论政府干预与金融市场的发展

金融市场的不完善是政府干预金融市场的起点,政府干预的普遍性和强制性使它在纠正市场失灵上具有明显的优势,斯蒂格利茨和韦斯关于金融市场信息不对称的信贷配给理论为政府干预金融市场提供了理论依据,诺思等人提出的新制度经济学认为可以以政府为主体自上而下强制性促进制度变迁,麦金农和肖的金融发展理论提出政府可用政策工具来实现最优次序的排列,默顿等人提出的金融功能观理论认为可以按照金融功能这个外生变量来设计制度结构和制度变迁,推动金融市场的发展。

On Government Intervention and the Development of Financial Market

The imperfection of the financial market is the start point of government intervention. The universality and mandatory of government intervention give it the obvious advantage of correcting market failures. Stiglitz and Weis＇ credit rationing theory with financial market information asymmetry provides theory foundation for government intervening financial market. Institutional economics initiated by North and etc. holds that institutional changes can be pushed forcedly from top to bottom by government. Mckinnon and Shaw＇s financial developing theory puts forwards that government can achieve optimal order arrangement with policy instruments. Merton＇s financial function theory thinks that institutional structure and institutional change can be designed according to financial function, an exogenous variable, propelling the development of the financial market.