金融体系效率的国别差异和全球经济失衡

金融体系效率的国别差异是全球经济失衡背后的结构性原因。金融体系效率高的国家向金融体系效率低的国家输出金融中介功能,帮助其完成储蓄向投资的转化。结果前者储蓄小于投资,经常项目逆差,净输入资本;后者储蓄大于投资,经常项目顺差,净输出资本。我国金融体系不发达,储蓄向投资转化效率低,既造成储蓄虚高于投资和经常项目表面盈余,又造成资金配置过剩和不足并存,外资变成为国内投资融资的手段。通过引入国外高效率的金融中介完成我国储蓄向投资的转化,我们已为此付出不少成本。

The Differentia of Financial System Efficiency and the Global Economic Imbalance

In the paper,the author points out that the differentia of efficiency of financial system among coun- tries is the structural reason behind the global economic imbalance.The country with higher efficiency of finan- cial system exports thefinancial intermediaryto the country with lower efficiency tohelpits transform of savings into investment.In China,financial system is underdeveloped,therefore,foreign capital has become the resources of domestic investment financing,and China has paid dearly for transformi...