利率市场化姗姗而来

我国利率市场化改革是遵循渐进、有序的方式进行的,按照先外币、后本币,先贷款、后存款,先农村、后城市,先大额、后小额的步骤正在稳步推进.     

发展中国家利率市场化：比较与借鉴

进人９０年代以来,我国加快了金融体制改革的步伐。但改革始终未能突破利率管制的局面。利率市场化已成为我国金融体制改革面临的难关之一。由于利率改革涉及面广、难度大,因此也就更需要稳步推进、渐进改革,以避免对我国宏观经济行造成冲击。前一阵亚洲金融危机已明确告诉我们,如果在利率市场化的改革中考虑不周全或过于急进,没有建立起一系列配套的体制,就容易埋下弊端与风险,甚至会酿成经济危机。在七、八十代,国际上出现了世界性的利率市场化浪潮,比较和吸取这些国家在利率市场化进程中的经验与教训,必将对我国的利率改革有所…     

发展中国家的利率市场化进程：比较与借鉴

发展中国家实施的低利率的利率管制政策对其经济增长造成了损害。70年代起，许多发展中国家进行金融改革，实行利率市场化。比较和分析这些国家利率市场化实施的背景、 进程与后果，从中得出一些经验教训。我国进行利率市场化的条件尚未成熟，应该有步骤地、渐进地层层推进利率市场化的改革。     

中国全面推进利率市场化改革正当其时

从２０世纪９０年代初开始，随着经济体系市场化改革的逐步深入，金融部门市场化改革的逐步展开，放松利率管制，实行利率市场化的迫切性日益增强。     

外币利率市场化与银行资产利率风险管理

中国人民银行2000年9月正式颁布新的外币利率管理体制文件,自9月起,境内中资银行对所有外币贷款利率、折合300万元(或以上)的定期存款利率,由各行根据国际金融市场情况和银行经营目标等因素与客户自由协定,人民银行不再统管.按管理层的多次公开讲话,在未来相当紧促的时间内存贷款利率将实现完全的市场化,人民币利率市场化进程也作了实质性安排.市场化是我国价格体制改革最重要的举措之一,是金融体制改革最重要的举措,也是中国金融服务业适应WTO制度安排的必然要求.     

利率市场化--经济全球化的战略选择

伴随着经济全球化的迅猛发展,金融资产和金融工具的膨胀已经是一个无法阻拦的趋势,我们已经进入了金融经济的社会。金融资产的需求和膨胀远远超过了物质经济本身的价值需要。它在体现货币价值的同时,也趋向体现信用特征。这样,我们传统的利率管制政策已经不能适应经济全球化的需要,利率市场化势在必行。一、我国现行利率政策中存在的问题1.利率管理体制仍然以政府为主,中央银行操作利率杠杆的主动性还受到限制。从表面上看,我国利率水平是由中国人民银行确定的,我国在调控利率方面似乎比西方发达国家更方便。但实际并非如此,我国的利率政策并非由央行作出,而是各方面利益综合的结果,最后由国务院决定。真正的利率决策权高度集中在中央政府。中央银行只有执行20％的贷款利率浮动权,缺乏操作利率杠杆的自主权。     

利率风险管理:中资银行面对利率市场化的着力点

人民银行总行在《2002年中国货币政策执行报告》中第一次明确提出了我国利率市场化改革的目标。从利率形成来看，利率市场化的指向目标是要建立以市场供求决定的利率形成机制，以市场供求因素为基础，更多的因素将对市场产生影响，利率变动的频率、幅度均会不断扩大，因此商业银行面临的将是一个更为复杂化、动态化的金融市场价格环境。     

Economic theory amidst political currents : The spreading interest in monetarism and in the theory of market expectations

Summary Analytical frameworks useful for the exploration of processes developing in any given environment are significantly simplified constructs in the nature of short-cuts within the boundaries of far more comprehensive theoretical systems. The more comprehensive systems retain their crucial importance because of the recurring need to adjust and to reconstruct the short-cuts employed. Monetarism is a short-cut the interest in which has been spreading in an environment influenced bycountercurrents against what Schumpeter called the March Into Socialism, defined by him as a transition into a system in which all important economic decisions are made by the political authority. The monetarist short-cut has passed some performance tests reasonably well in economies in which only a few important variables are politically controlled. The monetarist approach is best interpreted as relating to the determination of nominal demand, hence, as bearing only indirectly on trends in costs, prices and in real magnitudes. New developments in the theory of expectations have also been in spired by countercurrents against the Schumpeterian March Into Socialism. This is because, regardless of the process by which nominal demand is determined, it is true particularly of free-market economies, that market expectations play a decisive role in determining the cost and price trends that develop, given the trends in nominal demand. Unrealistic assumptions concerning market expectations have turned out to be the most vulnerable element of the postwar period’s neo-Keynesian analytical constructs. While the package of propositions usually associated with the concept of rational expectations also contains unconvincing elements, the views underlying those propositions contain a valid and significant core which I prefer to describe as the credibility hypothesis. The most important policy conclusion following from this hypothesis is that market expectations can be conditioned to a firm and reasonably predictable policy posture and that there is a large difference between the efficiency of an economy in which this condition is met and one in which it is not. Basic political-sociological forces will decide whether analytical constructs focused on problems of essentially free market economies, such as those discussed in this paper, will retain their pragmatic significance. This is because it will depend on these basic forces whether Schumpeter’s prognosis about the march into a bureaucratic and politically directed economic system will prove realistic or whether he underestimated the strength of the countercurrents with which the recent spread of interest in the approaches I have discussed is connected. At least for the time being, the countercurrents seem to have acquired considerable importance in several major economies. Let us remind ourselves also of a qualification that Schumpeter added in the Preface to the second and later editions of Capitalism, Socialism and Democracy. That qualification does not seem to have had much influence on his own betting odds, but he nevertheless stated it very clearly: “The report that a given ship is sinking is not defeatist. Only the spirit in which this report is received can be defeatist: The crew can sit down and drink. But it can also rush to the pumps”.     

利率市场化及其时机选择

利率市场化改革随着我国加入WTO和社会主义市场经济体制的日益完善而不可避免。但是,利率市场化不等于完全放开的自由利率。实现利率市场化除了要有相对完善的市场经济体制、较为发达的资金市场、多元化的金融结构等条件外,还要求金融当局掌握一整套调控的措施和方法。从当前国内外的经济环境和金融环境来看,我国加快利率市场化改革的时机已经基本成熟,但需要稳步推进。     

浅谈应尽早实行保险费率市场化

一、严格费率管制带来的弊端1.全国统颁保险费率违背了保险定价的基本原则。保险费率的厘定应体现公平合理的原则。保险人收取的保费应与保险人所承担的危险性相称。在保额一定的时候,低风险标的相应的费率应较低;高风险标的相应的费率应较高。然而我国地域辽阔,不同地区间的地     

基于平均利润率的中国市场化改革绩效分析

本文通过分析市场经济的特点,明确了市场经济的价格调节机制在起作用的过程中必然使各行业的利润率逐步趋于平均利润率的规律,并利用这个规律创建了各行业利润率与平均利润率之离差和指标,最后,利用这个指标来分析中国市场化改革的绩效。     

市场秩序的利益博弈透视

追求利益最大化是市场主体的行为动机,由于社会资源及财富的有限性,受利益最大化动机驱使的各利益主体之间必然产生利益竞争。市场不是一对抽象的供给和需求曲线,而是各种利益的交汇点,它本身就是一种利益机制。市场主体之间除了存在相互依存的协作关系以外,更充满了竞争和对抗     

关于我国保险企业走向国际市场的一些探讨

文章针对我国保险市场的发展现状,提出目前我国保险企业不宜急于海外扩张,而应把发展重点放在修炼内功上。     

市场经济下税制改革的理论基础:税收相对中性论

社会主义市场经济体制的核心内容在于发挥市场在资源配置中的基础性作用。税制改革作为社会主义市场经济体制改革的一个重要组成部分:一方面,发挥市场配置资源的基础性作用,以减少政府因课税对经济的低效干预;另一方面,政府也应发挥税制在国家宏观经济调控中的作用,以保证国家各项经济政策的贯彻执行。这要求我们在进行市场经济税制改革时,应兼顾税收中性与税收调控,以税收相对中性论为理论基础,进一步深化我国税制改革。     

产权,市场交易的基础——关于产权的理论综述

随着经济实践的发展变化,在经济学理论中,对“产权”的理解也在不断地深化。在不存在交换或者交易费用为零的世界里,产权的存在毫无作用,当然也没有分析产权的必要。当在市场中进行着商品和劳务的交易时,附着在这些有形物品上的产权也就同时被交换了。研究这些产权的出现、交换等所提出的问题,成为产权经济学的一个重要内容。一、产权的起源对于产权的出现,一般从以下3方面来理解:第一,人类社会最初出现的产权;第二,当有了新的财产关系出现时,需要建立新的产权制度;第三,旧的产权关系不适应经济发展需要时,被新的产权所替代或者改变。对于人…