专 论ൗࢸࣜ࠶აᆟᇍ2003୍ֻ7௹金融自由化刺激经济增长的机制秦 凤 鸣 =ଽಸิေ> 自麦金农和爱德华#肖在1973年提出金融深化理论后的30年中,西方许多经济学家对金融自由化的利益倍加关注,并进行了激烈的论战b这些争论带给我们很多有益的启示:金融自由化是一种手段,而不是目的本身;自由化是相对的,金融自由化和金融压抑同样都有其局限性;金融自由化的后果可以是多重的,正反两方面的作用有时可能是相互抵消的;金融自由化与危机有关,但后者并非前者的必然结果b以金融自由化带来的负面影响否认金融全球化的效率和结果是一种偏见b=ܱՍ> 金融自由化;实证分析;资本分配效率=ቔᆀࡥࢺ> 秦凤鸣,山东大学经济学院金融系教授,美国约翰斯霍布金斯大学高级国际问题研究学院访问学者b(济南 邮编:250100)=ᇏٳোݼ>=໓ངѓ്>A=໓ᅣщݼ>1006-9550(2003)07-0017-04 ಒಪࣁವሱႮ߄Տࠗࣜ࠶ᄹӉ֥ࠏᇅ,๙ӈႨུమᄝ֥ބᇗေ֥ᆟҦఓൕbሧЧᅬ֥ष٢ᄝ۽ြਆᇕٚم:၂۱൞࣮ݓଽࣁವุ༢ބܢௐ൧ӆ֥ሱ߄ݓࡅᇏ๙ӈ൞࿙۷Ⴕི֥ݓ࠽ሧჷٳࣥbႮ߄,ਸ਼၂۱൞ٳ༅ሧЧᅬሱႮ߄֥႕ཙbં࣮๙ӈࡼಆ౯ሧЧᅬ֥ሱႮ߄ुቓ൞ྍ֥ݓ࠽ࣁವࡹᇽ֥ӱЗb๙ݖष٢ሧЧᅬ,ࣁವᇏࢺॖၛࡨഒྐ༏֥҂ؓӫބࢆ֮ࢌၞӮЧ,ь০ሧჷ֥ٳ对分配效率的检验bหљ൞ࣁವᇏࢺॖၛࡨഒ֣֡ڄགބཟ࿊ᄴ,ؓሧЧࠒऊބᄹӉႵᆞིႋ,္ॖႋႨ۷ݺ֥ඌbሧЧᅬሱႮ߄๙ݖࠫᇕ౻֡՜ࣉ၂ݓ֥ࣁವุ ބ๙ݖ࠹ٳ༢ؿᅚbݓଽࣁವࠏܒВႿݓ࠽ࣩᆚᇏ,ႄࣉݓ࠽༅ඪૼ1986~1995୍ࡗ၂ུݓࡅष٢ሧЧᅬؓࣁѓሙބ๙ݖຓݓࣁವᇏࢺۚᇉਈ֥ࣁವڛༀ֥మᄝຯವധ߄ބࣜ࠶ؿᅚ֥႕ཙb¹ष٢ሧЧᅬ֥ݓࡅᄝཽطྙӮؓݓଽࣁವࠏܒ֥৯,௧ૌڿڛༀᆜ۱ൈ௹ࠇ҆ٳൈ௹ᇏб၇ಖႵሧЧཛଢཋᇅ֥ݓࡅބิིۚੱbຓݓࣁವࠏܒ֥ٳᆦࠏܒॖၛЧݓၿࣁವധ߄ӱ؇۷ն,ᄝؽ؟୍္ཁൕਔ۷ॹ֥ࣜ࠶ᄹӉb൞,ᆃᇕࢲݔޓնӱ؇ഈ൞ႮႿఃٳ༅ဢЧᇏ္Їݣਔؿղݓࡅb֒ಖ,ᆃؓၘࣜष٢ሧЧᅬ¹,/CapitalAccountLiberaliza-ᄥმ҂০ބᆞ௹ຬष٢ሧЧᅬ֥ؿᅚᇏݓࡅ߶Ⴕtion,FinancialDepth,andEconomicGrowth,,Inc,.)17)
ࣁವሱႮ߄Տࠗࣜ࠶ᄹӉ֥ࠏᇅ ྛุ༢धؓܿଆঔն,۷ݺֹڛༀႿ൧ӆ,ႄࣉࣁವԷؓႋ֒Ⴕ۷؟֥ሧ,༢ڄགഈശ֥܄ඳሧႋ֒ྍ္ॖၛᆰࢤຉॺࣁವڛༀ֥ٓຶbᆃིུੱބࣁವ൞༯ࢆ֥bؓ1980~1994୍ࡗ369ࡅ܄ඳ֥Ⴕܱඔሳ҆ܿଆ֥ࠆ֤ॖၛᄹࡆԥ,ྐྵࠧ๙ݖ՜ࣉሧЧੀοൈࡗਙބ۲҆ሧ֥ᆰࢤဒ,۷ݺֹဒᆣਔՏࠗݓଽ۷֥ۚԥ,ྐྵطᄹࡆ֥ԥྐྵႻॖၛ֤ࣁವሱႮ߄ൈ௹֥ກџQྛູބሧ,ᆃུݓࡅЇওႆᇏࢺࠆ֤۷ն֥ܿଆིၭb؇aჿ֊aݢݓaઔট༆ބݓbൈࡗਙဒࢲݔ֒ಖ,ᆃᇕܴׄಯಖթᄝሢ௴ђ֥ᆚંbBhagwatiᆣൌਔٳིੱ൞Ӯ৫֥b၂ུׅ֥܄ඳᄝሱႮ߄ಪ:ູሧЧሱႮੀ֥ࠞն০ၭၛದྐڛbྐ༏ൈ௹ԛགྷਔກџQބሧਆᆀ֥ཁᇷᄹӉ,֥҆҂ؓӫaႵཋྟaရಕིႋaሧӁࡎ۬ஞଐބб෬Ԏဢ֥ҩࢲݔѩીႵіૼႮႿሱႮ߄طջট֥؟ჭາࠏ֩൞ࣁವ൧ӆᄎቔّӈ֥২ᆣbष٢ሧЧᅬ߄࿊ᄴ՜ൌሧ֥ᄜٳbఃሸކࢲݔඪૼ,ሱࡆखਔᆃᇕ҂ປbሧЧ֥ੀྟ෮ջট֥০ၭ൞ڎႮ߄֥ሧЧ൧ӆॖၛЌᆣሧЧՖ֮߭Б֥ݓࡅੀཟۚቀၛטᆜఃమᄝ֥ڄག൞ᆴ֤߈ၐ֥b߭Б֥ݓࡅ,൞ሱႮ߄Чദᄝหק֥ݓࡅ܄ඳࡗ҂AnushaChariބPeterBlairHenry൫ᆣܱႿሧॖିЌᆣሧЧ֥ႵིᄜٳbၹՎ,ՖᆜุބൈࡗЧሱႮ߄֥ਆᇕؓ৫֥ܴׄb¹၂ᇕܴׄ൞఼טٳਙ֥ҩіૼਔႵིٳ֥ࢲݔ,ܢ൧ሱႮ߄აۚܢིੱ,ಪູؓݓ࠽ሧЧੀ౼ཨཋᇅॖၛࣁವሧჷࡎႵܱѩิۚਔᆜ۱ࣜ࠶֥ሧbཌྷّ,ሹุԎဢඔՖሧЧԉღطሧ߭Бੱ֥֮ݓࡅੀཟሧЧ؋ಌط൬ሳᆦӻުᆀ:ᄝGDP֥э߄ބሧЧᅬष٢ᆭࡗીႵၭੱ֥ۚݓࡅbሧЧ؋ಌ֥ݓࡅሧЧ֥ੀೆࡨഒሧЧն֥ཌྷܱܱ༢bӮЧ,ᄹࡆሧ,ิۚӁਈbཌྷّ֥ܴׄಪູ෮໌ิۚᆃো࣮໙ีᄝႿ,၂ݓࣜ࠶ᆟҦ֥э߄Їওሱٳིੱ൞ၳམ฿ष,Фӫᆭ့ູઠིႋ,ၩන൞ඪሱႮ߄֥ൌീؓሧ֥႕ཙ๙ӈട֥ࠣ܄ඳ҆бࢠܼႮ߄ѩીႵӁള۷ݺ֥ሧЧٳི,ੱၹູݓ࠽ሧЧ,ٗط҂ࣇࣇཋႿᄝܢ൧֥ഈ൧܄ඳ,ഈඍඔሳิ܂֥ੀႵൈაൌ࠽ࣜ࠶ࠃીႵޅܱ༢bหљ൞ሧЧ۷؟֥൞აંყҩႵܱ֥၂ུ܄ඳ֥ሧ,ط҂൞ᅬ֥ሱႮ߄ؓሧӁԛࠇఃൌ࠽ࣜ࠶ၹ۷ܱ၂ݓሹุሧ֥ඔሳbቔᆀሱ္࠭ฌӫ,ᆃোဒ֥৳bअཋྟᄝႿࡼܢ൧ሱႮ߄აൈ௹ڿ۪֥ఃྙൔٳؓٳིੱ֥ဒ൞ؓᄝܢ൧ሱႮ߄ൈ௹֥ሧЧषট,طൌ࠽ഈሱႮ߄ᆟҦ๙ӈა႕ཙກџQބࡎ۬ࠣඔਈοൈࡗਙࣉྛਆᇕҩb၂ᇕҩᆣૼሧ֥ఃᆟҦэ߄ൈؿളbՎຓ,ܢ൧ሱႮ߄ࣇࣇਔؓሱႮ߄ݓࡅ֥ሧჷੀೆࡨഒਔఃሧЧ֥ӮЧ,൞ሧЧᅬሱႮ߄֥၂ᇕหקྙൔ,ླေՖ۷ປಆބກџQºശۚ,০ቋն߄֥܄ඳؓQᆴᄹࡆّ֥ႋ۷ܼ֥ٗၩၬഈਔࢳሧЧᅬሱႮ߄ݖӱაંഈ෮൞ᇗᇂ۷؟֥ሧЧb၂֊ሧЧӁ֥ሧӁ൧ᆴބᇗᇂԌ֥ٳིੱ၂ᇁაڎbӮЧႻཌྷ֩ਔ,ሧ߶٢ત֞ቀၛົӻᆃ၂ཌྷ֥֩бੱbߐओ߅ඪ,ೂݔٳིੱ֥ܴׄӮ৫,ପહᄝሱႮ߄௹ࡗ߶ԛགྷກџQބሧ֥ᄠൈᄹۚbਸ਼၂ٚ૫,ೂݔުᇕܴׄӮ৫,ପહܴࣼҳ҂֞ሱႮ߄აሧЧሧ资本账户自由化的利益Ӂࡎ۬ࠣඔਈᆭࡗ֥ൌ࠽৳༢bٳིੱߎყҩਔᄝሱႮ߄ᆭުॴ֥҆ሧྛູbؓຓݓሧᆀष٢ܢ൧ڿэਔႵսіྟ֥ሧᆀ Pierre-OlivierGourinchasބOlivierJeanneಪູ,Ԯ༢ڄག֥ቆކ,ၹູሱႮ߄ཌྷܱ֥ᅏಊࡎ۬ᄀԛંؓྍྖࣜ࠶֥ሧЧᅬሱႮ߄ીିቓԛޓݺ֥Чֹܢ൧ᆷඔ֥ٓຶطವೆൗࢸܢ൧ᆷඔbၹՎ,֒¹AnushaChariandPeterBlairHenry,CapitalAccountLiberalization:ሱႮ߄ؿളൈ,ܢ൧ࡎ۬ႋھሼཟᇗྍ߫گაڄགטAllocativeEfficiencyorAnimalSpirit?UniversityofMichiganBusinessSchoolᆜބ൬ၭࡎ۬ཌྷ၂ᇁ֥ඣb༢ڄག༯ࢆ֥҆ࡎStanfordUniversity,WorkingPaper8908,April2002,.ºກџQ()ࠧሧЧሧӁ֥൧ӆࡎაఃᇗᇂӮЧᆭбb۬ႋ֒ഈശཞགྷႵٜ֥൧ࡎބࡹᇽোරྍӮЧᆭбࣼ൞၂২bؓ܄ඳఒြط,ط༢ڄགഈശ֥҆ࡎ۬ႋھ༯ࢆb,܄ඳ֥൧ࡎ൞Ⴎᆣಊ൧ӆটथק֥b֒QᆴնႿ1ൈ,܄ඳ֥ܢௐᄝሱႮ߄ބႵིٳ่֥ࡱ༯,ൌሧЧ֥ᄜٳᄝၹູໃট֥႔Ⴥਅݺ,طॖၛႨбሧӮЧ۷֥ۚࡎᆴԛ൲bοᅶ၂ܢࡎᄜࡎݖӱᇏ൞චᇗ֥b༢ڄག༯ࢆ֥܄ඳཌྷϮӈ്,ᆃൈ߶ႵႺၹಀՖ൙ྍ֥ሧЧሧb֒QᆴཬႿ1ൈ,๙ݖઙࣉܢௐট౼֤ളӁྟሧӁ,ࡼ߶бᇗᇂྍഡСট֤ьၒb)18)
ൗࢸࣜ࠶აᆟᇍ2003୍ֻ7௹ඪૼbఴؿղݓࡅ૫ਢሢޓ؟ᇏܴބޡܴ౷֥໙,ีՖطࢆ֮ਔሧЧ൬ၭ,෮ၛሧЧᅬ֥ष٢ႋھࢳູཨԢࠇࡨഒ౷֥൭؍b࣐ܵ20ൗࡀ90୍ս֥金融全球化对资产价格的影响၂༢ਙາࠏؓ༐ຬ๙ݖሧЧᅬሱႮ߄طࡆॹؿᅚބᄹӉ֥ྍྖࣜ࠶൞၂۱յࠌ,൞,Ⴕсေഡ৫၂۱ॿࡏটޙਈྍྖࣜ࠶ሧЧᅬष٢֥սࡎބ০ၭb¹Ԣ HlneReyބPhilippeMartinᇶေٳ༅ࣁವಆ౯߄ਔభඍݓ࠽ࡗٳིੱ֥০ၭຓ,ߎЇওᄝࣜ࠶ᆑ֕ؓሧӁࡎ֥۬႕ཙbᄝ෮Ⴈ֥ਆ۱൧ӆݓࡅଆൈཨٮ֥໗קބᄝຓݓሧЧ֥Ϻᇹ༯ࡆݓଽሧЧࠒᇏ,ٳљ൞൬ೆඣࢠ֥ۚؿղݓࡅބ൬ೆඣᇏ֥֩০ၭbၹՎ,ሱႮ֥ሧЧੀބሱႮસၞ၂ဢႵ֥ྍྖ൧ӆbሧЧੀ֥ሱႮ߄ิۚਔྍྖ൧ӆ֥ሧ০bߎႵ၂ᇕ০ၭ൞๙ݖሧЧᅬ֥ष٢ࠗؿ֒अᇅӁࡎ۬ሧބ൬ೆb»ପહ,ࣁವಆ౯߄ᄝ؟նӱ؇ഈקਅݺ֥ᆟҦބڿ۪֥ࠏbष٢ሧЧᅬॖၛڿႋھູྍ࣍၂༢ਙྍྖ൧ӆ֥ࣁವາࠏڵᄳ?൮,༵ݓଽᆟҦ֥ൌീބࠏܒ֥ᄎྛbՖ۷ܼ֥ၩၬഈඪ,ေಒಪ၂۱൙ൌ:ࣁವಆ౯߄֤ࣜ࠶ᇶุᄝൗࢸࣁ߶႕ཙ֞ݓଽࣜ࠶ุ༢֥ڿ,۪หљ൞ܱ༢֞ࠎԤഡವ൧ӆࢹॻэ֤۷ࡆಸၞ,ӮЧ۷֮bྍྖ൧ӆӁളീ֥ࡹഡbႵ၂ᇕܴׄಪູ,ൗࢸ൬ೆ֥҂नޙ؟϶൧ӆാਲ֥మᄝڄག္ॖି۷ն,หљ൞֣֡ڄགބॖၛႮഠ߶ࠎԤഡീ֥ҵၳটࢳ,ପહሧЧᅬषྐႨཋᇅູྍྖ൧ӆሇཟሱൌགྷ֥ࣁವາࠏิ܂ਔ٢ೂޅაഠ߶ࠎԤഡീཌྷቔႨࣼႵޓնܱ༢ਔbޓь০b൞,൧ӆാਲѩ٤൞ྍྖ൧ӆэ֤գၛᇀཁಖ,ᆃ۱໙ีބഠ߶ࢲܒЧദႵܱbሧЧष٢֥০ႿӮູ֒ሧЧੀሱႮ߄ൈሼཟາࠏ֥сေ่ࡱbࣁၭބսࡎ֥ޙ౼थႿݓଽᆟᇍࣜ࠶่ࡱaࠏܒࡹഡವಆ౯߄֥০ၭ(ሧЧӮЧaሧބ൬ೆ)ބྍྖ൧ӆ֥ܴౠཟބࣜ࠶ؿᅚඣbᆃ၂࣮෮Ⴈ֥ଆ֥գྟটሱႿဢބຸ၂֥ၹ,ࠧྍྖ൧ӆބࠢᇏᄝሧЧᅬሱႮ߄ބؓҍӁಃ֥ቍᇗഈbष٢ሧؿղݓࡅᄝসളӁ৯ބ൬ೆඣഈ֥ҵၳbఃۚ؇Чᅬ۳ሧᆀԷᄯਔ၂۱ਅݺ֥ߌ,ၹູ၂֊ؿգྟ҂൞ႮႿ҂ਅ֥ࠎԤࠏܒބࣁವ൧ӆ(ྐႨࠇളѯࣼ߶ႄఏሧЧੀԛbೂݔ၂ݓሧЧಌكੀੀྟཋᇅ)aࠏ(ࣷჱ)ࠇ҂֥֒߸ੱࠏᇅb࣐ܵᆃ,ྟପહ,ሧЧᅬष٢ު,ሧᆀᆺႵ֤֞ੀྟಃུ໙ี္൞թᄝ,֥മᇀႵൈᄝࣁವಆ౯߄ߌ༯০ൈҌ߶Ќթሱദ֥০ၭbಖط,ᆃུੀྟಃ০ॖ֤ྍྖ൧ӆᄝႋؓຓࢸ֥э߄ൈ۷գb൞ᄝྍྖି߶၂ݓࣜ࠶ᄝሱൌགྷາࠏºᇏэ֤бࢠգb൧ӆ֥ሧЧੀᇏ,ႮႿሧЧሱႮ߄طջট֥ڄགᆺᄝଢభ֥ؿᅚඣഈ,ೂݔՖྍ֥࢘؇ಀुրሧЧᅬ൞၂Ϯหׄطၘbࣁವಆ౯߄֤ྍྖ൧ӆؓࣁವາሱႮ߄֥০ၭᆃ۱໙ี,ପહ,ሧЧᅬሱႮ߄ࡌೂࠏ֥ႋэ۷գ൞ᄝࣇႵ֥Ղե่ࡱ༯ԛགྷ֥,ࠧᆃᆺ൞ႄఏݓ࠽ࡗሧჷ֥ᇗྍٳ֥߅,ᆃѩ҂ିႄᇁུݓࡅ֥൬ೆбؿղݓࡅ֥ေ,֮ᆃ၂ׄႵሢమᄝ֥ؿᅚᇏݓࡅ֥ڶႵӮི֥ؿᅚ,ၹູݓ࠽ࡗ֥ሧЧٳބᇗေ֥ᆟҦఓൕbೂݔཞႵུ࣮ପဢ,఼טྐႨѩ٤൞ႄఏ۲ݓࡗ҂֥֩ᇶေၹb൞ሧЧᅬཋᇅބ֣֡ڄགቔູܱၹটࢳྍྖ൧ӆᆑ֕ՖሱႮ߄ॖၛބఃᆟҦࢲކ,ᄝؿᅚᇏݓࡅ֥ࣜ࠶طژކઆֹࠠࡩႵܱᆟҦ,ೂ۷ૼa۷ݺ֥ྐ༏aఏ٦ᇏఏᇗေቔႨ,ѩᄝ၂קӱ؇ഈ֤֞ޓն০ၭb۷ݺ֥ၿྛြܵaႮסᇾ߸ੱνஆሇཟڜ߸ੱ֩bၹՎ,ሧЧᅬሱႮ߄֥০ၭ໙ี҂ିࣇࣇुቓ൞ࡥᆃུᆟҦބࠏܒэ߄҂ቀၛٝᆸྍྖݓࡅ֥າࠏ,ࣁֆ֥ڞ০ࣜ࠶࿐֥ႋႨ,ط൞ടࠣؿᅚࣜ࠶࿐ਵთ֥ವາࠏ္ྸ൞ᆃུݓࡅ۷၂Ϯ֥གྷའbᇏྏ໙ีbሧЧᅬ֥ष٢ѩ҂ሹ൞ࣜ࠶ఏ٦֥сေ่ࡱ,ၹູႵུݓࡅཞݢݓᄝཌྷؓٿо֥ሧЧᅬሑ¹Pierre-OlivierGourinchas,OntheBenefitsofCapitalAccountLibera-lizationforEmergingEconomies,PrincetonUniversity,NBERandCEPR,Olivier༯္Ⴕޓնؿᅚbંೂޅ,ଖᇕྙൔ֥ሧЧᅬJeanneIMFandCEPR,May2002,.ष٢ᄝ၂ུݓࡅӮۿ֥ؿᅚᅞᇏఏܱቔႨbᆃቀºሱൌགྷ(self-fulfilling)າࠏ,ࠧ၂ݓࣜ࠶ࠎЧ૫ॖିбࢠݺ,൞ఃᇏଖུࣜ࠶эਈѩ҂൞ޓམ,ႮႿᇕᇕჰၹ,܄ᇙؿളܴׄaၛඪૼሧЧᅬሱႮ߄ބఃᄹӉࠗৣᆟҦᄝᆃུ౦aྐྏഈ֥ொҵ,܄ᇙྐྏ҂ቀ๙ݖ൧ӆࠏᇅঔ,֝ᇁ൧ӆ܋ᆒ,າࠏሱൌགྷb෮ၛ,ᆃোંଆ္Фӫ/ູሱൌགྷൔ0າࠏଆbঃ༯൞ཌྷҀӊ֥b»PhilippeMartin,FinancialGlobalizationandEmergingMarkets:WithorWithoutCrash?,FederalReserveBankofNewYorkandCEPR,HlneRey,PrincetonUniversity,CEPRandNBER,May2002,.)19)
ࣁವሱႮ߄Տࠗࣜ࠶ᄹӉ֥ࠏᇅ ᄝGracielaLauraKaminskyބീᆞ൧ӆാਲ֥ࡓܵمᄵbࠧᄝ၂۱ਅݺ֥ࣜ࠶֥࣮ᇏ¹,ؓ28۱Ӯඃࣜ࠶ุބྍྖݓࡅο୍սุؓᇏ,ೂݔᇅ؇ބࣁವ൧ӆсླ֥ࡓܵॿࡏ൞ЊఃݓଽࣁವࠏܒሧЧᅬ֥ष٢ބຓݓࣉೆЧݓܢ൧,֥ପહࣁವࠏܒ֥հ༂ྛູࣼم॥ᇅ,Ֆطູࣁವ֥ဆࣉݖӱࣉྛٳ༅,ંඍਔࣁವ൧ӆ֥ଽຓ҆ሱႮ҆ԛགྷ༢ྟ໙ีઘ༯ႅߑbᇅקѩൌീബരࡓܵ߄ི֥ႋb࣮ࢲݔ൞,ࣁವሱႮ߄ॖၛႄؿࣁܿᄵؓؿᅚᇏݓࡅط఼ט֤ᄜ؟္҂ݖٳbವᄝ؋௹ଽӑభؿᅚ,ႄؿࣁವࠏܒэ߄Ֆط՜ࣉࣁֻ,ࣁವሱႮ߄֥ުݔॖၛ൞؟ᇗ,֥ᆞّਆٚವ൧ӆ۷ݺ֥ᄎቔbႮ٢ࣁವܵᇅԨؿ֥ࣁವڿ૫֥ቔႨႵൈॖି൞ཌྷַཨ֥bၛࣁವԷྍູ২,,۪Їওؓၿྛ҆٢ܵᇅ,ၿྛࡓ֥ܵڿ,ၿྛ20ൗࡀ80୍սᇏ௹༆ٚݓࡅࣁವԷྍղ֞ۚڂ,ః֥Ⴕ߄,ؓຓݓሧᆀष٢ၿྛ෮Ⴕಃ,ൌീݓଽࠊᇏ҆ٳԷྍཛଢ൞ູܿхᇏနၿྛܵܿᄵ֥,ᄝл֥ሱႮؑߐ,ᄍྸຓݓದᄝݓଽሧބݓଽं༆ٚൗࢸၛ٢ࣁವܵᇅູหᆘ֥ࣁವሱႮ߄শӖᆭሧຓݓ,ႄࣉ۷گᄖ֥ࣁವࠏܒ,ᄹࡆૼ؇ބྐ༏,ުၿྛᇁ৯ႿࣁವԷྍ֥৯ૼཁ༯ࢆbࣁವሱႮ,ၛࠣЌሧᆀބཬܢת֥০ၭbᆃུэ߄Ⴕᇹ߄ࡆնਔग़ބࣁವြሱദ֥ڄགb০ੱބ߸ੱܵᇅႿڿྐႨٳބࡨӑӈ֥ࣁವᆑ֕b൞,ࣼ؋֥ࢳԢ֝ᇁ൧ӆ۷նږ؇֥ѯbᄝಆି߄ၿྛᇅ؇௹ིႋط,ࣁವሱႮ߄ॖି൞٤ӈ७,֥ၹՎ,ൌ௴֥ࠣߌᇏ,അြၿྛնਈടቀۚڄག֥ြༀਵთ,ീᆞಒ֥ᆟҦ၇ಖ൞ϥᄝྍྖؿᅚᇏݓࡅ૫భ֥ڄགሧӁૼཁᄹ؟bሧЧሱႮੀ่ࡱ༯۷؟֥ݓࡅีbۋ൳֞ਔݓ࠽Ⴓሧ֥ԊࠌѯbၹՎ,ࣁವሱႮ߄ᆟҦ֥ൌീބವೆࣁವಆ౯߄֥ծീႋھ൞ಃޙ০рᆭު֥ബരठᄴb启示与结论ֻඹ,ࣁವሱႮ߄აາࠏႵܱ,ުᆀѩ٤భᆀ֥сಖࢲݔb໙ีᄝႿؓࣁವሱႮ߄ࣉӱ֥ᅧ॥ބҠቔ൭؍֥࿊ᄴbೂ20ൗࡀ90୍սԚ௹ૅݓࣜ࠶࿐ࡅ Ֆᇙ؟࿐ᆀ֥࣮ބࢲંᇏ҂ु֞,Ⴕུܴׄກઔථ#ݚغણaऺ໓#ଥ֡क़ބථֺ۬০Շ֩ದิԛ൞ཌྷҀԉބ҂؎ؿᅚ֥,ߎႵ၂ུනམ൞ཌྷሏࠌ/֥ࣁವჿඏં0෮ᆷԛ֥,ࣁವሱႮ߄҂֩ႿሱႮ٢മᇀ൞ࢩಖؓ৫,֥طޓ؟໙ี၇ಖ൞࿇طໃथ,֥,္҂ၩሢ٢ఙࣁವധ߄bᄝࣁವധ߄֥ݖӱᇏ,൞,ᆃུஷሏၐ߶ջ۳ૌޓ؟֥ఓൕb҂ॖି္҂ႋھಆ૫aӞָֹ٢ष۲ᇕࣁವܵᇅ,ط൞ֻ၂,ࣁವሱႮ߄൞၂ᇕ൭؍,ط҂൞ଢ֥Чദbෛሢࣜ࠶ބࣁವ֥ؿᅚൌྛᇯ҄ݖ؈,࠻ᇿᇗࣁವࠏࣜ࠶ᄹӉބഠ߶ڞ০֥ิۚҌ൞ଢ,֥طղ֞ᆃ၂ଢܒ֥ࡹഡބིੱ,ൈ۷ᇿᇗЌӻࣁವุ༢֥໗ࡲބ֥֥ᇏࢺଢѓ൞ࣁವؿᅚbࣁವሱႮ߄ᆟҦᆺ൞ޡܴࡆ఼ႋؓຓ҆Ԋࠌ֥ି৯bࣜ࠶ᆟҦ֥၂҆ٳ,ؓࣁವؿᅚՖطؓࣜ࠶ᄹӉ֥[收稿日期:2003-03-27]ིႋေ൳ᇅႿ၂ݓ֥ൎࠎԤބഠ߶aᆟᇍ่ࡱമᇀ[修回日期:2003-05-18]ࣁವြ֥ࢲܒ,ߎႵൈ௹֥ఃࣜ࠶ᆟҦbष٢ሧ[责任编辑:刘庆芳]Чᅬᆺ൞ࣁವሱႮ߄֥၂ᇕط҂൞ຸ၂֥ٚൔࠇࣥbࣥႵљ,൳ᇅ֥ߌ҂,ࢲݔ္߶ႵҵၳbࣁವሱႮ߄ބಆ౯߄҂ֆֆ൞၂ུൈ֥ᷮՍ߸,ط൞၂۱ԉડ؛ބႺࠈ֥ൎؿᅚݖӱ,ವೆᆃ၂ݖӱ൞ૼᇆ,֥֒ಖ,ವೆ֥ൈࠏaࣥၛࠣӱ؇ॖၛႵሱ֥࠭࿊ᄴ,മᇀॖၛႵ෮Ќbֻؽ,ሱႮ߄൞ཌྷؓ,֥ࣁವሱႮ߄ބࣁವၝဢႵఃअཋྟbࣁವሱႮ߄ѩ҂֩ႿཨԢᆟکۄყ¹GracielaLauraKaminsky,Short-RunPain,Long-RunGain:The,္ྸᆞཌྷّbᆺ൞ᆟکۄყބࡓ֥ܵࣥބٚمႋႵ෮ሇэb໙ี֥ܱᄝႿᆟک൞ڎႵຬᇅקѩൌEffectsofFinancialLiberalization,GeorgeWashingtonUniversity,,TheWorldBank,May28,2002,.)20)
,2003WorldEconomicsandInternationalPoliticsAbstractsThePrincipleofStrategicConcentrationandItsSignificanceShiYinhong(1)(4),,butalsotothephilosophy,values,-stituteawin-winapproachwithbenefitsforall,andcoexistence;developmentwithsel-finitiative,openness,ahuman-centeredmentalityandsustainability;globalizationencouragingsufficient,rationalmobilityofallfactorsofproduction;globalgovernancewithbalancedauthorizationandaccountability;(11)Afterthereformsandopening-uppolicieshavebeencarriedout,,theimplementationofexpansionaryfiscalpolicieshasstrengthenedthead-ministrativemonopolyofthegovernment,aswellastheroleofthestateasthemaininvestor,,,:AMechanismforStimulatingEconomicGrowthQinFengming(17),financialliberalizationisakindoftoolforeconomicgrowth,notanendinitself;second,liberalizationisnotabsolute,neitherarefinancialliberalizationandfinancialrepression;third,theresultsoffinancialliberalizationarediverse,)77)
,2003andthecostsandbenefitsmayoffseteachother;andfourth,(21),wecanconcludethatinternationaleconomicrelations,whicharemarginalized,comprehensive,andindependent,musthavesomecloserelations,aswellasapparentdifferences,withworldeconomics,internationaleconomics,internationalpolitics,internationaleconomiclaw,internationaltrade,internationalfinance,(27)Inthemid-1980s,thedominantpositionofrationalismininternationalrelationstheories,-er,,,,,bydeeplydissectingtheontology,epistemology,andmethodologyofconstructivism,theauthorbelievesthattheconstructivistemphasisonthesocialculturalstructureinworldpol-itics,tosomeextent,-ImperialismZhangYao(33)AfterSeptember11,-imperialismregardsAmericaisthe/RomanEm-pire0ofthecurrentworld,andthatAmerica,facingsomenewsecurityissues,-imperialismappearedinclude:first,;second,the/messianic0andsubconsciousideaofempireintheAmericanhistoricprocessprovidedaconsciousbase;andthird,-imperialismhashadsomenegativeeffectsontheinternationalsituation,neo-imperialismisnotacompletetheoryofinternationalrelations,andithasnot,andwillnot,bethemainstreamoftheworldstrategyandforeignpolicyoftheUnitedStates.)78)
