中文摘要：

金融抑制下的价格扭曲导致资本错配。如按竞争价格衡量，被保护部门增加值为负。负增加值是自由化的基本风险源。成功的自由化须硬化政府与借款人的预算约束，推进实际部门自由化；在自由化进程中重建金融中介使之熟谙风险管理，并辅以审慎监管，最后是开放资本市场。抑制政策及程度的差异使得初始条件迥异，各国自由化内容和路径选择也不同。内容缺省和路径错序都会使泡沫破灭，引发危机。

英文摘要：

Financial repression leads to the distortion of price system and capital mismatch. The added value of the protected sectors may be negative if it is measured by the competitive prices. The negative added value is basic risks resource during reform process. A successful liberalization should include a rigid budget for the borrowers and the government, and the liberalization of real sectors. The government should reconstruct its banking system, improve its risks management and exercise a prudent supervision; finally its capital market should be opened. The content and the correct order are different because of the different repression polices and financial system. The crises may burst out if there is content absence or disorder of path.