制度质量有效性与稳定性对利率市场化改革的影响——基于跨国数据的实证研究

发布时间：2018-03-09 06:15

本文选题：利率市场化　切入点：产权制度质量　出处：《国际金融研究》2012年10期 　论文类型：期刊论文

【摘要】：利率市场化改革以来,影子货币国家(加拿大、瑞士、澳大利亚)的经济金融发展健康平稳,与当今主流国际货币国家(美国、法国、日本)相同,良好的制度保证在其改革过程中起到了至关重要的作用。本文采用影子货币国家和主流国际货币国家6个经济体20年的跨国数据,运用面板数据模型检验了合约密集型货币比率和金融自由化比率两类制度质量指标在两类国家利率市场化进程中所起的作用。研究结果表明,产权制度质量和制度环境质量在利率市场化进程中是重要的前提条件;制度有效性和制度稳定性能够显著影响利率市场化改革绩效水平。本文研究结果对现阶段中国进一步推进利率市场化改革有着重要启示。
[Abstract]:Since the reform of interest rate marketization, the economic and financial development of shadow currency countries (Canada, Switzerland, Australia) has been healthy and stable, which is the same as the mainstream international currency countries (the United States, France, Japan). Good institutional assurance has played a vital role in the reform process. This paper uses 20 years' transnational data from six economies of shadow currency countries and mainstream international monetary countries. The panel data model is used to test the effect of two kinds of institutional quality indicators, contract intensive currency ratio and financial liberalization ratio, on the process of interest rate marketization in two kinds of countries. The quality of property right system and the quality of institutional environment are important preconditions in the process of interest rate marketization. Institutional effectiveness and institutional stability can significantly affect the performance level of interest rate marketization reform. The results of this study have important implications for the further promotion of interest rate marketization reform in China at this stage.
【作者单位】：吉林大学;中国人民银行金融研究所;特华博士后科研工作站;
【分类号】：F821;F224

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