利率市場化的條件：國際經驗的啟示作用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.
利率市場化作為金融市場化的重要組成部分，也是金融改革的重要內容之一。中國的利率市場化改革起步于1996年，遵循穩步推進的原則，已歷經了17個年頭。2013年7月，隨著中國央行宣布放開金融機構貸款利率下限，利率市場化改革又向前邁進重要一步。中央銀行先后放開了中國的貨幣市場和債券市場利率、境內外幣存貸款利率以及人民幣貸款利率，目前僅對金融機構的人民幣存款利率進行上限管理，中國的利率市場[第一dissertation網專業提供代寫dissertation和dissertation代寫服務，化改革面臨重要的關口。20世紀70年代以來，全球許多國家開展了利率市場化改革，從這些國家的經驗來看，利率市場化的效果和影響不盡相同，有的國家成功實現了金融轉型發展，促進了資源的更有效配置；有的國家則出現嚴重的金融危機，不僅利率市場化改革被迫中斷，實體經濟也受到了嚴重沖擊。本文對這些國家的改革經驗進行研究，總結和歸納利率市場化改革成功的必要條件，結合當前我國金融業發展現狀，提出相應的政策建議。
1, the interest rate marketization reform motivation analysi
一、利率市場化改革的動因簡析
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.
國外對于利率市場化的研究很多，其中麥金農（1973）和肖（1973）的金融抑制理論頗具代表性[1-2]。20世紀70年代，麥金農和肖通過對發展中國家的研究，提出金融抑制的概念。在金融抑制狀態下，利率受到嚴格管制并被壓制在低水平，造成信貸資金供不應求，只能依靠信貸配額來限制對貸款的過高需求。利率管制保證了政府部門和國有企業能夠低成本地獲得資金，在維持金融體系穩定和促進經濟發展方面起到積極作用。但扭曲的資金價格會降低資金使用效率，造成產能過剩與資金不足的結構性矛盾，不僅抑制了實際增長率，而且使游離于正規金融體系的影子銀行體系大行其道。因此，隨著經濟不斷發展，許多發展中國家進行利率市場化改革，其核心就是要減少政府部門對金融的干預，放開利率限制，提高金融效率和促進經濟發展。
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#分頁標題#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#分頁標題#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.
