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金融约束的本质就是政府为金融部门和生产部门创造租金机会,而租金来自居民部门,这种租金的转移及再分配会对居民消费产生抑制效应。金融约束政策抑制居民收入增长有直接和间接两种方式;而从理论上讲,金融约束政策实施的目的是促进经济增长,进而促进居民消费,因此,金融约束对居民消费的影响并非线性关系。文章构建金融约束指数来测度中国金融约束政策的强弱,并实证检验了金融约束政策对居民消费存在阈值效应;提出了放松金融约束、促进居民消费的几点建议。
The essence of financial restraint is that the government creates rent opportunities for the financial sector and the production sector while rent comes from the resident sector. Such rent transfer and redistribution will have a restraining effect on the consumption of residents. Financial restraint policy has two direct and indirect ways to curb residents’ income growth. In theory, the purpose of financial restraint policy is to promote economic growth and then promote household consumption. Therefore, the effect of financial restraint on household consumption is not linear. The article constructs the financial constraint index to measure the strength of the financial restraint policy in China, and empirically tests the threshold effect of the financial restraint policy on the resident consumption. It puts forward some suggestions to relax the financial restraint and promote the consumption of residents.