拉美的金融自由化与金融危机financialliberalizationandfinancialcrises.ppt

进口替代时期拉美的金融业Latin America’s financial sector during the ISI period 在实施进口替代工业化发展模式时，拉美国家仅注重实际经济的发展：工业化、农业现代化、对外贸易、技术转让，等等。金融部门在国民经济中的地位较低。 In the ISI era Latin America only emphasized the development of the so-called real economy like manufacturing, agriculture, trade, technology transfer, etc. Therefore, the position of the financial sector was marginalized. 虽然拉美国家也关注投资和融资，但关注的重点是如何吸引FDI，如何获取双边或多边援助，如何举借国际商业银行的贷款。 Though Latin America paid attention to investment and financing, it only focused on how to attract FDI, bank credit and foreign aids. 即便是影响拉美经济发展近40年的发展主义理论（或“中心－外围”理论），也基本上没有涉及发展金融业的重要性。 Even Raul Prebisch and his “center-periphery theory” failed to recognize the importance of the financial sector. 70年代拉美国家的金融自由化Latin American financial liberalization in the 1970s 70年代, 南锥体国家（如智利、阿根廷、乌拉圭）曾实施过金融自由化。其内容是利率市场化、取消定向贷款和降低储备金率，等等。 In the 1970s the Southern Cone countries carried out neoconservative experiments, and financial liberalization was one part of the reform programs. It included marketization of the interest rate, elimination of the target loans and reduction of the reserves. 70年代的这一次金融自由化后因爆发了不同程度的银行危机和80年代的债务危机而停止。 This episode of liberalization ended in repeated banking crises and debt crises. 90年代的拉美金融自由化Latin American financial liberalization in the 1990s 与70年代相比，90年代的金融自由化具有以下两个特点（1）实施金融自由化的国家不再限于少数，而是遍布整个拉美大陆。 Compared with the 1970s, financial liberalization in the 1990s acquired new features: (1) Almost all the countries in the region carried out financial liberalization. (2)金融自由化的范围更广。除70年代实施的放松利率管制、取消定向贷款和降低银行储备金比率等措施以外，90年代的金融自由化还包括以下内容：对国有银行实施私有化、积极引进外国银行的参与、加强中央银行的独立性。 （2）In addition to loosening control on interest rate setting, eliminating target loan and reducing bank reserves, Latin American countries also privatized state-owned banks, encouraged the participation of the foreign banks and strengthened central bank independence. 90年代拉美金融自由化的成效 What has been achieved? 它在一定程度上缓解了“金融压抑”，使金融机构的业务范围不断扩大，金融部门在国民经济中的地位进一步