金融全球化、金融安全与金融演进——一个基于新兴古典范式的理论分析

【作者】 张亦春； 许文彬；

【机构】 厦门大学金融研究所；

【摘要】 本文运用新兴古典的分析范式,对金融全球化、金融安全和金融演进进行了一个深入细致的经济学考察和分析。本文认为,金融全球化是一股不可逆转的时代潮流,它是由分工演进和经济发展本身的逻辑所决定的,也是由金融本身的特点和演进逻辑决定的;在这样的背景下,只有顺应这一潮流,才有可能将本国的发展和进步融入到世界整体发展中去,从而实现“与时俱进”的良性循环;对发展中国家而言,顺应金融全球化潮流、推进金融对外开放进程与保卫本国金融安全、维护本国金融利益始终是一对相伴相生的矛盾;要在一个全球化日甚的金融宏观背景下维护本国金融安全,关键在于实现金融创新的不断展开;对比技术创新而言,制度创新更显得重要,因为在国际范例和其隐含的默示信息基本已经确定的全球制度背景和制度结构框架下,只有将本国的金融制度改造成能够将上述隐含信息包孕其中的形式(也即对西方金融制度进行具创造性的模仿和借鉴),在不断频繁的国际金融交易中才能改变自己的制度信息劣势地位,进而才能消减交易中的金融风险(制度性风险)、保证本国金融的安全;对我国而言,无论是间接金融领域还是直接金融领域,由于历史原因,都具有众多缺陷性特点,并在其中包含了巨大的制度性风险;WTO的加入使我国面临在金融业渐次开放的背景下捍卫本国金融安全的重任,这就要求我们尽力推动间接金融和直接金融领域制度演进的不断进行,从而实现与国际接轨的最终任务。更多还原

【Abstract】 we took a deep and thorough theoretical analyses, using the new classical diagram, on such propositions as financial globalization, financial security and financial evolutions, through which we drew these conclusions: the so-called financial globalization is an irreversible trend in our generation, which was decided by the logic of economic development and the characteristics of finance itself; thus, there was only one way leading to a positive circulation of native development and world development, to conform this trend. For the developing countries, there was always a conflict between the actions of conforming the trend of financial globalization and accelerating the opening progress of native finance and the ones of defending the native financial security and vindicating her financial profits. To fulfill the above double-missions, the key was to boost the evolution of financial innovations. Compared with the technological innovation, the institutional innovation was much more important, because given an almost settle-downed international paradigm system thus almost systemized institutional circumstances and structure, the acquiesced information based upon the above-mentioned system in the international financial bargains always had the bargainers from the different institutional circumstances take the information inferior position, and then resulted in financial loss; only could the developing countries change this situation that they could minify the institutional financial risks and stop such financial loss, which called for a continuing evolution of financial institutions and using for reference or even imitating the western financial institution pattern. In china, because of the historical reasons, there are countless flaws in the financial system, which means enormous great institutional financial risks. The joining of WTO endued China with the great mission of defending the native financial security in opening international competition circumstances, which calls for an endeavoring and perseverant financial institutional evolution, leading to the final internationalization.更多还原