预算约束与金融制度选择的新理论:文献述评

发布时间：2019-08-19 17:32

【摘要】：本文的考察发现,在预算约束与金融制度结构之间存在着十分紧密的逻辑联系,而且国内外不少文献已经围绕于此展开了广泛而深入的讨论。针对预算约束与金融制度选择的关系,现有文献的理论发现大致包括三个层面:第一,虽然缓解乃至消除软预算约束是任何一种金融体系共同面临的挑战,但软预算约束的消除并非一定有利于长期经济增长;第二,分权的或者集权的金融体制都具有"内生性",因此,至少在理论上无法对其进行孰优孰劣的直观评判,同时也无法在它们之间进行简单的复制和移植;第三,金融体系应对预算约束问题的能力要远弱于企业制度,因此,当一个国家面对预算约束问题时,应当首先着手改善微观经济基础的金融需求结构,而不是调整金融供给结构。
[Abstract]:In this paper, it is found that there is a very close logical relationship between budget constraints and financial system structure, and many literatures at home and abroad have carried out extensive and in-depth discussion. In view of the relationship between budget constraints and the choice of financial system, the theoretical findings of the existing literature generally include three aspects: first, although alleviating or even eliminating soft budget constraints is a common challenge for any financial system, the elimination of soft budget constraints is not necessarily conducive to long-term economic growth; Second, the decentralized or centralized financial system has "endogeny", so at least in theory, it can not be judged intuitively, and it can not be copied and transplanting between them. Third, the ability of the financial system to deal with the problem of budget constraints is much weaker than that of the enterprise system. Therefore, when a country faces the problem of budget constraints, it should first improve the financial demand structure of the micro-economic base, rather than adjust the financial supply structure.
【作者单位】：中国人民大学中国财政金融政策研究中心;
【基金】：中国人民大学科学研究基金(中央高校基本科研业务费专项资金资助)项目“金融分析的制度范式与制度金融学”
【分类号】：F830

【参考文献】