摘要
各国资本管制放开后,大致出现了未爆发危机、未爆发危机但国民经济失衡、爆发了金融危机三类不同的后果。中国金融市场与第三类放开资本管制后爆发危机国家的金融市场有较高的相似性,即除了规模小、抗风险能力差外,更突出的是投机性强,其根源在于市场结构比例失调。因此,为了应对资本市场管制放开、避免金融危机,根据戈德斯密斯金融结构理论,在中国当前金融市场建设和完善中,急需加强市场结构调整,并将其提高到防范金融风险的高度来认识。为此,应当迅速建立以公司债券为中心的资本市场结构和以票据贴现为主体的货币市场结构,以及加强基础性和衍生性金融期货市场之间的衔接。
The countries in practicing the liberalization of capital control have roughly experienced three different consequences: no crisis,no crisis but the imbalance occurred in national economy,and financial crisis. China's financial market has high similarities with the third category. Besides its small scale of the market with low resistance of risk,the speculative factor is quite active,which originates from the disproportion of China's market structure. Therefore,according to the financial structure theory of Raymond W. Goldsmith,we need to carry out structural adjustment of financial market so as to avoid financial crisis with the liberalization of capital control. We should establish a structure of capital market with the core business of corporate bonds,set up a structure of monetary market with the note discounts as the major part,and strengthen the connection between fundamental and derivative financial futures markets.
出处
《华东师范大学学报（哲学社会科学版）》
CSSCI
北大核心
2013年第5期17-23,151,共7页
Journal of East China Normal University（Humanities and Social Sciences）
基金
上海市社科基金系列课题(2012XAI001)的阶段性成果。顾京为本课题组成员
参与了金融衍生市场部分的研究
关键词
金融市场
资本管制
结构调整
financial market
capital control
structural adjustment
