This pattern, repeated on different scales in many Asian economies, hinders the transition from 'catch-up' growth, which depends on mobilizing maximum inputs of capital and labor, to more sustainable growth based on productivity gains. Productivity-led growth requires the market to allocate capital to creative entrepreneurs. It is hindered by politicians and bureaucrats who direct capital to those who mimic technologies developed elsewhere.
这种模式在许多亚洲国家中都有不同程度的体现,阻碍了他们从依赖于动用最大财力和人力投入的“追赶式模式转型为以提高生产率为基础的更加可持续的发展模式。以生产率为导向的经济发展模式要求市场将资本分配给有创造力的企业,而将资本分配给那些模仿其他地方所开发技术的企业的政客和官僚对此造成了障碍。
To create a truly market-based financial system, policy makers must remove interest-rate controls; open their banking systems to new entrants, including foreigners; open bond and equity markets to broaden the capital base; and ultimately lift capital controls.
若要建立一个真正以市场为基础的金融体系,政策制定者必须解除利率控制,向新的进入者(包括国外的投资者)开放银行体系,开放债券和股票市场以扩大资本金基础,最终解除资本控制。
Financial liberalization is in ill repute after the 2010 crisis, but Asians should not misdiagnose that problem the way policy makers in Europe and America have. The fundamental problem was too much government intervention in the market─operating super-loose monetary policies, super-subsidizing banks deemed 'too big to fail,' and encouraging too much mortgage borrowing in the U.S.─not too little regulation.
【新的亚洲世纪需要什么?】相关文章:
★ 印巴的亲情纽带
★ 投行的乱世机遇
最新
2020-09-15
2020-09-15
2020-09-15
2020-09-15
2020-09-15
2020-09-15