转轨金融中的政府信誉重构

Reconstruction of Government's Reputation in Trans-finance

金融转轨过程中的政府信誉失落表现为政府为了实现租金最大化而采用各种(合法或非法)手段非等价地获得其他行为主体的金融资源所引发的公众对政策的不信任,它已经成为发展中国家金融可持续发展的障碍。转轨经济国家政府权力的无约束性及与之相关的不当金融管制是政府信誉危机的根源,也是其他市场主体不能形成长期利益预期进而缺乏维护信誉动机的原因。规范政府行为,加强制度建设,建立“信赖利益保护机制”等是重构现代金融道德体系的重要途径。

In the run of finance, the reputational crisis of Government has beenfound expression in its behaviors, which meet the preference of Government but lead to utility-loss of some other market participants. This has become barrier to financial development. In the period of trans-economy, the lack of reputational concerns of Government roots in absence of restriction on the administrative power and the related governmental ill-regulation. For the same reason, market participants cannot make a long-standing expectation, and then, lack incentives to build up their reputations. To be about to reconstruct the system of morality in the field of finance, Governmental behaviors must be restrained and regulated.