预算约束与金融制度选择的新理论:文献述评

经济理论与经济管理 ›› 2011, Vol. 31 ›› Issue (3): 25-31.

预算约束与金融制度选择的新理论:文献述评

张杰

中国人民大学中国财政金融政策研究中心, 北京 100872

收稿日期:2011-01-06 出版日期:2011-03-16 发布日期:2011-06-10
作者简介:张杰(1965- ),男,甘肃通渭人,中国人民大学中国财政金融政策研究中心教授,博士生导师,经济学博士.
基金资助:
中国人民大学科学研究基金(中央高校基本科研业务费专项资金资助)项目“金融分析的制度范式与制度金融学”

A NEW THEORY OF BUDGET CONSTRAINT AND THE CHOICE OF FINANCIAL SYSTEM:LITERATURE REVIEW

ZHANG Jie

China Financial Policy Research Center, Renmin University of China, Beijing 100872, China

Received:2011-01-06 Online:2011-03-16 Published:2011-06-10

摘要/Abstract

摘要： 本文的考察发现,在预算约束与金融制度结构之间存在着十分紧密的逻辑联系,而且国内外不少文献已经围绕于此展开了广泛而深入的讨论。针对预算约束与金融制度选择的关系,现有文献的理论发现大致包括三个层面:第一,虽然缓解乃至消除软预算约束是任何一种金融体系共同面临的挑战,但软预算约束的消除并非一定有利于长期经济增长;第二,分权的或者集权的金融体制都具有"内生性",因此,至少在理论上无法对其进行孰优孰劣的直观评判,同时也无法在它们之间进行简单的复制和移植;第三,金融体系应对预算约束问题的能力要远弱于企业制度,因此,当一个国家面对预算约束问题时,应当首先着手改善微观经济基础的金融需求结构,而不是调整金融供给结构。

关键词: 预算约束, 银行体系, 微观金融基础, 金融制度选择

Abstract: A survey of huge literature on budget constraint and structure of financial institutions found that there exists a close logical link between them at three levels: First,despite it is a challenge for any financial system to ease or even to eliminate soft budget constraints,it may not necessarily beneficial to economic growth in the long run;Second,since it is endogenously determined whether a financial institution is under centralized or decentralized regulation,it is too hard to make an evaluation of two systems in theory,or do a simple imitation and transplantation;Third,the responsive ability of financial institutions to budget constraint is weak compared to firms.Therefore a preferred national policy is to improve the micro-economic financial demand structure,rather than to adjust the financial supply structure.

Key words: budget constraint, banking system, micro-financial basis, choice of financial system

中图分类号:

F830

张杰. 预算约束与金融制度选择的新理论:文献述评[J]. 经济理论与经济管理, 2011, 31(3): 25-31.

ZHANG Jie. A NEW THEORY OF BUDGET CONSTRAINT AND THE CHOICE OF FINANCIAL SYSTEM:LITERATURE REVIEW[J]. Economic Theory and Business Management, 2011, 31(3): 25-31.

参考文献

[1] Roland Gerard.Transition and Economics[M].MIT Press,2000.
[2] J.Kornai.Resource-constrained Versus Demand-constrained Systems[J].Econometrica,1979,47 (4).
[3] J.Kornai.Economics of Shortage[M].Amsterdam,North-Holland.1980.
[4] D.Foley,M.Hellwig.A Note on the Budget Constraint in a Model of Borrowing[J].Journal of Economic Theory,1975,(77).
[5] X.Freixas,R.Guesnerie,J.Tirole.Planning under Incomplete Information and the Ratchet Effect[J].Review of Economic Studies,1985,(52).
[6] J.-J.Laffont,J.Tirole.The Dynamics of Incentive Contracts[J].Econometrica,1988,(51).
[7] M.Dewatripont,E.Maskin.Credit and Efficiency in Centralized and Decentralized Economies[Z].Mimeograph,Harvard University,Aug,1989.
[8] M.Aoki.Toward an Economic Model of the Japanese Firm[J].Journal of Economic Literature,1990,(28).
[9] J.Corbett.International Perspectives on Financing:Evidence from Japan[J].Oxford Review of Economic Policy,1987,(3).
[10] E.Maskin.Long-term Investment by Japanese and American Firms[J].Japan and World Economy,1995,(8).
[11] J.P.Bonin,M.E.Schaffer.Banks,Firms,Bad Debts and Bankruptcy in Hungary,1991-1994[J].London School of Economics,Center for Economic Performance Discussions Paper,1995,(234).
[12] S.Gao,M.E.Schaffer.Financial Discipline in the Enterprise Sector in Transition Countries:How Does China Compare?[M].Center for Economic Reform and Transition Discussion Paper:98/1,Heriott-Watt University,Edinburgh.1998.
[13] H.Huang,C.Xu.Financial Institutions,Contagious Risks and Financial Crises[Z].Mimeo,London School of Economics,1998.
[14] E.Berglof,G.Roland.Soft-Budget-Constraints and Credit Crunches in Financial Transition[J].European Economic Review,1997,41 (3-5).
[15] M.Aoki.Towards a Comparative Institutional Analysis[M].MIT Press,2001.
[16] M.Dewatripont,J.Tirole A Theory of Debt and Equity:Diversity of Securities and Manager-shareholder Congruence[J].QuarterlyJournal of Economics,1994,109 (4).
[17] M.Dewatripont,J.Tirole.Biased Principals as a Discipline Device[J].Japan and the World Economy,1996,(8).
[18] J.L.Cobbett,T.Jenkinson.How Is Investment Financed:A Study of Germany,Japan,The United Kingdom and The United States[Z].The Manchester School Supplement,0025-2034,1997.
[19] World Bank.The East Asian Miracle:Economic Growth and Public Policy[M].New York:Oxford University Press,1993.
[20] A.Shleifer,R.Vishny.Politicians and Firms[J].Quarterly Journal of Economics,1994,(109).
[21] A.Shleifer,R.Vishny.Corruption[J].Quarterly Journal of Economics,1997,108 (3).
[22] Y.Qian,A Theory of Shortage in Socialist Economies Based on the Soft-Budget-Constraint[J].American Economic Review,1994,(840).
[23] Y.Qian,G.Roland.The Soft-Budget-constraint in China[J].Japan and the World Economy,1996,8 (1).
[24] 张杰.市场化与金融控制的两难困局:解读新一轮国有银行改革的绩效[J].管理世界,2008,(11).