利率市场化进程:障碍与阻力  

Interest Rate Marketization Process:Obstacles and Resistance

作　　者：钟春平[1,2] Zhong Chunping(National Academy of Economic Strategy,Chinese Academy of Social Sciences,Beijing 100010,China;School of Business,University of Chinese Academy of Social Sciences,Beijing 102401,China)

机构地区：[1]中国社会科学院财经战略研究院,北京100010 [2]中国社会科学院大学商学院,北京102401

出　　处：《征信》2023年第4期1-8,共8页Credit Reference

摘　　要：利率及利率市场化具有重要意义和价值,而中国的利率市场化进程进展较为缓慢。在理论上,利率决定比较困难,而现实中面临更多障碍:利率价格决定有着较多的影响因素,特别是物价和数量化定价等,而利率市场化则面临不同参与主体的利益挑战,存在着较多的准入障碍。对利率市场化进程的历史回顾表明,整体偏高的物价水平及较为集中的市场格局影响着利率市场化进程;对当前的现实分析则说明,央行目标及货币政策的定位、监管能力与准入措施、各种形式的市场主体等阻碍着利率市场化进程。利率市场化的未来需要更好地突破利益障碍,通过扩大开放等加快推进利率市场化进程。Interest rate and interest rate marketization is of great significance and value,but the interest rate marketization process in China is progressing slowly.The interest rate determination is faced with both theoretical difficulties and practical obstacles:interest rate price determination has many influencing factors,especially price and quantitative pricing,while interest rate marketization faces challenges from different participants,and there are many access barriers.The historical review of the interest rate marketization process shows that the overall higher price level and relatively concentrated market pattern affect the interest rate marketization process.The analysis of the current reality shows that the central bank's target and monetary policy positioning,regulatory competence and access measures,various forms of market entities hinder the process of interest rate marketization.In the future,interest rate marketization needs to break through interest barriers better and accelerate interest rate marketization by expanding opening-up.

关 键 词：利率市场化 利率决定理论 物价水平 完全竞争 

分 类 号：F822.0[经济管理—财政学]