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“利率市场化”这一词是在上世纪6、70年代由麦金农教授提出,80年代末90年代初在我国开始实行,经历了近20年的实施,货币市场已基本实现了利率市场化,外币利率市场化也基本完成,仅剩下能够影响银行净息差水平的存款利率上限和贷款利率下限还受到一定的管制。利率市场化的进一步实施将对金融机构、公民本身均产生较大的影响,对于金融机构而言,着重体现在竞争性市场中的自主定价权等方面,对于公民而言,一是个人信息将成为个人贷款利率的主要评定因素进而影响到贷款利率的差异化;二是利率市场化将通过影响公民的消费进行加深资源配置的合理程度。利率市场化实施后也会出现部分弊端,不仅会提高利率波动的幅度以及频度,在不断的市场竞争中也会导致银行的无序竞争,进一部加大银行利率风险和信用风险。
The term “market-oriented interest rate” was proposed by Professor McKinnon in the 1960s and 1970s and started to be implemented in our country in the late 1980s and early 1990s. After nearly 20 years of implementation, the money market has basically been realized The marketization of interest rates and the marketization of foreign currency interest rates have basically been completed. Only the deposit interest rate ceiling and the interest rate ceiling on loans that affect the net interest margin of banks are subject to certain restrictions. The further implementation of the marketization of interest rates will have a greater impact on financial institutions and citizens themselves. For financial institutions, they will focus on the independent pricing power in competitive markets. For citizens, first, personal information The main factors that make the loan rate of personal loans further affect the differentiation of loan interest rates. Second, the marketization of interest rates will deepen the rationality of resource allocation by affecting the consumption of citizens. Some drawbacks will occur after the market-oriented interest rate is implemented. This will not only increase the magnitude and frequency of interest rate volatility, but also lead to the disorderly competition of banks in the constant market competition and further increase the bank interest rate risk and credit risk.