金融资本无序扩张与金融自循环:一个文献述评

近年来,中国金融业发展有力促进了经济增长,但也呈现出金融资本无序扩张现象,表现为金融部门虹吸实体部门资金,使得资金越来越多地在金融体系内扩张膨胀,形成脱离于经济大循环的金融自循环。金融资本无序扩张相对于有序扩张而言,是基于金融自循环的扩张。金融资本无序扩张与金融自循环密切相关、互为因果、相互强化,其危害是侵蚀实体经济,集聚金融风险。已有文献并没有明确提出金融自循环的概念,但有不同维度的侧面研究,对这些文献从金融资本无序扩张与金融自循环的形成机制、主要危害和测度方法等角度进行系统分析,有利于我们理解当前金融发展中存在的深层次问题,为找寻破解金融发展与经济发展脱节问题提供多方位的思考视角。

金融自循环与企业技术创新——基于A股制造业上市公司的数据分析

技术创新是制造业转型升级和快速发展的根本动力。基于我国2013—2020年A股制造业上市公司数据,探索金融自循环对企业技术创新的影响及传导机制,研究发现,金融自循环对企业技术创新存在显著的抑制作用,这种作用对于不同特征的企业存在异质性效果。同时,企业杠杆率、企业利润率在金融自循环与企业技术创新之间存在中介效应。鉴于此,我国应当加强金融监管,推动金融市场化改革,提高金融服务实体效率,这对推进创新驱动发展战略具有重要意义。

Three Decades of External Imbalances and Macroeconomic Fundamentals： The Case of Turkey

The paper aims to investigate the current account imbalances in the context of an overview of macroeconomic fundamentals after the liberalization process in Turkey. Two main questions discussed here are： （1） What is the link between liberalization and current account imbalances; （2） What kind of mechanisms ensured this link to become a vicious circle. The period after 1989, Turkey was characterized by significant fluctuations in macroeconomic activity by the implementation of liberalization policies. Once financial liberalization is adopted, Turkey faced with a new challenge： large current account deficits. On the other hand, foreign capital inflows aggravated a lending boom. Because of excessive risk taken by banks, interest rates began to rise. As mentioned above, the paper studies Turkey＇s liberalization process with a number of indicators that point to a fragility of the external balance： unhealthy structure of financial sector, particularly banking sector, large fiscal imbalances, low savings and investment rates, unstable GDP growth. Domestic structural features combining with macroeconomic policy stance and political factors are examined as well