金融自由化的条件研究

19993[]70,,;,,,,[][],1971,1996,,,,,,,:,,;,;,,,,,,,,,70,,,,1©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.,?,20,:11,(),,,,,,21,,,,,,,,,,,,,,19801981,,?,,(GDP),,,,31,,,,:(1);(2);(3);(4),:;,,41(),,,,,,,,,,2©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.,,,,,,,,(),,:,,51,,,,,,,,,,,,,,,,,,,,,,,,(),,,,,,,,,,,,,,,1(,,,)3©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.,,,,1,,,,,,,,,:,,,,,,19,,,,1870,,,19701950,,,,:(1);(2);(3)(,),,,,,,4©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.,,,2,2,,,2019977,,,,,,:,,,,,,,,,,[][1]Hellmann,Thomas,Murdock,Kevin,andStiglitz,Joseph(1996),FinancialRestraint:TowardaNewParadigm,InMasahikoAoki,Hyung2KiKim,andMasahiroOkuno2Fujiwara(eds),TheRoleofGovern2mentinEastAsianEconomicDevelopment:ComparativeInstitutionalAnalysis,NewYork:OxfordUniversityPress.[2]McKinnon,RonaldI.(1973),MoneyandCapitalinEconomicDevelopment,Washington,D.C.:TheBrookingsInstitution.[3]McKinnon,RonaldI.(1991),TheOrderofEconomicLiberalization:FinancialControlintheTran2sitiontoaMarketEconomy,Baltimore:JohnsHopkinsUniversityPress.[4]Shaw,EdwardS.(1973),FinancialDeepeninginEconomicDevelopment,NewYork:OxfordUni2versityPress.()5©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.ABSTRACTSConditionsofFinancialLibertyTanRuyongWorldwidepracticesince1970spointsouttotheroughnessofthepathoffinancialliber2tyindevelopingcountries.Thepointisnotwhetherfinanciallibertyisjustifiedinthesecoun2tries,butrather,whethertheyarereadyforityet.Generallyspeaking,theprerequisitesforfinanciallibertyincludeanoptimalenvironmentofmacroeconomyandmicrofoundation.InChina’sspecificsituation,however,thereareadditionalpre2requisites.Itisrequiredthatreg2ulationsoffinancialrestrictionbesetupinadvancefordomesticfinancialliberty,andfree2dominforeigntradeanddomesticfinanciallibertybeestablishedforrealizationofexternalfinancialliberty.OnRelationshipbetweenInflationandEconomicGrowthZhouXudongChenBinZhangBingTheimpactofinflationoneconomicgrowthisamajorissueineconomicstudies.Analy2sisofdatacollectedinrecentyearsindicatesthatinflationhashinderedeconomicgrowthinChina.Thisiscausedbychangesinpatternsofsavingandconsuming,whichinturngivesrisetofalsesignalsfromthemarket.Althoughsignsofabuyer’smarketarealreadyinsight,therestillremainsmuchworktodotopushitforward.Andwemustkeepconstantguarda2gainstinflationbecauseoftheexistenceofourlowefficiencyineconomicoperationandun2balanceinindustrialstructure.FormandFunctionofSocialRelevancyinTraditionalChineseSocietyChenJinsongSocialrelevancyisembodiedinthreeforms:spiritualrelevancy(includingthatofwitchcraft),ethicrelevancyandcontractrelevancy.InaConfuciansocietyorthetraditionalChinesesocietyitisintheformofethicrelevancy.AmajorfeatureoftheoperationofthetraditionalChinesesocietyistheprincipleofinter2dependenceofturmiolandcontrol.Ethicrelevancyservesthissocialstructurewellandhassuccessfullyfulfilledninemajorfunctionsandnineby2functions.621©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.