文档介绍：金融系统的趋同性研究——兼论中国金融系统的发展与变革
金融系统的趋同性研究
——兼论中国金融系统的发展与变革
(张震复旦大学经济学院 200433)
内容提要:经济领域的全球制度趋同方兴未艾,市场主导型金融系统似乎明显占据了主导地位,中国金融系统则处于一个发展和变革时期。本文首先回顾了关于金融系统的各种理论和最新进展,指出了现有研究的缺陷;而后利用美国和日本的案例(趋势分析和因果检验)对经济增长与金融系统演化的关系进行研究,得出了长期内金融系统将走向趋同,但是不同国家的金融系统将有所差别的结论,并提出投资者行为偏好可能对于金融系统演化具有重要作用,最后结合现实分析了目前中国金融系统发展和变革中的关键所在。
关键词:金融系统趋同性投资者行为偏好对内开放
Abstract: The global system is appearing convergent in the economic field recently3>. The market-oriented financial system has e a mainstream. China's fin
ancial system is in the course of enormous development and transformation. To begin with, the paper reviews major schools of the theories of financial system in an all-round way and the recent development in the area and point out the weakness of the existed theories. Based on this, the paper proposes the relation between economic growth and financial system through the case of the United States and Japan by way of trend analysis and Granger Causality Test. On this basis, the paper draws such a conclusion: Financial system will appear convergent in a long term, but financial systems in different countries will be varying. Investor behavior preference has great possibility to e a key factor affecting financial system evolution. Finally, the paper analyzes where the shoe pinches in the current China's financial system development and transition.
Key Words: Financial System, Convergence, Investor Behavior Preference, Internal Opening
一、引言
金融系统的英文对应是financial system,在国内的研究中也常译为金融制度、金融体系。金融系统的提法则源于Allen and Gale的
“Comparing financial systems”一书的引进,人民大学的学者周业安、王晋斌认为书中“financial system”所讲述的内容已经远远超出了通常意义上所理解的制度一次的内涵,而将译书定名为比较金融系统,不过其并没有对于金融系统的内涵给予详细的界定,但由于此书产生了一个约定俗成的看法:即一提到金融系统,就专指比较金融系统中所分析的英美为代表的市场主导型金融系统和德日为代表的银行主导型金融系统。关于两种金融系统模式的划分,源于格申克龙(Gerschenkron,1962)对于企业外部融资不同方式的考察;卡林顿和爱德华(Carington,edwards,1979)则第一次提出了银行为主(Bank-based)或资本市场(Capital market-based)为主的金融系统机构;雷布琴斯基(Rybczynski,1984)则正式提出了银行主导(Bank-oriented)与市场主导(Market-oriented)这两种不同的金融系统;迈耶(Mayer,1994)又提出了银行经济和市场经济(Bank