中国金融工具非市场定价的效应分析

Analysis on the Effect of Financial Instruments not Pricing by Market in China

金融工具非市场定价是金融抑制的主要表现形式 ,它在某种程度上促进了我国的金融深化和经济增长 ,但这种金融深化效应和经济增长效应是以经济货币化过程中的金融虚化以及牺牲非国有经济的快速发展为代价的。随着中国金融对外开放的进程加快 ,金融工具非市场定价的边际成本将大于其边际收益 ,金融工具非市场定价转为金融工具市场定价也就成为历史的必然。

Financial instrument not pricing by market is one of the main forms of financial repression. Although it promotes financial deepening and economic growth to a certain degree in our country, the effect of financial deepening and economic growth is at the cost of false finance in the course of the economic currency and sacrifice of fast developing of private economy. With China's finance being opened faster and faster, the marginal cost of the interest rate control is more than the marginal revenue of it, and it is inevitable for financial instrument to transform from not pricing by market to pricing by market.