中国农贷市场的利率决定:一个经济解释  

INTEREST RATE DETERMINATION IN CHINA RURAL CREDIT MARKET:AN ECONOMIC EXPLANATION

作　　者：陈雨露[1] 马勇[1] 杨栋[1] 

机构地区：[1]中国人民大学中国财政金融政策研究中心,北京100872

出　　处：《经济理论与经济管理》2009年第6期46-51,共6页Economic Theory and Business Management

基　　金：教育部重大攻关课题"全球新型金融危机与中国外汇储备问题研究"(08JZDH011)

摘　　要：在中国农贷市场,供给方垄断和总供给不足的双重约束造成了市场分割,而分割的市场状态进一步导致了"多重均衡利率"的存在:关系借贷一如既往地维持着名义上的零利率,而正规金融机构和非正式金融市场中的利率也是分别决定的。由于正规金融和非正式金融之间的高利差状态普遍存在,不可避免地导致了以下两个结果:(1)高利率驱逐低利率导致"挤出效应";(2)寻租性的套利活动。解决上述问题的关键在于增加农村金融市场的信贷供给,从根本上缓解严重的供给不足问题。In China rural credit market, the interactions between short supply and market monopoly cause the segmentation of rural credit market and the multi-equilibrium rates： relationship loan has maintained nominal zero rate while the interest rates in formal and informal credit market are determined separately. The wide interest rate spread between formal and informal credit market has caused the following two results. （1） crowding out effect; （2） rent-seeking arbitrage. The radical solution to the problems a-bove is to increase the credit supply and alleviate the serious tension between vigorous demand and inade-quate supply.

关 键 词：农贷市场 利率机制 分割市场 供给不足 

分 类 号：F832.4[经济管理—金融学]