摘要
业界习惯于从增量上去强调中国的高储蓄和高投资率对经济增长的贡献,却较少从存量角度鲜明地指出银行资本定价效率的缺失和扭曲所带来的效率损失。金融抑制不仅导致了金融市场资本配置效率的下降,也抑制了内需,改革金融抑制体制是进一步释放改革红利的重要来源。
The banking industry is used to emphasizing the contribution of China's high saving and investment ratios to the economic growth from an incremental point of view,but rarely states the efficiency loss caused by the absence and distortion of banks'capital pricing efficiency from the perspective of stocks.Financial repression not only led to a decline in the capital allocation efficiency of the financial market,but also suppressed domestic demand.Reforming the financial repression system is important for the further release of reform benefits.
基金
上海国际金融与经济研究院(SIIFE)“推进金融业更好服务实体经济的相关问题研究”课题项目阶段性成果。
