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民国时期存在两种金融监管制度,即1927年前的市场化监管制度和国民政府时期的行政化监管制度。新比较经济学给出的分析框架可以考察民国时期金融监管的演进:民国金融业的初始状态处在制度可能性曲线的独立执法状态,随着北京政府对金融业逐渐失控,金融业进入私人侵占的私立秩序状态,导致了金融业的混乱。南京国民政府成立后逐步确立政府统制的行政化监管制度,此种制度因降低了市场化监管制度下私人侵占而导致的高额损失,有利于中国金融业的发展。抗战以后,国民政府对金融业实施严厉管制,金融业进入国家专制状态,因政府专制引致的社会损失不断增大,以致金融监管完全失灵,金融经济因之全盘崩溃。
During the period of Republic of China, there were two kinds of financial supervision system, that is, the market-oriented supervision system before 1927 and the administrative supervision system during the period of National Government. The analysis framework given by the new comparative economics examines the evolution of financial regulation in the period of the Republic of China: the initial state of the financial industry in the Republic of China was in the state of independent enforcement of the system of possibility curves. With the gradual loss of control by the Beijing government over the financial sector, the financial industry entered a private occupation The state of private order, led to the confusion of the financial industry. After the establishment of the Nanjing National Government, the administrative supervision system of government control was gradually established. Such a system was conducive to the development of China’s financial industry due to the high losses caused by the reduction of private encroachments under the market-oriented regulatory system. After the war of resistance against Japan, the national government severely controlled the financial industry, the financial industry entered the state of autocracy, the social losses caused by the government tyranny continued to grow, resulting in the complete failure of financial supervision and the collapse of the financial economy.