摘要
本文对 90年代以来金融改革的总体思路和后果进行了全面回顾 ,提出中国意义上的中央、地方和金融机构之间的不完全合同以及由此产生的道德风险问题是影响当前金融运行质量的重要原因。在这样的体制性背景下 ,以机构变动和内控制度建设为主要特征的90年代金融改革陷于高成本、低效果的境地。今后改革的主要思路应从中央、地方和金融机构三层次解决道德风险问题。
This paper reviews the major ideas and institutional consequence of financial reform in the recent decade. The critical cause affecting financial performance efficiency is the incomplete contract which leads to Chinese version moral hazard of the central government, local governments and financial institutions. Given the above institutional background, the financial reform characterized by institutional reorganization and internal control system construction in the 1990s has trapped into a costly and ineffective vicious circle of non-performing loan accumulation. A three-layer solution for the moral hazard should be introduced into the reform.
出处
《金融研究》
CSSCI
北大核心
2001年第2期28-41,共14页
Journal of Financial Research
