摘要
在以金融压抑为特征的经济中 ,加强法治可能妨碍金融领域某些方面的发展。本文采用 1 990年代中国省级单位的数据 ,通过计量研究发现 ,加强法治有助于提高私人部门获得的银行信贷份额 ,推动银行业的竞争 ,但抑制私人投资 ,并对金融深化没有显著影响。作者认为 ,这些结果源自中国金融部门存在的“漏损效应”———即金融资源从享有特权的国有部门流向受到信贷歧视的私人部门的过程。此外 ,本项研究结果还显示加强法治并不能显著提高经济的平均增长率。本文的结论是 ,只有在其他配套制度安排完善的情况下 。
In an economy characterized by financial repression, legality may set up barriers in some fields of financial development. Our quantitative study based on the data of the 1990s from Chinese provinces suggests that legality facilitates bank loans to private sectors and stimulates competitions in banking. On the other hand, it discourages private investments and shows no significant effects on financial deepening. Such effects are resulted from the “leakage effect' in Chinese financial system——a process by which financial resources in bank loans flow to the discriminated private sector from the privileged state owned sector. In addition, our findings show that legality has little effects on the average economic growth. We conclude that legality plays a positive role only when other corresponding institutional arrangements are well established.
出处
《中国社会科学》
CSSCI
北大核心
2004年第1期42-55,共14页
Social Sciences in China
