中国存贷款利率制度对货币政策效率的影响——基于商业银行流动性与产品定价视角的分析  

The Impact of China's Depositing and Lending Interest Rate System on the Efficiency of Monetary Policy ——Based on the Perspective of Liquidity and Products' pricing of Commercial Banks

作　　者：李成[1] 张琦[1] 郭哲宇[1] 

机构地区：[1]西安交通大学经济与金融学院,陕西西安710061

出　　处：《当代经济科学》2013年第6期43-51,123,共9页Modern Economic Science

摘　　要：商业银行存贷款利率浮动范围管制、流动性过剩、中央银行信贷规模调控效率弱化,表面上反映了商业银行过度的利润诉求,背后则是因为受到"利率市场化程度与商业银行产品定价规则"逻辑的支配。以"利率市场化改革与促进货币政策效率"为主要特征的制度安排为背景,本文发展了一个有关利率市场化进程中"商业银行定价规则"的模型框架,分析了我国现阶段存贷款利率管制下商业银行定价规则与货币政策目标相背离的内在逻辑。本文进一步证明,非市场化的存贷款利率制度,已经成为了阻滞中央银行货币政策传导的根源之一。随着经济规模的扩大和多元化利益格局的形成,中央银行需要逐步加快利率市场化进程,培育优化货币政策的利率传导机制,当然利率市场化的推进亦需循序渐进有节奏,将提高货币政策效率与维护经济稳定统筹兼顾。The floating range control of commercial banks' depositing and lending rates,excess liquidity and the control efficiency of central bank's credit scale have been weakened. On the surface,it reflects the commercial banks' demand for excessive profits. But in fact,they are dominated by the logic of ' interest rate marketization and product pricing rules of commercial banks'. In the background of institutional arrangement whose main characteristic is ' market-oriented interest rate reform and promoting the efficiency of monetary policy',a basic model framework about commercial bank's pricing rules is developed. The intrinsic logic of the deviation of commercial banks' pricing rules from the objectives of monetary policy is analyzed based on the model. This paper further proves that the non-marketization system of depositing and lending rates has become one of the root causes that block the central bank's monetary policy conduction. Accompanied by the expansion of economic scale and the formation of interest diversification,the central bank needs to accelerate the process of marketization of interest rates,and optimize the interest rate conduction mechanism of monetary policy. However,the propulsion of interest rate marketization also needs to be done gradually and rhythmically by considering both raising the efficiency of monetary policy and maintaining economic stability.

关 键 词：存贷款利率管制 商业银行流动性过剩 商业银行定价 货币政策效率 

分 类 号：F832.1[经济管理—金融学] F822.0