宏观经济因素,可以用来估计一个国家金融体系相对全球其他国家的表现。文章对现有研究框架做了一定改进,通过跨国比较分析了代表性国家及不同金融发展指标间的差异,从全球视角评价了金融发展适度性格局,并针对我国实际给出了相关政策性启示。

This paper briefly reviews the latest researches on financial possibility frontier,the constrained optimal level of financial development in an economy. It is used to assess the relative performance of the financial system in a certain country compared to other countries in the world. To get the financial possibility frontier,we have to take into account varieties of national structural characteristics,institutional variables as well as macroeconomic conditions in a given country. Through cross-country comparisons based on financial possibility frontier conducted in this paper,we analysed the difference of financial system development among typical countries and evaluated the suitability of financial development pattern from the global perspective.