非正规金融和经济增长关系的理论与实证研究
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摘要
非正规金融已经成为一个在世界范围内普遍存在的现象,而且在发展中国家表现尤为突出。已有研究表明,非正规金融在提高农民收入,向民营企业提供融资支持,促进区域和省际经济增长等方面都发挥了其特有的优势,并已成为经济增长的一个重要因素。然而,这些研究大多是分散的案例调查或数据分析,而且关于非正规金融促进经济增长的机制分析还尚有不足。本文通过理论分析和实证检验的方法论证了非正规金融与我国经济增长的关系,在此基础上讨论了二者之间的机制并对非正规金融的治理提出相关政策建议。这有助于理解我国渐进式改革及其金融支持之间的关系,同时对于改善我国的金融二元结构具有一定的指导作用。
本文采用了新制度经济学、契约经济学、信息经济学等学科理论及金融发展理论,首先对非正规金融产生的理论依据,非正规金融的契约治理和执行机制,非正规金融和正规金融的关系及我国的经济增长悖论进行了总结和评论:其次,以非正规金融的制度效率为切入点,通过理论分析和实证检验的方法,论证出非正规金融为我国非国有经济发展提供了融资支持,增加了整个社会的融资量,并促进了宏观经济的增长;最后对包括促进企业家精神培育和资本积累在内的非正规金融促进经济增长的机制进行了一定程度上的分析,并就我国非正规金融的治理提出相关政策建议。
综合以上研究,文章得出的结论是:(1)在金融抑制情况下,凭借非正规金融的制度效率,能在融资方式和融资数量上为非国有经济发展提供资金支持;非正规金融能够增加社会融资量,提高投资效率,从而促进宏观经济增长。(2)非正规金融通过促进企业家精神培育、促进资本积累、推动技术创新及提高金融体系效率等机制,促进了经济增长。(3)基于非正规金融在我国的运行绩效,政府应采取的措施是:建立适合非正规金融发展的监管机制;建立针对非正规金融的服务体系;建立储蓄保险制度;将规范的非正规金融机构纳入政府的正规金融体系之中。
Informal Finance has been the ubiquitous phenomenon in the world, and is especially conspicuous in developing countries. The existing researches indicate that informal finance is an important factor for economic growth, however, these researches are case studies or data analysis. This paper analyzes the relation between informal finance and economic growth, and then discusses the mechanism that informal finance improves the Economic growth, and put forward suggestion for governance of Informal Finance. This helps to comprehend the relation between our gradually economic reform and financial support, and it has the guiding function for adjusting the dual financial structure.
This paper using the theories of the New Institutional Economics, Contract Economics, Information Economics and the Financial Development Theory, by the methods of theory analysis and empirical work, which indicates that informal finance is the important factor for economic growth. On the basis of these, we discuss the mechanism of relation between informal finance and economic growth, and bring forward the suggestion for governance of informal finance. At first, we make the theory review of Informal Finance, including the theoretical foundation of Informal Finance existing, contract governance and perform mechanism of Informal Finance, the relation of Informal Finance and Formal Finance, and explaining the paradox of Economic growth of our country. Secondly, we verify and test the relation between Informal Finance and economic growth, which is from the angle of non-state economy development and the Macro-Economic growth. At last, we analyze mechanism that Informal Finance promotes economics growth. It brings into two mechanism which are mechanism of technological innovation and increase the efficiency of financial system, in addition to formal two mechanism(Entrepreneur Spirit fostering and capital accumulation). Later, it gives some advises for policy of Informal Finance.
The conclusions are: (1) in the condition of financial repression, Informal Finance relieves the financing problem of non-state economy development, and it increases the social financing amount, improves the efficiency of investment, enhances the macro-economic growth.(2)by the mechanism of entrepreneur spirit fostering , capital accumulation, technological innovation and increase the efficiency of financial system, Informal Finance promotes the economic growth. (3) the government should take measures: set up the supervision mechanism that adapts to Informal Finance running; set up the service system aims at Informal Finance; set up the saving insurance system; brings the normal Informal Finance into Formal Financial System.
本文采用了新制度经济学、契约经济学、信息经济学等学科理论及金融发展理论,首先对非正规金融产生的理论依据,非正规金融的契约治理和执行机制,非正规金融和正规金融的关系及我国的经济增长悖论进行了总结和评论:其次,以非正规金融的制度效率为切入点,通过理论分析和实证检验的方法,论证出非正规金融为我国非国有经济发展提供了融资支持,增加了整个社会的融资量,并促进了宏观经济的增长;最后对包括促进企业家精神培育和资本积累在内的非正规金融促进经济增长的机制进行了一定程度上的分析,并就我国非正规金融的治理提出相关政策建议。
综合以上研究,文章得出的结论是:(1)在金融抑制情况下,凭借非正规金融的制度效率,能在融资方式和融资数量上为非国有经济发展提供资金支持;非正规金融能够增加社会融资量,提高投资效率,从而促进宏观经济增长。(2)非正规金融通过促进企业家精神培育、促进资本积累、推动技术创新及提高金融体系效率等机制,促进了经济增长。(3)基于非正规金融在我国的运行绩效,政府应采取的措施是:建立适合非正规金融发展的监管机制;建立针对非正规金融的服务体系;建立储蓄保险制度;将规范的非正规金融机构纳入政府的正规金融体系之中。
Informal Finance has been the ubiquitous phenomenon in the world, and is especially conspicuous in developing countries. The existing researches indicate that informal finance is an important factor for economic growth, however, these researches are case studies or data analysis. This paper analyzes the relation between informal finance and economic growth, and then discusses the mechanism that informal finance improves the Economic growth, and put forward suggestion for governance of Informal Finance. This helps to comprehend the relation between our gradually economic reform and financial support, and it has the guiding function for adjusting the dual financial structure.
This paper using the theories of the New Institutional Economics, Contract Economics, Information Economics and the Financial Development Theory, by the methods of theory analysis and empirical work, which indicates that informal finance is the important factor for economic growth. On the basis of these, we discuss the mechanism of relation between informal finance and economic growth, and bring forward the suggestion for governance of informal finance. At first, we make the theory review of Informal Finance, including the theoretical foundation of Informal Finance existing, contract governance and perform mechanism of Informal Finance, the relation of Informal Finance and Formal Finance, and explaining the paradox of Economic growth of our country. Secondly, we verify and test the relation between Informal Finance and economic growth, which is from the angle of non-state economy development and the Macro-Economic growth. At last, we analyze mechanism that Informal Finance promotes economics growth. It brings into two mechanism which are mechanism of technological innovation and increase the efficiency of financial system, in addition to formal two mechanism(Entrepreneur Spirit fostering and capital accumulation). Later, it gives some advises for policy of Informal Finance.
The conclusions are: (1) in the condition of financial repression, Informal Finance relieves the financing problem of non-state economy development, and it increases the social financing amount, improves the efficiency of investment, enhances the macro-economic growth.(2)by the mechanism of entrepreneur spirit fostering , capital accumulation, technological innovation and increase the efficiency of financial system, Informal Finance promotes the economic growth. (3) the government should take measures: set up the supervision mechanism that adapts to Informal Finance running; set up the service system aims at Informal Finance; set up the saving insurance system; brings the normal Informal Finance into Formal Financial System.
引文
1 张杰,中国体制外增长的金融安排,经济学家,1999.2
1 青木昌彦,《比较制度分析》,周黎安译,上海远东出版社,2001年版,第64页
1 相关例证见:刘民权等,信贷市场中的非正规金融,世界经济,2003.7
2 中国经济的高速增长并不是建立在“华盛顿共识”基础上,并没有严格执行所谓“稳定化、自由化和私有化”的“标准转型方法”,更重要的是,中国经济维持运转的基础——金融体系——在很多经济学家看来无疑是一个失败的系统,然而就是这个“失败的金融系统”却维持了中国20多年的经济奇迹(艾伦,2002)。
1 转引自:张杰,非正规金融系统及其变迁:中国经济增长的路径依赖,上海金融学院学报,2006.2
1 杜朝运,制度变迁背景下的农村非正规金融研究,农业经济问题,2001.3
2 诱致性制度变迁指的是现行制度安排的变更或替代,或者是新制度安排的创造,它由个人或一群(个)人,在响应获利机会时自发倡导、组织和实行(林毅夫,1989)。强制性制度变迁由政府命令和法律引入来实现。
1 卢现祥,西方新制度经济学(修订版),中国发展出版社,2003年6月第2版
1 数据来源:查志刚,论我国非国有经济的发展对国民经济增长的促进作用,江苏商论,2003.4
2 蒋硕杰,《蒋硕杰经济科学论文集:筹资约束与货币理论》,北京,北京大学出版社,1998
1 罗纳德·I·麦金农,经济发展中的货币与资本,上海,三联书店,1998
1 金融系统具有降低风险、有效配置资源、动员储蓄、便利交易和加强监督管理等功能,而这些功能又能够通过增加资本积累以及推进技术创新促进经济增长。
2 刘民权等,信贷市场中的非正规金融,《世界经济》,2003.7
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1 青木昌彦,《比较制度分析》,周黎安译,上海远东出版社,2001年版,第64页
1 相关例证见:刘民权等,信贷市场中的非正规金融,世界经济,2003.7
2 中国经济的高速增长并不是建立在“华盛顿共识”基础上,并没有严格执行所谓“稳定化、自由化和私有化”的“标准转型方法”,更重要的是,中国经济维持运转的基础——金融体系——在很多经济学家看来无疑是一个失败的系统,然而就是这个“失败的金融系统”却维持了中国20多年的经济奇迹(艾伦,2002)。
1 转引自:张杰,非正规金融系统及其变迁:中国经济增长的路径依赖,上海金融学院学报,2006.2
1 杜朝运,制度变迁背景下的农村非正规金融研究,农业经济问题,2001.3
2 诱致性制度变迁指的是现行制度安排的变更或替代,或者是新制度安排的创造,它由个人或一群(个)人,在响应获利机会时自发倡导、组织和实行(林毅夫,1989)。强制性制度变迁由政府命令和法律引入来实现。
1 卢现祥,西方新制度经济学(修订版),中国发展出版社,2003年6月第2版
1 数据来源:查志刚,论我国非国有经济的发展对国民经济增长的促进作用,江苏商论,2003.4
2 蒋硕杰,《蒋硕杰经济科学论文集:筹资约束与货币理论》,北京,北京大学出版社,1998
1 罗纳德·I·麦金农,经济发展中的货币与资本,上海,三联书店,1998
1 金融系统具有降低风险、有效配置资源、动员储蓄、便利交易和加强监督管理等功能,而这些功能又能够通过增加资本积累以及推进技术创新促进经济增长。
2 刘民权等,信贷市场中的非正规金融,《世界经济》,2003.7
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