论文部分内容阅读
如果外储不足以维持货币稳定,便只有提高利率,这又可能引起投资泡沫破灭。这一逻辑循环正是当下印度的写照。中国股市因摸着石头过河,缺乏顶层设计而十年涨幅归零。这方面印度堪称楷模,初期就注重制度建设。1990年代初,在资本市场改革之始,政府采取了一揽子举措,金融体系与西方的成熟市场全面接轨,成就了印度股市21世纪前十年的大牛市。金融改革的核心是金融体系
If the external reserve is not sufficient to maintain a stable currency, then only interest rates will be raised, which in turn may cause the investment bubble to burst. This logical cycle is the portrayal of the present India. China’s stock market jumped to zero in ten years due to the inability to touch the stones and the lack of top-level design. India is exemplary in this respect, focusing on system construction in its early days. In the early 1990s, the government adopted a package of measures at the beginning of the capital market reform. The financial system was fully integrated with the mature markets in the West and the big bull market in the Indian stock market in the first decade of the 21st century was achieved. The heart of financial reform is the financial system