转轨国家金融自由化改革的绩效及启示

转轨国家金融自由化改革取得了一定的成果,但也存在着绩效差异和问题,金融改革的方式不足以解释转轨国家金融改革的绩效差异,而初始条件、其它结构改革及宏观经济稳定政策、制度质量都是影响转轨国家金融自由化改革绩效的因素。中国可以借鉴转轨国家金融改革的经验,根据较好的初始条件选择渐进的金融改革方式,将金融改革与结构改革、宏观经济稳定政策及制度建设相结合。

Performance and Enlightenment of Financial Liberalization Reform in Transitional Countries

Although many achievements have been got in financial liberalization reform of transitional economies,there are still many problems and differences in performance across countries and regions.We suggest that the patterns of liberalization reform are not enough to explain the performance differences.Initial conditions,macro-economic policies and institution quality are factors influencing the performance.From the experiences of these transitional economies,China can be enlightened: Subject to lagged institutions arrangement,set up market-oriented institution system first,on the basis of which connect financial reform with structure reform and macro-economic stable policy;depending on good initial conditions,gradual financial reform would be the best choice of China.