关于利率市场化改革国际经验的总结与启示关于利率市场化改革国际经验的总结与启示.pdf

关于利率市场化改革国际经验的总结与启示* An overview of international market-based interest rate reforms and their implications 雷 曜 作者简介 雷 曜，中国人民银行金融研究所综合政策研究室主任 Author Lei Yao, Director of Policy Research Office, Financial Research Institute, People’s Bank of China 摘 要 作为本刊利率市场化专题系列国别经验研究的总结，文章从利率管制的原因、利率市场化背景、利率市场化改革进程、利率市 场化对金融运行的影响，以及利率市场化与货币政策调控目标方式的转变等方面，对利率市场化改革的国际经验进行梳理并研究其 启示。文章指出，利率市场化改革伴随货币政策中间目标转变和金融创新推动，是一个逐步渐进的过程，需要相关政策配套，在改 革完成前后，央行对利率调控由直接转为间接，并重视使用公开市场操作方式。 Abstract As a summary of the studies on various countries’ experiences under the topic of interest rate marketization, the article collates the international experiences in market-based interest rate reform and reveals its implications from a variety of perspectives including the causes for interest rate control, the background of interest rate marketization, the progress of market-based interest rate reform, the impacts of interest rate marketization on financial system, and the changes of interest rate marketization and monetary policy targets. The article indicates that the market-based interest rate reform is changed with the monetary policy intermediate targets and promoted by financial innovations. The reform is a gradual process which requires supplementary policies. Before and after the completion of the reform, the Central Bank’s interest rate management is changed from direct adjustment to indirect adjustment, and importance is attache