利率市场化的条件：国际经验的启示作用Interest rate marketization condition: the inspiration of international experience
The marketization of interest rate as an important part of the financial market, which is one of the important contents of financial reform. The interest rate marketization reform Chinese started in 1996, followed the principle of stepping forward steadily, has gone through 17 years. In 2013 July, the central bank announced the release of China financial institutions loan interest rates, the interest rate marketization reform is a major step forward. The central bank has released Chinese monetary market and bond market interest rates, foreign currency deposit and loan interest rates and loan interest rate, currently only on financial institutions renminbi deposit rates for upper management, professional market interest rates [first the China provides translation and essay writing services, welcomed the reform to lunwen.1kejiAN.com] your face an important mark. In twentieth Century 70 years, many countries in the world to carry out the market-oriented interest rate reform, from the experience of these countries, the marketization of interest rate effect and the influence is not the same, in some countries the successful implementation of the financial development in transition, to promote a more efficient allocation of resources; some countries is a serious financial crisis, not only the interest rate marketization reform forced to interrupt, the real economy has suffered serious impact. In this paper, the reform experience of these countries for research, and summarizes the necessary condition of interest rate marketization reform success, combined with the current development of China's financial industry current situation, put forward the corresponding policy recommendations.
利率市场化作为金融市场化的重要组成部分，也是金融改革的重要内容之一。中国的利率市场化改革起步于1996年，遵循稳步推进的原则，已历经了17个年头。2013年7月，随着中国央行宣布放开金融机构贷款利率下限，利率市场化改革又向前迈进重要一步。中央银行先后放开了中国的货币市场和债券市场利率、境内外币存贷款利率以及人民币贷款利率，目前仅对金融机构的人民币存款利率进行上限管理，中国的利率市场[第一dissertation网专业提供代写dissertation和dissertation代写服务，化改革面临重要的关口。20世纪70年代以来，全球许多国家开展了利率市场化改革，从这些国家的经验来看，利率市场化的效果和影响不尽相同，有的国家成功实现了金融转型发展，促进了资源的更有效配置；有的国家则出现严重的金融危机，不仅利率市场化改革被迫中断，实体经济也受到了严重冲击。本文对这些国家的改革经验进行研究，总结和归纳利率市场化改革成功的必要条件，结合当前我国金融业发展现状，提出相应的政策建议。
1, the interest rate marketization reform motivation analysi
一、利率市场化改革的动因简析
Study abroad for many of the marketization of interest rates, including Mackinnon (1973) and Shaw (1973) financial repression theory representative [1-2]. In twentieth Century 70, Mackinnon and Shaw through the study of the developing countries, put forward the concept of financial repression. In the state of financial repression, interest rate is strictly controlled and suppressed at low levels, resulting in credit demand, can only rely on credit quotas to limit the excessive demand for loans. The interest rate control ensures that the government departments and state-owned enterprises can be low to obtain funds to local, play a positive role in maintaining the stability of the financial system and promote economic development. But distortions in capital prices will reduce the efficiency in the use of funds, resulting in excess capacity and the structural contradiction of insufficient funds, not only inhibited the rate of real growth, popular and free from the formal financial system of the shadow banking system. Therefore, with the continuous development of economy, many developing countries in the interest rate marketization reform, its core is to reduce government financial intervention, liberalizing the interest rates, improve financial efficiency and promote economic development.
国外对于利率市场化的研究很多，其中麦金农（1973）和肖（1973）的金融抑制理论颇具代表性[1-2]。20世纪70年代，麦金农和肖通过对发展中国家的研究，提出金融抑制的概念。在金融抑制状态下，利率受到严格管制并被压制在低水平，造成信贷资金供不应求，只能依靠信贷配额来限制对贷款的过高需求。利率管制保证了政府部门和国有企业能够低成本地获得资金，在维持金融体系稳定和促进经济发展方面起到积极作用。但扭曲的资金价格会降低资金使用效率，造成产能过剩与资金不足的结构性矛盾，不仅抑制了实际增长率，而且使游离于正规金融体系的影子银行体系大行其道。因此，随着经济不断发展，许多发展中国家进行利率市场化改革，其核心就是要减少政府部门对金融的干预，放开利率限制，提高金融效率和促进经济发展。
2, to promote efficient resource allocation is inclined to the user
The commercial bank interest rate control in low cost access to capital, the spreads to get stable profit. While the credit limit restricts the size of bank credit funds, prompted by the shadow banking system trust, private equity funds to the entity economy, avoid credit supervision. Control of interest rate and credit rationing in the allocation of resources severely distorted, credit system and result in the flow of funds table of large state-owned enterprises, capital use cost is low, and the table of large capital flows to real estate and local government financing platform, there are potential risks. At the same time, to promote employment, innovation and economic growth of small and medium-sized enterprises to obtain funds, development limited. The shadow banking system on the development of bank deposit and loan business caused great impact, promoting the banking business and product innovation. The bank financial products as an example, according to the China Banking Regulatory Commission statistics, as of the end of 2012, the bank financial products amounted to 7.4 yuan, more than the bank loan scale in table
the rich financial products and financial services provider
The marketization of interest rate is often accompanied by a process of financial deepening, namely the subject more levels to provide a more diversified financial products and services. On the one hand, financial institutions can be more flexible to design products, risk preference of different investors demand choice by the preference of products, higher returns by taking on more risk. On the other hand, small and medium-sized banks rooted community has gained greater autonomy, properly increasing the loan interest rate for the capital cost disadvantage, give full play to its close to the fund and close to the real economy, the advantages of community.
3) improve the operational efficiency of banks and the level of risk management
In the control of interest rate, commercial bank profit in large part from the deposit and loan interest rates, deposit is relatively stable, while the loan is biased in favor of large state-owned enterprises. Adequate protection in the profit situation, would undermine the commercial banks to develop new business and new sources of profit, low risk loans to financial institutions risk management ability in long-term upgrade. Interest rate marketization will drive the commercial banks to enhance risk pricing and risk management ability in market competition, to the modernization and internationalization.
(4) to further rationalize the central bank's monetary control ability, make the interest rate to fully reflect the monetary supply and demand
When interest rate is controlled, the market there may be excess supply or demand, difficult for monetary policy of the central bank. With the interest rate marketization and interbank markets continue to improve, Shanghai interbank offered rate (SHIBOR), loan interest rate
[this article from: a necessary condition for the lunwen.1kejian.com] two, the interest rate marketization reform
(a) good risk management ability of the financial subject
The core of the marketization of interest rate is to adjust the relationship between government and market, government direct control to indirect regulation, promote micro subject found the demand, product design, risk control and profit in the market, so we must develop and support with self consciousness and the continued viability of the financial subject, to play the market price of the resource allocation function. To American as an example, American began to interest rate marketization reform in twentieth Century 80 years, reform and overall success, America smooth economic operation in the 80's. But at the end of the 80's, USA serious savings and loan crisis, has more than 1000 savings and loan bank collapse due to mismanagement and. This crisis is the external interest rate marketization brings the control over interest rates and the Fed [the first essay nets to provide professional translation and essay writing services, welcome you the presence lunwen.1kejiAN.com] taken to curb inflation monetary policy tightening, but due to more important is the savings and loan business model inherent defects, the marketization of interest rates to fund costs are high, but the only long-term fixed term mortgage loans (30 years) interest income to cover, a lot of savings and loan banks to put money into higher yielding but real estate development risk larger area, not the matching of assets and liabilities in the marketization of interest rate under the effect of evolving into a crisis. Therefore, exposure to interest rate marketization brings competitive pressure will aggravate the structural problems of internal financial institutions, the same business model agencies could be the outbreak of a systemic crisis. #p#分页标题#e#
(two) the perfect financial markets and infrastructure
The interest rate marketization reform more successful countries in the process of reform continue to focus on the establishment and perfection of financial market and financial infrastructure, including mature convenient trading environment, perfect legal environment, advancing with the accounting standards and improve the credit environment. Therefore, the market-oriented reform in these countries generally smooth and orderly [3]. If South Korea in the initial period of reform, the discount rate, reserve requirements and open market operations and other policy has been adjusted, by raising the rediscount standard, issued Monetary Stabilization bonds (Monetary Stabilization Bond) market-oriented means to replace the direct administrative control,
(3) continuously updated supervision idea and means
First of all, a gradual shift from direct pre intervention for monitoring system. The marketization of interest rate is the core of the full play the main role of the market, but this does not mean that the weakening of the supervision, regulation reform more reflected changes in the regulatory mode. Countries in the process of advancing the interest rate liberalization, actively carry out the reform of the financial regulatory system, weakening the prior approval functions, give full play to the role of market mechanism, emphasis on good governance and full disclosure of information, the scope of government intervention is limited to the system security and guard against systemic risk. Such as Singapore regularly publicize the assets and liabilities of commercial banks, has developed a strict minimum standard of audit requirements, and requirements of the international credit rating agencies to each commercial bank credit rating [6]. Secondly, established in line with the comprehensive management of the supervision system. From the foreign experience, the bank is the interest rate market and non bank financial institutions competition to promote a product, but also accelerated the financial industry mergers and acquisitions, comprehensive management of the pace of. In the financial institutions business diversification, cross and complex background, the potential risk control indicators to the capital adequacy ratio as the representative of the traditional to the full measure of financial institutions, regulatory authorities should make breakthroughs in the management idea and means, in order to adapt to this trend. As USA after a series of regulatory reform, from the original by financial institutions classified supervision gradually according to the classification of the financial services regulatory aspects of development, namely the industry supervision to functional supervision [7]. Such regulatory reform is helpful to reduce regulatory standards caused by inconsistency of regulatory arbitrage, and timely and effective supervision on new product, to avoid the vacuum of supervision. Finally, the effective supervision of cross-border capital activities. Many countries in the liberalization of interest rates at the same time, gradual relaxation of capital controls, capital flows and interest rate marketization is combined with further increases the difficulty of monitoring. Interest rate liberalization period, increased domestic savings rates, to attract international capital inflows. But the rise in lending rates to domestic borrowers to foreign borrowing cheaply in order to save costs. Superposition of these factors will make a large amount of capital flows to the real estate sector, asset bubbles. Japan at the beginning of interest rate marketization, qualification of the issuer of the bond market access threshold is very strict, including book value, per share dividend, profit rate and equity ratio, which will most exclude. These companies due to foreign offshore bond issue, resulting in capital inflows, pushing up the real estate bubble [8]. In addition, the implementation of classification regulation of financial institutions. The different characteristics of the various for large institutions and small and medium-sized institutions, the differentiated supervision policy in terms of market access, the minimum capital requirements, on-site inspection, improve the regulatory measures. Such as the minimum capital requirements for banks in Germany is generally not less than 8%, but for those 3 years before the new period was established to set up a bank, the minimum capital requirement is usually not less than 12.5%[9].#p#分页标题#e#
3, China's market-oriented interest rate reform status and problems
(1) the market main body is not yet mature
China's financial industry in the long-term monopoly state, by the supervisory departments of paternalistic management and support. On the one hand, for the financial license need to go through complex procedures, licensed management by relatively strict supervision. On the other hand, regulatory departments and local governments on financial crisis often provide strong support, to avoid the risk of spread to the entire financial system. Too strict supervision, creating distorted and incomplete financial system. First of all, the financial sector monopoly characteristics, the state-owned commercial banks enjoy an implicit government guarantee. At present, China's banking industry is still a monopoly, basic business controlled by state-owned or state-owned background of commercial banks. At the end of 2013, the big 5 commercial banks and 12 joint-stock assets and liabilities were 89.4 yuan and 83.42 yuan, accounting for more than 60% of the banking industry, and the sum of deposits and loans of Chinese large national banks were 56.09 yuan and 38.21 yuan, accounting for more than 50% of the silver industry ②. Government implicit guarantee means paying more [the first paper nets to provide professional translation and essay writing services of deposit, welcome you the presence lunwen.1kejiAN.com] low interest rates as compensation, to lower the cost of capital and shares the country on business risk guarantee. This kind of bank which can constantly expanding business scale, and gradually into the high risk areas, to occupy a greater market share. When the lack of regulation and control means small banks will be driven out of the market, followed by a decline in monopoly degree intensifies and capital allocation efficiency. Secondly, the financing platform of local government budget constraint. The precondition of marketization of interest rate is the financing subject has the debt obligations, by interest rate constraint on market pricing. If local governments lack of sensitivity to the cost of financing, the existing liability through new for old to future deferred, so the marketization of interest rate is likely to further expand the debt scale and push up interest rates, and finally at a point in time the local government debt suddenly collapse, cause systemic risk. According to the Audit Commission in 2013, local government debt audit results, there are 9 provincial capital city debt rate of more than 100%. Which Nanjing has responsibility to repay the debt rate as high as 188.95%. In addition, the financial risk of consumer awareness needs to be strengthened. Some enterprises and residents can not according to the income, risk factors such as self identification and selection of financial institutions and products, investment with blindness and strong conformity, in the event of a dispute often want to implement self demand through government intervention. As early as 2014, in the trustee of a trust plan expires 3000000000 Yuan mineral can not face liquidation, investors demand to sell products of the industrial and commercial bank private bank bear the liability. Because of the financial consumers lack of risk awareness, financial institutions in the development, operation and management of products at the same time, but also bear the maintenance of financial and social stability of the responsibility, to analyze the impact on the risk return, another twist to produce from the financial monopoly
(2) the way of supervision and the level is still at a low level
First of all, relax price controls and continue to maintain the quantity regulation may have contradictory. In addition to the interest rate control, an important part of financial repression of credit rationing is, is an integral part of the central bank's monetary control, in the process of interest rate marketization should consider the coordination and price liberalisation. On one hand, when the capital price restrictions on interest rates after the opening, the deposits increase will inevitably promote the existing financial institutions seeking to expand the scale of business, but the line of credit rationing and credit window guidance to financial institutions are facing this situation: unable to put through the market interest rate to absorb the funds by the credit limit. When this part of the funds to invest through the shadow banking system, the effect of the marketization of interest rates would be compromised, the difficulty of regulation is also a corresponding increase. On the other hand, the establishment of the new financial institutions, due to the lack of credit amount a year as a reference, how to determine the line of credit, in the precondition of maintaining macroeconomic aggregate stability, ensure the conditions of participation in the market competition, are the challenges for central banks. Secondly, separate supervision pattern difficult to adapt to the development of comprehensive management of financial industry. With the interest rate marketization, commercial banks to gradually increase the pressure of competition, tend to through mergers and acquisitions or business cooperation in securities, insurance and other services, high profitability to cost of capital. Separate supervision, the supervision department supervision standards difficult to keep step with, often appear "press the gourd dipper float" situation, the supervision effect affected. Although people's Bank led financial regulatory coordination mechanism, but the overall form than substance, the actual effect has not yet appeared.
