|
Latin American countries started their financial reforms after they achieved initial progress in the overall economic reforms. Before the reforms,the Latin American financial system was characterized as having a central bank which possessed too great functioning power but lacked necessary autonomy,thus leading to the so called“financial repression”. It made the banking system suffer from high costs, low efficiency,defragmentation,slow growth of savings and investment and capital flight. Financial reforms... Latin American countries started their financial reforms after they achieved initial progress in the overall economic reforms. Before the reforms,the Latin American financial system was characterized as having a central bank which possessed too great functioning power but lacked necessary autonomy,thus leading to the so called“financial repression”. It made the banking system suffer from high costs, low efficiency,defragmentation,slow growth of savings and investment and capital flight. Financial reforms in Latin American countries include eliminating interest rates control, reducing forced credit allocation,lowering bank reserves requirements,increasing bank autonomy and even privatizing some of the banks. All these reform measures succeeded in lessening direct government control and raising economic efficiency. At the same time,however,due to the lack of prudent supervision,financial reforms in some countries caused great shocks an even crises. As a result,it can be concluded that financial liberalization is not necessarily the effective way to deal with “financial repression”. Future financial reforms in Latin America would lay emphasis on increasing supervision and strengthening the non banking sectors. 试论拉丁美洲国家的金融改革黄红珠拉美各国自80年代初陷入债务危机以后就开始了调整和改革进程。但大多数国家是在第一阶段的改革取得初步成功即宏观经济取得基本稳定之后进行金融改革的。智利在1988年前已基本完成金融改革;其他拉美国家在1988年以后才实行金... In the sense of C/D,cash holding ratio is actually decided by the central bank.It changes according to the monetary base.So this rate influences neither money multiplier nor the money supply.While in the sense of C 1/D,cash holding ratio is determined by the public.When the monetary base undulates, it keeps steady.Then it is involved in the determination of money supply as an element which influences the money multiplier,and at the same time,makes the money multipliers of the two parts of monetary base——cash... In the sense of C/D,cash holding ratio is actually decided by the central bank.It changes according to the monetary base.So this rate influences neither money multiplier nor the money supply.While in the sense of C 1/D,cash holding ratio is determined by the public.When the monetary base undulates, it keeps steady.Then it is involved in the determination of money supply as an element which influences the money multiplier,and at the same time,makes the money multipliers of the two parts of monetary base——cash circulation and bank reserves——change accordingly.Therefore,the structure of monetary base influences the money supply as well. 在 C/ D形式上 ,现金持有比例实际上是由中央银行决定的。它会在高能货币变化时变化 ,因此不是影响货币乘数的因素 ,从而也不是影响货币供给的因素。在 C1 / D形式上 ,现金持有比例是由公众决定的。在高能货币变化时 ,它保持稳定 ,从而作为影响乘数的因素参与货币供给的决定 ,并导致高能货币的两个部分——现金发行和商业银行储备——的货币乘数不同。这说明高能货币的结构也会影响货币供给。 Mexico is one of the developing countries that have a relatively advanced banking system. In April 1989, the Salinas administration started the process of liberalizing the banking sector by eliminating bank reserve requirements. This process was completed by September 1991. In May 1990, the Constitution was amended to pave the way for banking privatization. Between 1991 and 1992, 18 banks were privatized. Before 1990, foreign banks were forbidden to operate financial intermediaries in Mexico. In April... Mexico is one of the developing countries that have a relatively advanced banking system. In April 1989, the Salinas administration started the process of liberalizing the banking sector by eliminating bank reserve requirements. This process was completed by September 1991. In May 1990, the Constitution was amended to pave the way for banking privatization. Between 1991 and 1992, 18 banks were privatized. Before 1990, foreign banks were forbidden to operate financial intermediaries in Mexico. In April 1994, in accordance with NAFTA, Mexico announced regulations to allow the American and Canadian banks to set up branches there. More liberalization efforts have been taken in the subsequent years. 早在 1 9世纪 6 0年代 ,墨西哥就开设了第一家银行。自 2 0世纪 80年代末以来 ,墨西哥银行私有化和外国化的步伐加快 ,目前 ,外资已占墨西哥银行总资产的一半左右。墨西哥银行体系的发展经历了 4个阶段 :创始阶段 (1 86 4~ 1 940 ) ;银行专业化阶段 (1 941~1 973 ) ;多功能银行的建立和银行的国有化 (1 974~ 1 989) ;银行私有化和外国化 (1 990~2 0 0 0 )。
|