This paper through the comparison of China and South Korea to discuss the research of coherent relations between the two countries the process of financial deepening and financial development and economic growth, and put forward to excessive financial reform. The summary of each chapter as follows: Chapter One: because in the 60 years of the 20th century in the first study, people realized that there is a need to increase the financial sector, especially American economist E. S. Shaw and R. I. McKinnon (McKinnon) in 1973 from different angles around in on the growth of China "financial repression" stop through research analysis, the policy of "financial deepening" idea, and they follow the scholars together constitute the "m - s school". They also stressed that for the completion of the financial deepening must adopt Liberalization Strategy, but the actual financial deepening late compared to coarse and simple. To differences between the views of the "financial restraint theory researchers pointed out that m a s school comment debate on important focus on" freedom ", the authorities can through the process of invention rent opportunities to entice private financial institutions to use some social benefits with the behavior. According to the indecent point, Feilaiyi (fry), acclaimed "financial liberalization" scholar's idea to promote financial development and economic increase and the implementation of the financial liberalization, emphasizing a prerequisite for financial liberalization. Mackinnon also proposed the financial liberalization order. Since the 90's, a lot of research through the M S School of advanced "financial deepening", the research results are called the second generation or 90 years of actual financial growth". The two generation of the actual financial growth have many differences in research contents, scale and premise, policy meaning etc.. Structure and growth of the 1990s financial growth actual scholars not only research as part of the style of the financial system of banks and other financial intermediaries and stocks, bonds and other financial market and policy research financial systems increased economic growth and influence each other and response to send righteousness. Especially in the actual increase in 90 years to promote the growth of financial growth theory scale. 90 years of financial development on economic and practical transformation of the economic growth in the supply of many valuable theoretical training. In addition, 90 years of financial development of the actual application target and an empirical model is generally abnormal. The second chapter: about 20 years of rapid economic increase in China, financial assets increase rate is quite high. Of course Chinese completed the diversification and the number of financial assets structure increases, but the financial market is increasing economy initiative achievements. In fact, that is the emergence of the financial object 1, the monopoly of banking system, financial market is not booming, under the background of financial deepening to target in high Chinese. Just as the real identity of one of the interest rates is financial assets increased. But not from the market interest rate China resolution, but by the authorities resolution in August 90 during the second half, Chinese real interest value is from constructive price level to reduce the emergence of. It is important to note is that is configured in a low potency of home residents savings and non-performing loans caused by very high Chinese financial deepening must have value, in addition to residents spending nearly increased negative effect outside, bad loan problem become bank system reform hinder. Reality, some of the financial restraint policies can create opportunities for rent, but in our rent opportunities concentrated in state-owned commercial banks and state-owned enterprises, so as to maintain the monopoly of state-owned economy part. On the other hand, because of the financial control policy of negative influence, stocks, bonds and other types of financial market growth level is still in the lower stage. For example, compared with the developed countries, the economic growth effect on increasing bonds, the stock market is unlimited. With the further opening of Chinese in WTO and the financial market, the financial needs of the basic part of the transformation. The third chapter: from the 1950s to the 1970s, South Korea through the process of financial repression object, low interest rate policy and the policy of credit allocation, increase investment, aggravating financial costs of enterprises, strengthen the external competitiveness for enterprises, so as to promote economic growth. In addition, in 70, 80 years, South Korea's real interest rates (deposit interest rates for 1 years period) and economic increase shake the anomalous anastomosis. Then in 70, 80 years M2 a M1 / GDP ratio and the economic increase has obvious coherence between the rate, in August 80, South Korea's M3 M1 / GDP and the rate of economic growth between cannot create obvious coherence. The official Korean market through the process of folk informal market development short time financial market, but the short time financial market growth effect on economic increase is not very strong. Although in 70, 80 years of South Korea's financial policy can no serious obstacle to economic growth, but the emergence of a lot of negative effect of financial policy. So, in 80 years the South Korean authorities can not promote the transformation of the financial sector. In 80, 90 years of financial liberalization and opening, South Korea is not complete a lot of conflict. For example, South Korea remains the authorities intervene in bank operations and policy financial scene, still stretch the moral hazard of bank operation. Therefore, financial institutions fail to locate a value integrity, profit, obligation and transparency operation form. South Korea in failing to ensure that sundries economic competitiveness and the financial industry to the independent operation to stop rapid financial openness, and has not set up useful financial systems in South Korea in the face of the financial crisis. Chapter four: from a long-term point of view, authorities were involved in the effect of financial intermediaries and economic increased very big effect, also can change the mutual relationship between them. China and South Korea two countries in financial policy under a high finish bundle financial increase and economic increase. But the increase in long-term and difficult to maintain, due to the authorities of financial restraint policy decreased the balance increase ratio, return on savings and increased balance of deposit and loan interest rate gap. In 80 years of South Korea beginning of financial reform, the present Chinese is also in the interest rate market, vertebral open state-owned commercial bank trade, financial markets and other basic transformation. From the point of view of 90 years of South Korea's financial sector liberalization experience, excessive financial transformation bias: need careful implementation of interest rate liberalization, perfect on the financial market useful monitoring system; trade banks to resume reply revival of some really review instinct function, at the same time, the introduction of real duty operation system; competitiveness of international financial institutions, progress, keep financial institution soundness and profitability. In a word, "excessive" financial repression policy can also lead to the increase of financial and economic increase, but can have negative effects. From China and South Korea's Kim 目录: |
