本文關鍵詞： 利率市場化 商業(yè)銀行存款利率 貨幣市場 資本市場 貨幣政策　出處：《中國社會科學院研究生院》2002年博士論文　論文類型：學位論文

【摘要】： 上個世紀70年代末至80年代，全球經(jīng)濟最引入注目的現(xiàn)象之一，就是如火如荼上演的一波又一波金融自由化的浪潮，而利率市場化是其核心內(nèi)容，因為，利率不僅是金融體系中最重要的變量，也是市場經(jīng)濟最基礎的變量之一。缺少市場化的利率機制，市場經(jīng)濟至少是不完整的，這正是利率市場化成為20世紀末以來世界趨勢的主要原因。在這個意義上，研究利率市場化，也是在研究金融自由化。 在理論文獻中，利率市場化又稱利率自由化，指利率不再由貨幣當局直接決定，而逐步由市場供求自由決定，貨幣當局更多地以市場參與主體的身份通過市場交易等方式間接影響利率變動。利率市場化改革的要旨不是調(diào)節(jié)利率水平，而是改革利率(資金價格)的形成機制，使之成為反映宏觀經(jīng)濟運行狀況的準確價格信號。 利率管制的初衷是控制金融資產(chǎn)的分配，并通過這種控制加強銀行體系的安全，并促進經(jīng)濟增長。發(fā)達國家的利率管制源于1929～1933年大蕭條，例如美國于1933年頒布的《銀行法》，有了著名的“Q條例”的規(guī)定。發(fā)展中國家是在二戰(zhàn)后，為低成本積累資本，加速經(jīng)濟增長，對利率開始實行管制。到20世紀七、八十年代后，利率管制政策的優(yōu)勢逐漸降低，所產(chǎn)生的弊端開始暴露。發(fā)達國家由于利率管制反而造成銀行業(yè)經(jīng)營狀況惡化，發(fā)展中國家多數(shù)出現(xiàn)結構性缺陷，企業(yè)高負債經(jīng)營，資金利用效率過低。因此，利率市場化開始逐漸成為各國經(jīng)濟持續(xù)發(fā)展的必由之路。 在中國現(xiàn)已加入WTO的情況下，金融會遇到很多問題，，包括利率、匯率是否完全放開、能否保證貨幣政策的有效性以及資本自由流動與否。以上問題的平衡至關重要，如果不能同時解決好，就要有側重、有取舍，需要以更靈活的手段來調(diào)控。其中，建立一個市場化的利率體系是很重要的手段之一�？梢哉f，利率市場化問題在中國加入WTO后，變得日趨緊迫了。 針對我國利率市場化改革，本論文回顧、分析和判斷了其進程；挖掘了我國利率市場化改革的內(nèi)在邏輯；分析了我國利率與宏觀經(jīng)濟指標間的相關度和敏感性；分析并指出了當前利率市場化改革的難點及其原因，提出了需要進一步完善的微觀、中觀和宏觀條件。具體來說，本論文主要內(nèi)容包括： 論文第一和第二章，重點介紹了利率市場化的理論、實踐及其對經(jīng)濟增長和增長機制的績效。第一章，在綜述經(jīng)典利率理論、金融自由化理論和金融約束理論的基礎上，提出：不能為利率市場化而利率市場化，利率市場化不是一放了之，需要結合本國實際，著力發(fā)揮利率正向效應，真正使利率政策產(chǎn)生作用。為進一步說明這一觀點，分析了各國利率市場化改革的實踐經(jīng)驗和教訓，并以美國為例，總結了利率市場化改革的經(jīng)驗與啟示。 第二章，介紹了利率市場化對經(jīng)濟增長的作用，包括利率市場化的儲蓄效應、投資效應和優(yōu)化資源配置效應等，指出我國雖然還存在一些金融抑制的特點，但由于利率水平及資金 供求總量形勢已趨超越金融抑制理論解釋的范圍，所以我國利率市場化對增長的績效將更多 地體現(xiàn)在增長機制的轉(zhuǎn)變上。 論文第三章開始重點對中國利率市場化的研究。首先，對中國利率市場化改革進程作出 分析和判斷。指出由于學術界對利率市場化討論范圍的不同，導致對中國利率市場化進程判 斷的迢異。提出本文討論和界定中國利率市場化的范圍是全部金融活動，即將銀行市場、金 融市場，乃至非正規(guī)的資金融通都包括在內(nèi)。依據(jù)這一判斷標準，本文認為，中國利率市場 化的初始狀態(tài)，是在非國有經(jīng)濟內(nèi)以及非國有經(jīng)濟部分和國有經(jīng)濟部分的結合點上，以非正 規(guī)金融為依托展開的。正規(guī)金融使利率市場化邁開了實質(zhì)性的步伐。文中提出中國在利率市 場化的道路上已經(jīng)走得比較遠了，僅剩下國有商業(yè)銀行的（人民幣）存款利率尚未被自由化 浪潮所觸及。 通過對中國利率市場化進程的回顧，可以清晰地看出，利率市場化改革與中國整體經(jīng)濟 改革之間表現(xiàn)出近似一致的改革脈絡——內(nèi)生性。為更深人地理解中國利率市場化進程，掌 握利率市場化進程的規(guī)律，論文第四章對中國利率市場化改革的內(nèi)在邏輯進行了深入的理論 探討。提出中國利率市場化改革具有與經(jīng)濟體制改革相同的改革邏輯，即邊際改革（增量改 革），并通過資金市場的“雙軌制”特征，詳細闡述了“雙軌制”的資金市場是中國利率市 場化改革的內(nèi)生動力。 第五章，運用回歸計量分析檢驗了利率指標與儲蓄、消費、投資間的相關程度和敏 感性，旨在說明利率指標在宏觀經(jīng)濟中己經(jīng)扮演了非常重要的角色。這暗示出，利率市 場化改革在我國的必要性。因為，從邏輯上講，只有當利率己經(jīng)對我國經(jīng)濟運行發(fā)揮了 日益重要的作用，推動利率市場化才更具有合理性。換言之，為了避兔為市場化而市場 化的空洞討論，我們必須首先探尋利率與經(jīng)濟運行之間的內(nèi)在關系。 第六章，從商業(yè)銀行特點的角度，分析了存款利率市場化改革是難點的原因。這些特點 分別包括：商業(yè)銀行的存款構成了央行貨幣供應量的最重要部分；商業(yè)銀行的支付清算 服務具有“準公共產(chǎn)品”的性質(zhì)：商業(yè)銀行是生產(chǎn)金融信息最重要的部門，也是提供金 融信息最基礎部門；利差一直是
[Abstract]:The last century at the end of 70s to 80s, the global economy is one of the most striking phenomena, is like a raging fire staged a wave of the wave of financial liberalization, interest rate marketization is the core content, because the interest rate is not only the most important variable in financial system, also is one of the most basic economic variables. The lack of market interest rate the mechanism of the market, the market economy is not complete at least, this is the interest rate market has become the main trend of the world since the end of twentieth Century. In this sense, the study of interest rate marketization, but also in the research of financial liberalization.
In the theoretical literature, the interest rate market and interest rate liberalization, the interest rate is no longer directly decided by the monetary authorities, and gradually by the market supply and demand the freedom to decide, the monetary authorities more by market participants the identity of the impact of interest rate changes by way of indirect market transactions. The aim of interest liberalization is not to adjust interest rates, but the reform the interest rate (the price of funds) the formation mechanism, making accurate price signals reflect the macroeconomic situation.
The interest rate control is the original intention of controlling the distribution of financial assets, and through this control to strengthen the safety of the banking system, and promote economic growth in developed countries. The control of interest rates from 1929~1933 years of the great depression, for example, in 1933 the United States announced the "Bank Law >, the famous" Q "rules. In the developing countries after World War II, the accumulation of capital is low cost, accelerating economic growth, interest rates began to implement the control. By twentieth Century seven, after 80s, the interest rate control policy advantages gradually reduced, disadvantages arising from the beginning of exposure. Developed countries due to the interest rate regulation in banking but caused deterioration in business conditions, most developing countries there is a structural defect, companies with high debt operation, low efficiency of fund utilization. Therefore, the interest rate market began to become the only way which must be passed sustained economic development of all countries.
In China has joined the WTO, the finance will encounter many problems, including interest rates, exchange rates are fully liberalized, can guarantee the validity of monetary policy and free flow of capital. The crucial balance, if not solved at the same time, it should focus on a trade-off, need to control in a more flexible methods. Among them, the establishment of a market-oriented interest rate system is one of the important means. It can be said that the interest rate marketization in China after joining WTO, it is more and more urgent.
In view of China's market-oriented interest rate reform, this paper review, analyze and judge the process; mining the internal logic of China's interest rate marketization reform; analyzes the correlation and sensitivity of China's interest rate and macroeconomic indicators; analysis and pointed out the difficulties and reasons of the current interest rate market reform, put forward to to further improve the micro, meso and macro conditions. Specifically, the main contents of this thesis include:
The first and second chapter, mainly introduces the marketization of interest rate in theory, practice and performance of economic growth and growth mechanism. In the first chapter, reviewed classical interest rate theory, put forward the basic theory of financial liberalization and financial restraint theory, not for the marketization of interest rate and the interest rate market, the interest rate market is not a put that requires a combination of their own reality, exert positive effect of interest rate, the real interest rate policy effects. In order to further illustrate this point of view, the analysis of national interest rate marketization reform practice experience and lessons, and in the United States as an example, summarizes the experience and Enlightenment of the market-oriented interest rate reform.
The second chapter introduces the effect of interest rate marketization on economic growth, including the savings effect of interest rate marketization, investment effect and the optimization of resource allocation effect. It points out that although there are some characteristics of financial repression in China, interest rates and funds are also important.
The total supply and demand situation has gone beyond the scope of the financial restraining theory, so the interest rate marketization will be more effective for the growth.
It is reflected in the transformation of the growth mechanism.
The third chapter of the paper begins to focus on the study of China's interest rate marketization. First, the reform process of China's interest rate marketization is made.
It is pointed out that the difference in the scope of interest rate marketization in the academic circle leads to the process of interest rate marketization in China.
The quite difference. This paper discusses and defines the Chinese interest rate market is in the range of all financial activities, the bank market, gold
Market integration and even informal financial accommodation are included. According to this criterion, the Chinese interest rate market is considered in this paper.
The initial state of the transformation is in the non state economy and the combination of the non state economy and the state-owned economy.
Regular finance has made the interest rate marketization a substantial step. It is proposed that China is in the interest rate market.
The road on the field has gone far, and the interest rate of only the state-owned commercial banks (RMB) has not been liberalized.
The wave has touched it.
Through the review of the process of China's interest rate marketization, it can be clearly seen that the reform of interest rate marketization and the overall economy of China
In order to understand the process of China's interest rate marketization, the process of interest rate marketization should be understood deeply.
In order to grasp the law of interest rate marketization, the fourth chapter of the paper has carried on the deep theory to the internal logic of the reform of Chinese interest rate marketization.
The reform of China's interest rate market reform has the same reform logic as the reform of the economic system, that is, the Marginal Reform (incremental reform).
According to the characteristics of "double track" in the capital market, the capital market of "double track system" is the Chinese interest rate market in detail.
The endogenous impetus of the reform of the field.
In the fifth chapter, the correlation degree and sensitivity of interest rate indicators and savings, consumption and investment are tested by regression econometric analysis.
Sensibility is designed to show that interest rates have played a very important role in the macro-economy.
The necessity of the reform of the field in our country, because, logically, only when interest rates have been exerting on our country's economic operation
The increasingly important role of promoting interest rate marketization is more reasonable. In other words, in order to avoid the market for the rabbit to market
We must first explore the inner relationship between interest rate and economic operation.
In the sixth chapter, from the point of view of the characteristics of commercial banks, this paper analyzes the reasons for the difficulties in the reform of the deposit interest rate marketization.
Including: the deposit of commercial banks constitutes the most important part of the central bank's monetary supply; the payment and liquidation of commercial banks
Service has the nature of "quasi public products": commercial banks are the most important departments for producing financial information and also provide gold.
The most basic Department of the fusion of information; the margin of interest is always

【學位授予單位】：中國社會科學院研究生院
【學位級別】：博士
【學位授予年份】：2002
【分類號】：F832.1

【引證文獻】

相關期刊論文 前1條

1 況昕;;從非對稱降息看中國利率市場化問題[J];西南金融;2012年11期

相關博士學位論文 前2條

1 楊菁;利率市場化對農(nóng)村信貸市場供求主體的影響[D];中國農(nóng)業(yè)大學;2005年

2 張東奎;東亞經(jīng)濟體利率市場化研究[D];吉林大學;2012年

相關碩士學位論文 前4條

1 李長樓;我國存貸款利率市場化研究[D];蘇州大學;2006年

2 王賀;我國金融市場基準利率選擇問題研究[D];東北財經(jīng)大學;2007年

3 李芳;國內(nèi)外商業(yè)銀行表外業(yè)務比較分析[D];西南財經(jīng)大學;2009年

4 劉子菲;同業(yè)拆借利率與我國宏觀經(jīng)濟的動態(tài)相關性研究[D];吉林大學;2010年

本文編號：1502975