本文關(guān)鍵詞： 利率市場(chǎng)化 貨幣政策 泰勒規(guī)則 普爾模型　出處：《天津大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：20世紀(jì)70年代末至80年代，金融自由化是全球經(jīng)濟(jì)最引人注目的現(xiàn)象之一，而金融自由化的核心和關(guān)鍵是利率市場(chǎng)化，因?yàn)�，利率是宏觀經(jīng)濟(jì)運(yùn)行中最重要的經(jīng)濟(jì)變量。如果利率沒(méi)有實(shí)現(xiàn)市場(chǎng)化，市場(chǎng)經(jīng)濟(jì)也是不完整的。 利率市場(chǎng)化在理論文獻(xiàn)中就是利率水平由貨幣市場(chǎng)和資本市場(chǎng)的借貸資金供求狀況決定這樣一種市場(chǎng)利率形成關(guān)系，利率市場(chǎng)化包括利率水平?jīng)Q定與變動(dòng)的市場(chǎng)化、利率傳導(dǎo)機(jī)制的市場(chǎng)化、利率結(jié)構(gòu)形成及其變動(dòng)的市場(chǎng)化以及利率管理的市場(chǎng)化。 中國(guó)現(xiàn)已加入WTO過(guò)十年，建立市場(chǎng)化的利率體系是解決開(kāi)放的宏觀經(jīng)濟(jì)條件下放開(kāi)利率、匯率及保證貨幣政策有效性、資本自由流動(dòng)等問(wèn)題的關(guān)鍵。因此利率市場(chǎng)化在經(jīng)濟(jì)進(jìn)一步開(kāi)放中變得更加重要了。 本論文第一章提出了利率市場(chǎng)化的定義與內(nèi)涵，并提出了本文研究的背景及意義；第二章通過(guò)古典的利率理論以及金融抑制和金融深化理論，，揭示了利率市場(chǎng)化的本質(zhì)、特征，并結(jié)合其他國(guó)家的經(jīng)驗(yàn)教訓(xùn)，總結(jié)出各國(guó)推行利率市場(chǎng)化基本改革路線、面臨的問(wèn)題及解決問(wèn)題的辦法；第三章通過(guò)普爾模型分析得出，當(dāng)前我國(guó)貨幣政策中介目標(biāo)應(yīng)由貨幣供應(yīng)量向利率轉(zhuǎn)變；第四章通過(guò)分析利率與經(jīng)濟(jì)制度變遷、經(jīng)濟(jì)增長(zhǎng)、儲(chǔ)蓄、消費(fèi)、投資以及匯率等其它宏觀經(jīng)濟(jì)變量之間的內(nèi)在聯(lián)系，得出利率是我國(guó)當(dāng)前宏觀經(jīng)濟(jì)運(yùn)行中最重要的經(jīng)濟(jì)變量，利率市場(chǎng)化改革有利于發(fā)揮利率的儲(chǔ)蓄、消費(fèi)、投資及利率平價(jià)效應(yīng)，從而促進(jìn)經(jīng)濟(jì)的持續(xù)健康發(fā)展；第五章主要是說(shuō)明我國(guó)利率市場(chǎng)化的基本進(jìn)程以及改革的難點(diǎn)；第六章提出了我國(guó)利率市場(chǎng)化改革的路徑選擇及建議。通過(guò)這樣的結(jié)構(gòu)安排，分析了我國(guó)利率市場(chǎng)化改革的必要性和必然性，并結(jié)合我國(guó)的實(shí)際情況分析了我國(guó)利率市場(chǎng)化改革的難點(diǎn)，最終提出了我國(guó)利率市場(chǎng)化改革應(yīng)選擇怎樣的路徑。通過(guò)對(duì)中國(guó)利率市場(chǎng)化進(jìn)程的判斷，可以得出利率市場(chǎng)化與整體的宏觀經(jīng)濟(jì)變革具有邏輯上的內(nèi)在一致性，是我國(guó)市場(chǎng)經(jīng)濟(jì)進(jìn)一步深化改革和發(fā)展的必然選擇。
[Abstract]:From the end of 1970s to 80s, financial liberalization was one of the most striking phenomena in the global economy, and the core and key of financial liberalization was interest rate liberalization, because, Interest rate is the most important economic variable in macroeconomic operation. If interest rate does not realize marketization, market economy is incomplete. The marketization of interest rate in the theoretical literature is that the level of interest rate is determined by the supply and demand of loan funds in the money market and capital market. The marketization of interest rate includes the marketization of the determination and change of interest rate level. The marketization of interest rate transmission mechanism, the formation of interest rate structure and its changes, and the marketization of interest rate management. China has now joined the WTO for more than ten years. To establish a market-oriented interest rate system is to solve the problem of liberalizing interest rates, exchange rates and ensuring the effectiveness of monetary policy under open macroeconomic conditions. Free flow of capital and other issues key. Therefore, interest rate liberalization has become more important in the further opening of the economy. The first chapter of this paper puts forward the definition and connotation of interest rate marketization, and puts forward the background and significance of this paper, the second chapter reveals the essence of interest rate marketization through classical interest rate theory, financial suppression and financial deepening theory. Characteristics, and combined with the experience and lessons of other countries, summed up the basic reform of interest rate marketization routes, facing problems and solutions; the third chapter through the Poole model analysis, At present, the intermediate target of monetary policy in China should be changed from money supply to interest rate. Chapter 4th analyzes the internal relationship between interest rate and other macroeconomic variables, such as economic institutional change, economic growth, savings, consumption, investment and exchange rate. It is concluded that interest rate is the most important economic variable in the current macro-economic operation of our country. The market-oriented interest rate reform is conducive to giving full play to the savings, consumption, investment and interest rate parity effects of interest rates, thus promoting the sustained and healthy development of the economy. Chapter 5th is mainly to explain the basic process of interest rate marketization and the difficulties of the reform in our country. Chapter 6th puts forward the path choice and suggestions for the reform of interest rate marketization in China. This paper analyzes the necessity and inevitability of China's interest rate marketization reform, and analyzes the difficulties of our country's interest rate marketization reform according to the actual situation of our country. By judging the process of interest rate marketization in China, we can draw the conclusion that the marketization of interest rate and the overall macro-economic reform are logically consistent. Is our country market economy further deepens the reform and the development the inevitable choice.
【學(xué)位授予單位】：天津大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51;F822.0

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