金融自由化利益的纷争和实证分析

Arguments on the Benefits of Financial Liberalization and Empirical Analysis

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 ,过度开放和过度压抑同样都是有害的 ;金融自由化的后果可以是双重的 ,有些作用是相互抵消的 ;金融自由化与危机有关 ,但后者并非前者的必然结果。以金融全球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。

Mckinnon and Show argued financial development for growth in 1973, since then, they have been followed by a school of economic thinkers who paid much attention to the benefits of financial liberalization, and debated on the theme shapely. All of these arguments gives us a lot of implications: financial liberalization is a tool but not the target itself; liberalization is conception of relativity, both over-opened and over-repression will be harmful to economy; the result of financial liberalization could be dual, some kind of effects may offset each other; liberalization has some relations with financial crisis but not an unique result of liberalization activities. It is bias to take the setback of financial globalization as weapon denying the efficiency and other benefits from the same process.