金融自由化刺激经济增长的机制

Financial Liberalization:A Mechanism for Stimulating Economic Growth

自麦金农和爱德华·肖在 1973年提出金融深化理论后的 30年中 ,西方许多经济学家对金融自由化的利益倍加关注 ,并进行了激烈的论战。这些争论带给我们很多有益的启示 :金融自由化是一种手段 ,而不是目的本身 ;自由化是相对的 ,金融自由化和金融压抑同样都有其局限性 ;金融自由化的后果可以是多重的 ,正反两方面的作用有时可能是相互抵消的 ;金融自由化与危机有关 ,但后者并非前者的必然结果。以金融自由化带来的负面影响否认金融全球化的效率和结果是一种偏见。

Many western economists have been paying attention to the benefits of financial liberalization over the past thirty years since Ronald McKinnon and Edward Shaw proposed their theory of financial deepening.From their arguments we can derive the following ideas.First,financial liberalization is a kind of tool for economic growth, not an end in itself;second,liberalization is not absolute,neither are financial liberalization and financial repression;third,the results of financial liberalization are diverse,and the costs and benefits may offset each other;and fourth,financial crises are related to the liberalization but not the direct result of the liberalization.It is one-sided to only look at the side-effects and not to look at the efficiency of financial globalization brought about by the liberalization.