| More than30years have passed since the reform and opening-up policy wasenacted. The development of China’s financial industry has made great achievements,while there are also prominent problems. Now it is in a critical point for the reformand development of China’s financial industry. It is of great significance for thefurther development of China’s financial industry to review and analyze the level ofChina’s financial efficiency and its performance, as well as to compare with othercountries in the same period.In accordance with the definition of the content of financial efficiency, this paperdoes a comparative analysis of China and the United States in several perspectivesincluding the efficiency of monetary policy, the efficiency of savings mobilization,the efficiency of savings and investment conversion (divided into the efficiency ofcapital formation and capital allocation) and the macro-financial efficiency of the twocountries. The results of factor analysis show that in the1990-2011sample period, themacro-financial efficiency of China and the United States both show great volatility,and they have significant convergence on the overall efficiency. But by dividing themacro-financial efficiency performance into the efficiency of monetary policy,savings mobilization, capital formation and capital allocation, it shows apparentdifferences between the two countries. The reasons for above characteristics aresophisticated.In order to improve the efficiency of China’s macro-financial performance and toreduce its volatility, China should refer to American financial development practice.On the one hand, China should learn from its advanced experience, on the other hand,China must avoid the interference taken by its adverse factors. |
PDF Full Text Request