经济金融化:涵义、发生机制及影响

Financialization: Implication,Formation Mechanism and Influence

金融化是一个热门研究议题,但何谓金融化却众说纷纭,大量的文献使用"金融化"这一概念,却指向千差万别甚至大相径庭的现象。本文尝试将经济金融化定义为:在国际和国内范围内,在宏观、中观和微观经济层面,金融资本、金融机构以及金融业精英的支配力量越来越强大,获取的收益越来越高,金融深刻冲击和决定国家经济、政治及社会生活的各个方面。文章运用马克思政治经济学原理,解构了经济金融化的四大形成机制:资本逐利是经济金融化转型的根本动力、市场竞争是经济金融化的外在压力、新自由主义制度变迁是经济金融化的制度推力、信息技术进步是经济金融化的技术动力。经济金融化转型的影响具有双重性——"财富创造效应"及"财富掠夺效应",这取决于金融化是否与经济发展进程相适应。金融化发展程度较低,会出现金融抑制,金融难以发挥服务实体经济的积极作用,财富创造效应不足;随着金融发展和深化,金融有效地服务实体经济,就会形成良好的经济生态系统,财富创造效应占主导地位;由于金融膨胀,进入过度金融化阶段,财富掠夺效应占主导地位,造成经济增长不稳定、金融脆弱性、不平等扩大甚至金融危机等负面影响。

Financialization is a popular topic in economics. Different people have different views on what is financialization. In many papers,authors used the same word of financialization on different even contradictory phenomenon. This article defines the financialization as the dominance of financial capital,financial institutions and financial elite,they are becoming more and more powerful and are getting higher and higher profits. It has profound impact and determination of the national economic,political and social life at the macro,meso and microeconomic level and in the international and domestic scope. This article deconstructs the four major formation mechanisms of financialization based on the principle of Marx＇s political economics. Maximization of profit is the fundamental driving force of financialization. Competition is the external pressure. The new liberalism institutional change and the information technology progress are very important. Financialization has dual effects,i. e.,＂wealth creation effect＂and ＂wealth predatory effect. ＂ It depends on whether the financialization is adapted to the process of economic development. The wealth creation effect is insufficient in the financially depression. The effect of wealth creation dominates with the development of Finance. The wealth predatory effect dominates in the overfinancial stage. It will bring negative effects on economic growth instability,financial fragility,inequality and even the financial crisis.