本文采用16个发展中国家和经济转轨国家24年的跨国数据,运用面板数据模型检验了制度质量在利率市场化中的作用,结果发现:那些制度改革比较成功的国家,其利率市场化改革的绩效较好;而那些没有进行产权制度改革,或者产权制度改革不成功的国家,其利率市场化改革的绩效较差。本文认为,这一发现可以为中国的利率市场化改革提供重要启示。 Using the cross-national data from 16 developing countries and countries with economies in transition for 24 years, this paper examines the role of institutional quality in the marketization of interest rates by using the panel data model. The result shows that those countries that have succeeded in reforming their systems are more market-oriented While those who did not carry out the reform of the property system or the reform of the property system were unsuccessful, the performance of market-based interest rate reform was poor. This paper argues that this finding can provide important implications for the market-based interest rate reform in China.