垄断与产权:我国利率市场化的制度性障碍

在缺乏竞争的金融体系下，借贷价格偏离均衡价格，消费剩余减少，资源配置扭曲，金融运行效率降低。在我国，资金供应依然主要由居于垄断地位的国有商业银行及其变种组成和资金需求依然主要由国有企业及其变种组成的情况下，利率市场化会使得资金价格扭曲和变形，理论上推演的利率市场化预期效果在很大程度上无法实现。我国利率市场化的时间表只能视微观经济主体市场化的进程而定。

Monopoly and Property Right:the Institutional Barriers to Making the Interest Rate Marketable in China

The financial system with less competition will result in the divorce of interest rate of debit and credit from the equilibrium one,decrease of consumer surplus,the distortion of resources allocation and decline of financial efficiency.In view of the fact in our country that suppler of money is mainly composed of the stateowned commercial banks and the associations more of less relevant to such banks while the demand side consists mainly of the state-owned enterprises,the policy making the interest rate marketable will definitely lead to the distortion of the interest rate,and the expectation carrying out such a policy will not be realized.The timetable making the interest rate marketable in China must depend on how far the business firms go in marketing themselves.