论新自由主义对中国金融改革的影响

新自由主义作为二十世纪末流行的政治经济意识形态曾经无比深刻地影响了全世界的经济发展。英关资本主义国家通过新自由主义运动掠取了巨大财富,使垄断资本主义得到了一次超速发展的机会,同时使拉美国家、东欧国家和其他发展中国家遭受了前所未有的损失。中国在新自由主义运动中受到了重大影响,金融改革首当其冲。为巩固我国改革开放的成果,深化金融改革,应当谨防新自由主义对我国未来经济发展造成不良影响。     

论新自由主义对中国金融改革的影响

新自由主义作为二十世纪末流行的政治经济意识形态曾经无比深刻地影响了全世界的经济发展。英美资本主义国家通过新自由主义运动掠取了巨大财富,使垄断资本主义得到了一次超速发展的机会,同时使拉美国家、东欧国家和其他发展中国家遭受了前所未有的损失。中国在新自由主义运动中受到了重大影响,金融改革首当其冲。为巩固我国改革开放的成果,深化金融改革,应当谨防新自由主义对我国未来经济发展造成不良影响。     

IMF反思新自由主义对中国的启示

近日,IMF研究部副主任Jonathan Ostry及其两位同事在IMF期刊《金融与发展》2016年6月刊上发表了《新自由主义：是否被过度销售》（Neoliberalism：0versold？）一文,对所谓新自由主义的两大政策建议（资本账户自由化与财政收缩）提出批评。     

中国社会主义市场经济与日本新自由主义

中国社会主义市场经济在抵制新自由主义经济中具有历史意义.社会主义市场经济具有理论可行性,生产资料公有制可以有多种形式.中国在二十一世纪面临的挑战是公平的收入分配、如何控制货币供应量以及减少经济犯罪.新自由主义给日本带来了诸多困挠.     

新自由主义经济思潮对我国社会保障制度的影响

一、引言 在西方发达资本主义国家,从19世纪30年代后占据主流地位的一直是国家干预主义的凯恩斯经济学,认为自由放任的私人经济是危险的,国家在很多时候必须予以干预,宏观调控是必要的.也正是国家干预主义,使西方国家没有再出现经济危机,经济出现了持久而深入的发展.新自由主义退居边缘地位.新自由主义思潮在西方又一次占上风是在19世纪70年代的事,然而始终对西方经济的影响不大,但新自由主义却对发展中国家造成了很大的影响.     

对新自由主义的反思北大核心SSCI

20世纪80年代以来,全球出现了新自由主义的热潮,主张通过消除管制、开放金融市场加入国际竞争,通过私有化、限制政府实施赤字能力以减少国家干预。新自由主义的推行显著增加了全球贸易和直接投资,促进了全球经济增长,提高了国企效率,减少了政府赤字。但其强调的消除资本跨境流动限制,加强财政紧缩等观点在一定程度上加剧了不平等,抑制了经济的长期增长。当前有必要对新自由主义进行反思,应适度实施资本管制,特别是限制短期债务流动以防范金融风险;财政稳健的国家,即使其债务GDP比率很高,但由于缩减债务的益处较小,而紧缩政策会削弱需求、恶化失业,仍建议其承受较高的负债以促进增长。     

新自由主义危机对我国经济改革的启示

新自由主义自20世纪70年代以来逐渐演变为西方经济学的主流学派,是国家垄断资本主义向国际垄断资本主义转变的经济理论基础,成为发达资本主义国家意识形态和主流价值观念.但2007年以来的全球金融危机宣告了新自由主义理论出现问题.我国已进入经济改革的攻坚期,更需要深刻认识新自由主义的缺陷,从而选择符合我国经济发展内在规律的、可持续的经济发展模式和改革方向.     

破除新自由主义迷信 切实转变经济发展方式

我国经济体系过深卷入全球分工的格局,对外资过分依赖,已成为产业结构优化升级的障碍。破除新自由主义“全盘私有化、市场化、融入全球化”迷信,走自主型发展道路,是转变经济发展方式的基本任务。     

金融危机爆发后美国新自由主义政策的调整

20世纪80年代以来,新自由主义思想开始在美国占据统治地位,新自由主义的金融自由化政策导致了美国金融管制的放松和金融衍生品的泛滥,这是美国金融危机的直接原因。在金融危机爆发后,美国对其新自由主义政策进行了一定的调整,实施了大规模的经济刺激计划并加强了对金融体系的监管,然而这并不意味着美国的新自由主义政策有了根本改变。     

Liberalization, corporate governance and the performance of privatized firms in developing countries

This paper seeks to provide an answer to the following question: when and how does privatization work? Using a sample of 230 firms headquartered in 32 developing countries, we document a significant increase in profitability, efficiency, investment and output. Our analysis shows that the changes in performance vary with the extent of macro-economic reforms and environment, and the effectiveness of corporate governance. In particular, economic growth is associated with higher profitability and efficiency gains, trade liberalization is associated with higher levels of investment and output, while financial liberalization is associated with higher output changes. Further, control relinquishment by the government is a key determinant of profitability, efficiency gains and output increases. Finally, we find higher improvements in efficiency for firms in countries in which stock markets are more developed and where property rights are better protected and enforced. These results for a sample of developing countries differ from those reported in a contemporaneous study by D'Souza et al. [D'Souza, J., Megginson, W.L., Nash, R.C., 2001. Why do privatized firms improve performance? Evidence from developed countries. Unpublished working paper. University of Oklahoma] which focuses on developed countries. These diverging findings suggest that privatization in developing countries indeed obeys to particular constraints and has a dynamic of its own.     

State ownership,soft-budget constraints,and cash holdings: Evidence from China’s privatized firms

We study the relation between state ownership and cash holdings in China’s share-issue privatized firms from 2000 to 2012. We find that the level of cash holdings increases as state ownership declines. For the average firm in our sample, a 10 percentage-point decline in state ownership leads to an increase of about RMB 55 million in cash holdings. This negative relation can be attributable to the soft-budget constraint (SBC) inherent in state ownership. The Chinese financial system is dominated by the state-owned banks, an environment very conducive for the SBC effect. We further examine and quantify the effect of state ownership on the value of cash and find that the marginal value of cash increases as state ownership declines. The next RMB added to cash reserves of the average firm is valued at RMB 0.96 by the market. The marginal value of cash in firms with zero state ownership is RMB 0.36 higher than in firms with majority state ownership. The SBC effect exacerbates agency problems inherent in state-controlled enterprises, contributing to their lower value of cash.     

Assessing competitive conditions in the Greek banking system

This paper uses the Rosse-Panzar statistic to assess empirically competitive conditions in the Greek banking system over the period 1993–1995. The competitiveness of the banking system is evaluated using a non-structural estimation technique. The results indicate that bank revenues were earned as if under conditions of monopolistic competition. The gradual elimination of exchange controls, the capital movement liberalisation, the enactment of the Second Banking Directive of the European Union and the supervisory arrangements have been related to the competitive conditions of the Greek banking system.     

金融自由化与银行风险经营

本文分别通过理论分析和实证检验,证实金融自由化会降低银行谨慎投资收益,而扩大银行风险投资动力。因此,为维持银行部门乃至整个金融体系的稳定,政府应加强对银行部门的监管,同时扩大监管范围,建立一套涵盖面较广且行之有效的金融监管体系。     

Privatización y bienestar social en el sector de hogares de ancianos en Suecia

Since the early nineties in Swedish starts a welfare state transformation process that allows the participation of private operators in sectors emblematic of the welfare state, such as education, health, child care and assistance to adults. To date, experience shows that the coexistence of private and public agent founded by the State, has not been free of obstacles. This article analyzes the problems arising on a regulated market, in which the regulator seeks to maximize social welfare, when a private operator, maximizing profits enter. We show that the participation of private operators in these markets, not necessarily leading to an improvement in social welfare, or an increase in the efficiency of the service. Achieving these goals means that the state is able to design efficient control mechanisms, which certainly has an associated cost.     

金融自由化能提高储蓄率吗？——来自三个发展中国家的实证

经济理论及一些国家的经验都表明金融自由化能提高储蓄率,但是近年来学者的研究并没有得到这一结论。本文对已有的模型进行重新设定,通过三个发展中国家:智利、马来西亚、韩国的经验证据来继续探讨金融自由化对储蓄率的效应,研究结果表明,有稳健的证据支持金融自由化促进储蓄率上涨的结论,且该结论对中国有显著的现实意义。     

服务贸易开放、市场化改革与中国制造业企业生产率

本文首先构建了一个微观企业生产理论框架,从理论上分析了在考虑国内产品替代效应的情况下,贸易开放如何影响下游制造业企业生产率,以及国内市场化程度对贸易开放政策效果的调节效应。其次,我们利用中国工业企业数据库和世界银行的服务贸易限制指数,实证检验了服务贸易开放对中国制造业企业生产率的影响。结果发现,服务贸易开放显著促进了我国制造业出口强度较大的企业的生产率提高,对出口强度较小的企业的促进作用不明显,并抑制了非出口企业生产率的提升;国内市场化水平提高能够增强服务贸易开放对出口企业生产率的促进作用,减弱服务贸易开放对非出口企业造成的负面冲击。此外,我们还发现:(1)市场化主要通过商业存在(FDI)渠道调节服务贸易政策效果;(2)服务贸易开放对国企以及非东部地区中的出口企业生产率的促进效应更为显著,而对非国企以及东部地区的非出口企业的不利冲击更大。在考虑内生性以及使用替换变量等检验后,结果仍然稳健。因此,当前阶段中国服务贸易政策需要同时兼顾出口企业与非出口企业,并协调国内市场化改革,稳中有序开放。