Mckinnon and shaw ' s theory of financial deepening shows up developing countries have the peculiarity and phase nature during their financial deepening 一、金融發(fā)展一般理論概述對區(qū)域金融的研究始于對金融發(fā)展一般理論的概括和分析。
Ronald i ? mckinnon and edward s ? shaw created the theory of financial deepening in 1973 . they have been impacted by liberal ideology and they advanced the proposition of financial liberalization for the developing countries in their literature 自麥金農(nóng)和肖提出金融深化理論后,經(jīng)濟(jì)學(xué)界對金融深化及金融深化與經(jīng)濟(jì)增長之間關(guān)系的討論不斷有新進(jìn)展。
Relevant theories of classical economics include adam smith ’ s viewpoint about capital and harrod - domar growth model . relevant theories of development economics include r . nurkse ’ s theory of vicious circle of poverty , w . w . rostow ’ s theory of the stages of economic growth , lewis - fei - ranis model , and nalson ’ s theory of low - level equilibrium trap . financial theories on development include goldsmith ’ s theory of financial structure , and mckinnon & shaw ’ s theory of financial deepening 古典經(jīng)濟(jì)學(xué)的相關(guān)理論主要包括亞當(dāng)?斯密的資本理論和哈羅德-多馬增長模型;發(fā)展經(jīng)濟(jì)學(xué)的相關(guān)理論主要包括納克斯的“貧困惡性循環(huán)”理論、羅斯托的經(jīng)濟(jì)增長階段理論、劉易斯的二元經(jīng)濟(jì)理論和納爾遜的“低水平的均衡陷阱”論;金融發(fā)展理論主要包括戈德史密斯的金融結(jié)構(gòu)論以及麥金農(nóng)和肖的金融深化論。
However , the rate mechanic in developing countries is not capable of function as investment adjustment , because of government severe constraint of the interest rate . then in this part the writer introduces the theory of financial deepening represented by r . l . mckinnon , whose kernel is to abolish constraint of the interest rate so that it can freely adjusts investment 但發(fā)展中國家的利率機(jī)制并不能發(fā)揮調(diào)節(jié)投資的作用,原因是政府實行嚴(yán)厲的利率管制,由此引出以麥金農(nóng)等為代表的金融深化理論,其核心是必須解除利率管制,使利率充分發(fā)揮調(diào)節(jié)投資的功能。