再论中国金融体系的脆弱性

本文的目的就是通过验证我国金融体系在不完全市场的制约条件下,能否发挥"价值创造、价格发现、风险分散、流动性供给、信息生产和公司治理"这六大基本功能,以及通过进一步检验货币政策的有效性,来揭示当今中国金融体系脆弱性的表现及其症结所在.论文通过分析发现,目前影响我国金融体系"健全性"的两大基本要素是房地产价格和流动性,它们直接左右银行的信贷行为;相反,利差幅度和基础货币的调控却没有显著的制约效果.所有这些特征都恰恰反映了我国金融体系的基本功能至今为止还没得到有效的发挥.

The Fragility in China's Financial Systems

The purpose of this paper is to test whether China's financial systems have the six fundamental functions of" value creation, price discovery, risk diversification, liquidity provision, information production and corporate governance" under the constraint of incomplete market. By testing the effectiveness of the monetary policy, the paper points out the representation and the sticking point of the fragility of China's financial systems. The pa- per finds out that the two main factors that affect the "soundness" of China's financial systems are liquidity and the price of real estate. These two factors affect banks' lending behavior directly. However, the control of inter- est spread and monetary base doesn't have an obvious restrictive effect. All these characteristics show that the fragility of financial systems in China is still a key problem in the reform strategy.