转轨经济中的金融中介及其演进:一个新的解释框架

In the economy in transition, the nature and evolution of the financial intermediary remains a puzzle to be solved.Because the mainstream theory of financial intermediaries cannot explain it reasonably,it is necessary to establish a brand-new theoretic framework.This paper , first of all, by means of the introduction of the concept of privilege costs, will attempt to describe the logical relations between income levels and financial intermediaries. The financial intermediary is actually, we find, the result of people’s economy in privilege costs which are increasing with the rise of income levels. However, there is a time lag between the efforts made by the party concerned to economize privilege costs and the presence of intermediaries, a lag leading to a loss of the relative effect of these efforts. This inference has virtually endowed exogenous intermediaries in the transit economy with a meaning of increase in efficiency. But having made a further division of the concerned parties, we find that, owing to the existence of "debtor substitution",in the economy a pattern of quite imbalanced effect increase has appeared according to which the private creditor and the national debtor are benefited most while the private debtor is far from satisfied. The knot lies in that if private debtors are not allowed in, exogenous financial intermediaries are but a device to protect against risks; and that if the state tries to spread risks by means of financial markets which still repel private debtors, that will ultimately prove to be a wishful thinking. The non-market contract nature of the national debtor, as a matter of fact, has long pegged down the nature and effect of the financial intermediary and market in transit economy--this nature and effect, in a certain sense,are nothing but the unfolding and deepening of the inherent contradictions in national debtors.