金融自由化是东亚金融危机中备受人们责难的一项政策选择,但研究发现,东亚地区的金融自由化存在着两重性,即形式上的美国式金融自由化的调整和实质上存在着的经济制度金融自由化的障碍,这种金融自由化的障碍产生于实际经济领域中外向型经济的制度选择,这种制度选择是以对外部市场和资源的依赖为特征的,而这一特征决定了东亚地区在金融自由化的过程中不可能完全放松对利率的管制,这必然产生金融自由化过程中目标和实际效果的差异,这些差异反过来又会造成实物经济领域中的两难困境。

Financial liberalization has for a long time been accused as one of the major causes for Eastern Asia financial crisis. A close investigation, however, reveals that the existence of a two tier system of financial liberalization in Eastern Asia, namely the adjustment of America style financial liberalization in outward form, and the intrinsic barriers existing in economic system liberalization. Such obstacles arise from the fundamental choice of export oriented economy, which is characterized by its reliance upon external markets and resources. Thus on the road to financial liberalization, the government can not fully relax the interest rate control, as to do so will certainly result in an enlarged gap between the liberalization goals and results, which in turn will create a dilemma in real economy.