金融改革突破口——利率市场化

利率市场化是指存贷利率不由上级银行统一控制,而是由各商业银行根据资金市场的供求变化来自主调节,最终形成以中央银行基准利率为引导,以同业拆借利率为金融市场基础利率,各种利率保持合理利差和分层有效传导的利率体系。中国已加入WTO,对于中国而言,“入世”意味着第二次改革开放,即中国经济的彻底市场化和主动参与经济全球化进程。为此,利率市场化改革作为中国金融市场化改革的关键环节和突破口之一,显得极为紧迫。 利率非市场化现象的原因分析 我国利率形成及管理机制中的非市场化表现 从目前我国利率政策的制定或形成过程来看,我国利率的水平和结构仍然不是由市场供求机制决定的。由于利率的形成机制仍然是非市场机制,     

中国利率市场化改革与金融加速器效应

本文分析了金融加速器机制的原理和特点,通过对近期研究的比较分析,验证了中国存在明显的金融加速器效应。金融加速器效应可能引发经济波动加剧等不利影响,对此本文提出了相关的政策建议。     

利率市场化：金融改革苦旅

利率市场化 苦旅何时休 目前,你把你辛辛苦苦赚来的血汗钱放在哪家银行都无所谓,因为一样的安全,一样的利率。可是,要不了多长时间,你就会发现我们国家也有了银行家,那时你就能充分感受到他们的智慧与精明了。他们会笑容可鞠地先与你握手问好,然后再告诉你他们银行将会给你“特殊的存款利率”、“特殊的贷款利率”。你会从每家银行给你的不同好处中,体验到他们一个更比一个“精”。 上述就是真正意义上的银行,就是我们将来的银行——期限也许不会太长。中国人民银行行长戴相龙在今年7月的国务院新闻发布会上表示中国将在3年内实现利率市场化的改革目标。9月21日,中国人民银行决定改革中国外币利率管理体制。至此,利率市     

金融改革的新起点：利率市场化

利率作为经济运行中灵敏的经济杠杆,有许多重要功能,这些功能在发达的市场经济国家产生了理想的效果,可是在我国的运用却一直不尽人意.这并不是利率功能本身失效,而是我国不具备利率发挥作用的条件.要使利率在经济运行中发挥有效的、灵敏的调节杠杆作用,就必须推行利率的市场化.     

浅谈利率市场化对经济的影响

近些年来,随着金融体制改革的进行,我国对原有计划利率体制进行了渐进式的改革,而利率这一金融市场的价格仍在管制中,这显然滞后于我国经济市场化进程,为使其与我国金融市场化及经济市场化的改革进程一致,需要进一步推进利率市场化改革。     

资本项目自由化进程中利率市场化的思考

资本项目自由化的一个重要前提是国内形式市场化的利率,因为市场化的利率对资本跨国流动、汇率波动、金融市场效率以及货币政策的有效性都有重大影响.在利率市场化这一过程中各国要考虑实际情况,采用适宜的改革模式,降低改革风险.     

开放经济中的利率市场化问题研究

利率市场化是开放经济的必然要求,在开放的国际经济环境中对利率进行长期管制是不现实的。在开放经济中只有通过利率市场化进行金融深化,提高国内金融市场效率,才能更好地利用国外资本,避免形成对外资的依附。当前我国利率市场化应通过打破市场进入壁垒、培育微观市场主体和完善市场结构和重点建设市场利率形成机制逐步推行。同时利率调控机制建设也是利率市场化的重要内容,在开放经济中利率市场化和浮动汇率制度应当同步。     

循序渐进地推进我国金融深化的对策选择

随着金融改革力度的不断加大,我国的金融深化问题已成为金融领域的重要问题之一。目前我国金融业飞速发展,金融结构发生显著的变化,金融深化程度不断提高。我们要积极主动地面对金融深化进程中存在的市场效率损失问题,建立一个高效的金融市场,推动和指导中国金融深化进一步深入,使金融深化带动经济增长。     

金融自由化与金融监管体制改革--以日本为实例的分析

日本金融体系的异常行为是造成日本泡沫经济的直接原因,而1985年旨在实现金融自由化的金融改革却从以下两个方面促成了金融体系的异常行为：自由化的不平衡导致了利率体系的扭曲,为经济实体对房地产、股票等虚拟资产的投机资金需求方面起到了促进作用;自由化引发的金融机构的经营目标的改变,使对贷款的审批、稽核力度下降,又从资金供给方面支持了经济实体的投机行为．对于自由化带来的问题,日本进行了监管体制改革,并给我们提供了经验和教训。     

央行利率政策的门限转换特征及国际证据

本文利用亚太地区15个国家1992~2007年的面板数据研究了央行利率政策的门限转换特征。结论认为,通货膨胀对经济增长的影响存在显著的门限特征,各国央行的利率政策也存在显著的门限转换特征。在低通胀阶段,利率没有对经济增长与通货膨胀做出显著响应;但在高通胀阶段,央行首先致力于维护金融稳定,然后促进经济增长。文章对发达国家与发展中国家进行了比较,发现二者的利率政策表现出相似的特征,但发展中国家的利率政策倾向于更高的门限值;文章最后对中国利率政策的实施提出了相关政策建议。     

利率市场化体系下完善住房公积金利率政策建议

在介绍现行公积金利率政策的基础上,分析其存在的问题,并提出相应的政策建议：完善公积金利率定价机制,完善公积金利率管理体系。     

Monetary Policy and Corporate Investment： Evidence from Chinese Micro Data

This paper investigates how a firm's characteristics restrict the influence of monetary policy changes on its investment behavior. Focusing on China's listed companies for a sample period from the first quarter of 2002 to the first quarter of 2011, we find that quantity‐oriented and price‐based monetary policies have heterogeneous impacts on corporate investment behavior, but the influence of monetary policies is constrained by the liquidity, inventory, size and asset–liability ratio of a firm. Firms with higher liquidity, lower inventory level and lower asset–liability ratios are less sensitive to the impact from two kinds of monetary policies. The larger the size of the firm, the less it is subject to influence from quantity‐oriented monetary policy; it responds more to price‐based monetary policy. The policy implication is that the monetary authorities should pay attention to the importance of policy‐making based on the monetary demand of microeconomic entities.     

Globalization, Growth, and the Poor

This paper discusses the possible causal relationships and empirical associations between globalization and growth, growth and poverty reduction, and, finally, globalization and poverty reduction. We argue that globalization can contribute much to poverty reduction both directly and by accelerating growth. Second, the contributions of redistributive policies are very likely to be less than the contribution of greater access to markets, more competitive insurance and financial markets, and improved institutions to poverty reduction. The potential effect of greater international integration on poverty reduction, however, is limited by domestic policy failures in developing countries and also by continued protectionism, particularly in developed countries.     

Capital inflows, financial repression, and macroeconomic policy in India since the reforms

Since the early 1990s the Indian economy has seen a considerablerelaxation of controls, as a consequence of which it has witnessedunprecedented growth. This is especially remarkable in the externalsector. In this paper I evaluate the progress made on the macroeconomicfront and address the possibility of opening up the capitalaccount of the balance of payments. I show that given the weaknessin the financial sector and the government finances, it maybe dangerous to speed up the process of opening up the capitalaccount further.     

Interest Rate Pass-through in a Dual-track System： Evidence from China

Using the Phillips-Loretan approach, this paper verifies the degree and speed of pass- through and rigidity of different interest rates in China, as well as the response of private loan interest rates to other interest rates during 2002-2012. The results indicate that the long-term pass-through from the interbank offered rates and deposit and loan interest rates to the treasury bond rate is incomplete, but that the long-term pass-through to private loan interest rates is overshooting. The long-term pass-through from the deposit and loan interest rates to the overnight interbank offered rate is incomplete, while that to the interbank offered rates of other maturities is complete. The short-term passthrough and adjustment speed of interest rates exhibit asymmetry. Therefore, before considering a full liberalization of interest rates, it is important to further enhance the competition of the financial system and the function of different interest rate systems, such as the interhank market and bond market.