20世纪80、90年代,许多发展中国家致力于金融体系的广泛改革,开放金融体系,使其更多地由市场所导向。这种自由化,尤其是放松金融抑制,部分是由麦金农和肖学派的成果而引发的。 本文认为,近年来,在发展中国家金融体系的发展中,除了放松金融抑制外,已出现了一种新的重大要素——股票市场的建立和快速扩张,在主要的发展中国家内部及外部的金融自由化过程中,这些市 In the 1980s and 1990s, many developing countries committed themselves to the extensive reform of the financial system by opening up the financial system and making it more market oriented. This liberalization, and especially the easing of financial repression, was driven in part by the fruits of the McKinnon and Shaw School. This paper argues that in recent years, in addition to easing financial containment, a new major element has emerged in the development of the financial system in developing countries: the establishment and rapid expansion of the stock market; the development of the stock market in and outside the major developing countries The financial liberalization process in these cities