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【关键词】 金融危机;中等收入陷阱;中等收入经济体;宏观审慎监管;金融自由化;


Financial crisis and middle-income trap

YAO Zhizhong1

(1.Institute of World Economics and Politics, Chinese Academy of Social Sciences.)

【Abstract】The middle-income trap is caused by mid-income economies’ economic instability, which results from frequent financial crises in those countries triggered by structural problems as a result of the economic and social transformation in the countries. The key to avoiding the middle-income trap is to prevent financial crises, and to that end, those countries need to establish a strong political framework to support reform and prudential regulation. They should devise policies to push fiscal and financial reform in a timely and prudential manner. Technically, they should resort to prudential macroeconomic regulation to maintain financial stability and establish mechanism to effectively handle financial crises and accelerate post-crisis recovery. As a middle-income economy, China is also facing the risk of financial crisis and the key to guarding against future financial crisis is to prevent unsound financial liberalization and mismanagement of corporate debts.

【Keywords】 financial crisis; middle-income trap ; middle-income economy; macro-prudential regulation; financial liberalization;


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This Article


CN: 11-3799/F

Vol , No. 06, Pages 33-42+5

November 2015


Article Outline


  • The source of the middle-income trap is economic instability
  • The major source of economic instability of middle-income economies is financial crisis
  • Why financial crisis frequently breaks out in middle-income economies
  • Preventing financial crisis is the key to avoiding the middle-income trap
  • Whether financial crisis will emerge in China recently
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