关于信贷配给的产权分析

新凯恩斯主义经济学对信贷配给的原因及信贷配给条件下信贷市场的均衡等问题进行了开创性的研究。但是 ,这些研究没有考虑产权、制度以及借款人素质等因素对信贷市场的影响和制约。因此 ,这一理论是不完善的。其实 ,在借贷关系中 ,贷款人作为资金的所有者失去了对资金的控制权和使用权 ,而借款人作为资金的使用者 ,虽不具有对资金的所有权 ,但却拥有资金的控制权和使用权 ,这就导致了一种残缺的产权关系。客观上需要一个完备的制度体系来保护这种残缺产权 ,但现实中仍缺乏这样的制度体系。正是这种产权残缺和制度缺位导致了信贷配给

An Analysis of Property Right in Credit Rationing

New Keynesian economics has carried out creative researches into the causes of credit rationing and the equilibrium in credit market with credit rationing ,and so on.However, it does not take into consideration property rights, institution and the debtor's quality and other factors which influence and restrain the credit market.So,the theory is not very perfect.As a matter of fact,on one hand, the creditor the owner of funds has lost the right to control and use them;on the other hand,debtor the user of funds has that right. As a result,there exists the truncation of property rights. Objectively, we need a complete institutional system to protect it.But there is no such system in real life.It is this kind of truncation of property rights and institutional defects that lead to credit rationing.