金融发展与经济增长:从动员性扩张向市场配置的转变

本报告在回顾中国金融体制结构与经济增长特征的基础上,运用干中学的信用扩张模型,结合开放经济中平衡信贷规模扩张与通货膨胀机制的探讨,揭示出中国高速经济增长中的货币、金融政策的特定制度安排。本报告认为,这样的制度安排可以有效解释中国转轨时期的高增长和低通胀,同时指出该制度作用下所存在的成本和风险,并提出从动员型金融向市场配置型金融转型的相应对策。

Financial Development and Economic Growth

Based on the review of China's financial system and combined with the discussion of how to coordinate between credit expansion and inflation in the open economy,this paper,by employing the credit expansion model on the basis of learning by doing,reveals the special institutional arrangement regarding monetary and financial policy during China's high-speed economic growth.This paper holds that this kind of institutional arrangement can effectively explain China's high-rate economic growth and low-rate inflation in its transition.The paper also points out the cost and risk of this kind of institutional arrangement and puts forwards some proposals on how to transform from mobilizational finance to marketizational finance.