金融结构趋同、经济增长差异与金融发展模式选择

(300457)F830.9A1Svejnar[1]Kocénda[2]BerglofBolton[3]Pyle[4],GdinelliPovelli[5]11231213451999974.94223.231.43+84.577.93.1467.4399.12.8453.1238.56.3369.71341.911.9342.37725.014.53+71.73141.710.23+84.52550.740.0386.5286612.9385.03450.336.6353.7237641.913.1264.416112.53.32SourceIMFInternationalStatisticsFromBerglofandBolton,20021two-tiredsgard199660802(2)Abel&Brassion200240%50.7%;52.8%4.23%86.7%9495969798992000102416351588276261164154000222625234042454955666501734506970641335746060760546444656314319822122125172126282834192181687283784584316261515998828842471776575358255578721707320823720721809699102113117120Claessens,DjankovandKlingebiel2002332Berglof&Bolton42King&Levine(1993)Levine&Zervos(1998)GDPGDPBerglof&Bolton2002Tadesse2000Terr20020501001502009596979899200020014024689596979899200020013TadesseBerglof&BoltonGDPGDPGDPEBRD43+4+2220021978-2000Sachs19994906200290GDP50%905983Berglof&BoltonLevine&Zervos20002002200120022002Tadesse2000Terr200212345641overbanked234751JanSvejnar.TransitionEcononics:Performanceandchallenges[J].JEP.Vol.16.No.1,2002.2EvzenKocênda.“Macroeconomicscovergenceintransitioncountries”[J].JCE.Vol.29No.1March2001.3ErikBerglofandPatrickBolton.“TheGreatdivide:Finacialarchitecureintransition”[J].JEP.Vol.16No.1,2002.4WillianPyle.“Overbankedandcreditstaved:Aparadoxofthetransition”[J].JCE.No.3.2002P25-50IMF:InternationalStatisticsFebruary,20025RobertGolinelliandRicardoPovelli.“Painlessdisinflation?MonetarypolicyrolesinHungary1991-1999”[J].EconomicsofTransition.Vol.10(1).2002.P55-91.6AndrewW.MullineuxandChristopherJ.Grter.“EconomicperformaceandfinancialsectorreformincentralandEasternEurope.”BookcraftBathLtd.1999.7SaulEstrinGiovanniurgaandStepunaLazarova.“Testingforongoingcovergenceintransitioneconomics.1970-1998”[J].JCE.Vol.29.No.1March2001.8GamalIbrahimandDaughamGalt.“Bye-byecentralplanning.hellomarkethicaps:institutionaltransitioninRomania”.EconomicsofCambridge2002.26P105-118.9.[J]..200112.10.[J]..20022.11.[J]..20023.12.[J]..20029.13.[J]..200210.14.[J]..20028.15.[J]..20023.16.[J]..200111.ConvergenceofFinancialArchitecture,DivideinEconomicsGrowthandChoiceofFinancialDevelopmentPatternsLiZe-guangAbstract:Therearegreatdivideineconomicperformanceamongtransitioncountryaftertenyearsofreformanddevelopment.Yetthetrendofconvergenceinfinancialarchitecturehasalsoappeared.Howdoesthefinancialdevelopmentpatterndeterminedbyfinancialarchitectureaffectstheeconomicgrowth?Whathascausedthegreatdivide?Thisarticletendstomakethisrelationsclear.Aftercomparativeanalysis,wesupporttheopinionthatChinashouldcoordinatethedevelopmentofbankingsectorandcapitalmarket.Eventually,somepolicyimplicationsareprovided.Keywords:ConvergenceinfinancialarchitectureEconomicperformanceBank-basedMarket-based2003-05-288199994+2AlbaniaBelarusBosnia-HerzegovinaGeorgiaTajikistanTurkmenistan3GDP49