中国式金融分权
发布时间：2019-03-01 18:38
【摘要】：分权竞争是理解中国经济增长的关键,其中财政分权被普遍重视并得到广泛研究,而金融分权则因概念模糊、缺乏正式的制度安排被长期忽视。本文尝试性地对这一重要现象进行系统研究,基于我国金融分权的演变厘清金融分权的内涵,通过构建模型研究最优金融资本分配问题来理解我国金融分权的内在逻辑,并据此对其演变进行初步解释。研究表明:金融分权包括金融发展与创新权、金融控制权和金融监管权。可分为两个层次,即中央向地方的分权(金融分权Ⅰ)和政府向民间的分权即金融民营化或市场化(金融分权Ⅱ)。改革开放以来我国金融分权演变经历了三个阶段,从初期地方金融违规发展(开始分权),逐步转向以风险防范为主(重新集权),并最终调整为当前地方金融发展与风险防范并重(适度分权)。金融分权的演变首要地取决于经济增速和国企经营状况的变化,本文提出"政府对待民营经济态度的钟摆假说"来解释金融分权Ⅱ的演变,而金融分权Ⅰ的演变则主要取决于由财政分权决定的中央与地方的财政状况。国企的金融优惠政策如利率管制和政府隐性担保,对上述两个层次的金融分权演变都会产生重要影响。
[Abstract]:Competition for decentralization is the key to understanding China's economic growth, in which fiscal decentralization is generally valued and widely studied, while financial decentralization is ignored for a long time because of vague concepts and lack of formal institutional arrangements. This paper attempts to systematically study this important phenomenon. Based on the evolution of financial decentralization in China, the connotation of financial decentralization is clarified, and the internal logic of financial decentralization in China is understood by constructing a model to study the optimal allocation of financial capital. Based on this, a preliminary explanation of its evolution is given. The research shows that financial decentralization includes financial development and innovation, financial control and financial supervision. It can be divided into two levels: the decentralization from the central government to the local government (financial decentralization 鈪，
本文编号：2432695
[Abstract]:Competition for decentralization is the key to understanding China's economic growth, in which fiscal decentralization is generally valued and widely studied, while financial decentralization is ignored for a long time because of vague concepts and lack of formal institutional arrangements. This paper attempts to systematically study this important phenomenon. Based on the evolution of financial decentralization in China, the connotation of financial decentralization is clarified, and the internal logic of financial decentralization in China is understood by constructing a model to study the optimal allocation of financial capital. Based on this, a preliminary explanation of its evolution is given. The research shows that financial decentralization includes financial development and innovation, financial control and financial supervision. It can be divided into two levels: the decentralization from the central government to the local government (financial decentralization 鈪，
本文编号：2432695
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