In an ideal world, banking operations should ensure that there is a match between business strategy and loan assessment behaviour (Berger and Udell, 2004). However, in reality, banks are confined within a highly institutionalised environment which shapes their lending behaviour. Banks operate between two spectra in terms of regulatory environment, with policies based either on financial repression or liberalisation. Repressive policies are more common in the banking sector than capital markets. According to McKinnon (1973), financial repression is defined by various policies whereby the state influences credit allocation in channelling financial resources to priority areas identified by the government and micromanaging banks’ lending behaviour through interest-rate caps, collateral requirements and capital controls. Financial liberalisation, on the other hand, is regarded as an efficient means of fostering competition and inviting growth impulses from abroad (Bartolini and Drazen, 1997). After a series of decisions supporting financial liberalisation which took place from the 1970s to the 1990s, this type of policy has been intensively studied by scholars. However, there is still no consensus on whether it has positive or negative impacts.
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机译：在理想的世界中，银行业务应确保业务战略与贷款评估行为之间存在匹配（Berger和Udell，2004）。但是，实际上，银行被限制在一个高度制度化的环境中，这决定了它们的借贷行为。银行在监管环境方面在两个频谱之间运作，其政策基于金融抑制或自由化。压制性政策在银行业比资本市场更为普遍。根据McKinnon（1973）的说法，金融压制是由各种政策定义的，国家通过利率上限，抵押品要求和资本控制，将金融资源引导到政府确定的优先领域，并通过微观管理银行的放贷行为来影响信贷分配。另一方面，金融自由化被认为是促进竞争和吸引国外增长动力的有效手段（Bartolini and Drazen，1997）。在从1970年代到1990年代发生了一系列支持金融自由化的决定之后，学者们对这种类型的政策进行了深入研究。但是，对于它的正面或负面影响仍未达成共识。
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