金融发展的路径依赖与利率市场化

我国金融改革虽然取得了一定的成绩,但仍未突破以银行为主导的金融发展路径,存贷款利差扩大成为利率市场化的阻碍因素。本文运用金融发展的路径依赖理论对此进行了分析,指出在实行赶超型金融发展战略中,为不被旧的路径锁定,使利率市场化顺利进行,减少金融改革中银行业的风险,必须在既有路径中边发展边修正改造,变银行主导型为资本市场主导型金融体系,促使政府主导的供给型金融向市场主导的需求尾随型金融转变。

Financial Development Path-dependence And Interest Rate Marketization

Financial reforming has taken place for decades in China, although gets some developments, but the bank-dominating phase in finance sector hasn't been broken up yet, furthermore, leads to new financial repression in deposit interest rates as well as other items, the enlarged spread is not conducive to innovations and reform for banks and whole financial sector, which becomes factors hindering interest rate marketization. After analyzing this with Theory of Financial Development Path-dependence, the author concludes that in the process of catching up with and surpassing strategy in developing China finance, in order not to be locked-in by old path, we have to develop and reform or correct at the same time along the old path, adjust financial structure, turn bank-leading system to capital market-leading system, and government phases out in financial activities early, facilitates government dominating supply-leading financial system turning to market dominating demand-following system.