杠杆转移与结构改革:美国去杠杆的经验与启示

发布时间：2018-01-17 21:07

本文关键词：杠杆转移与结构改革:美国去杠杆的经验与启示　出处：《求索》2017年03期 　论文类型：期刊论文

【摘要】：国际金融危机后,美国是世界各国去杠杆进程中最为成功的国家。其“杠杆转移”是去杠杆策略的核心,而同步推进经济结构性改革则是去杠杆成功的关键。在严格界定政府与市场关系、科学评估政府承受能力、坚持市场化救助方式的基础上,政府首先加杠杆而居民和企业去杠杆,避免债务快速收缩引发衰退,注重把握好临时措施与长期政策的关系,同时以结构性改革激发经济活力,在经济复苏后再适时启动政府去杠杆,最终实现更高层次的经济增长。虽然我国去杠杆面临的环境和挑战与美国不同,措施、重点、力度也不一样,但美国去杠杆的总体策略和基本原则可资借鉴。当前我国需要切实降低企业和政府负债水平、着力提高劳动生产率、加快推进投融资体制和国企国资改革。
[Abstract]:After the international financial crisis, the United States is the most successful country in the process of deleveraging in the world, and its "leverage transfer" is the core of the deleveraging strategy. The key to the success of deleveraging is to push forward the economic structural reform synchronously. On the basis of strictly defining the relationship between the government and the market, scientifically evaluating the ability of the government to bear, and insisting on the way of market-oriented rescue. The government is the first to leverage residents and businesses to avoid a recession caused by a rapid contraction of debt, to grasp the relationship between temporary measures and long-term policies, and to stimulate economic vitality with structural reforms. After the economic recovery, we can start the government deleveraging and finally achieve higher level of economic growth. Although the environment and challenges of deleveraging in our country are different from those in the United States, the measures, the emphasis, and the intensity are not the same. However, the general strategy and basic principles of deleveraging in the United States can be used for reference. At present, China needs to effectively reduce the debt level of enterprises and governments, focus on improving labor productivity, and speed up the reform of the investment and financing system and the state-owned assets of state-owned enterprises.
【作者单位】：北京语言大学商学院;
【正文快照】： 一引言在供给侧结构性改革“三去一降一补”重点任务中,去杠杆是个“硬骨头”。相比去产能、去库存、降成本、补短板而言,去杠杆的路线图和时间表仍未明确,有关“去谁的”“去什么”“怎么去”等基本问题也还未完全形成共识。现实情况是,我国经济杠杆率已经明显偏高,金融经

【相似文献】