利率市场化改革对经济效率的影响

发布时间：2018-03-22 13:52

本文选题：分割金融市场　切入点：信贷干预　出处：《世界经济》2017年04期 　论文类型：期刊论文

【摘要】：传统的金融抑制和金融深化理论主张取消利率管制,因为利率上升可以增加储蓄、改善资金配置、提高经济效率,但是不同经济体的实际改革经验却有好有坏。本文通过构建分割金融市场下存在利率管制和信贷干预的代际交叠一般均衡模型,从政府信贷干预的角度对这一现象进行了解释。研究发现,综合考虑利率管制和信贷干预的利率市场化能够提升经济效率,但在不改革信贷干预情形下,取消利率管制反而会降低经济效率,因此考虑利率市场化改革时应优先改革信贷干预,或两者同步进行。我们通过数据检验发现,对信贷干预的改革能显著提高经济整体的全要素生产率,而保持信贷干预仅取消价格管制的改革会显著降低全要素生产率。这一结果稳健存在,并且和本文模型推论一致。
[Abstract]:Traditional theories of financial repression and financial deepening advocate the deregulation of interest rates, because rising interest rates can increase savings, improve the allocation of funds, and increase economic efficiency. However, the practical experience of reform in different economies is mixed. This paper constructs an intergenerational general equilibrium model of interest rate regulation and credit intervention in financial markets. This phenomenon is explained from the angle of government credit intervention. It is found that the interest rate marketization that considers interest rate regulation and credit intervention can improve the economic efficiency, but without reforming the credit intervention, Deregulation of interest rates will reduce economic efficiency, so when considering market-oriented interest rate reform, we should give priority to reform of credit intervention, or both. The reform of credit intervention can significantly improve the total factor productivity of the economy as a whole, while the reform of keeping the credit intervention only removing price control will significantly reduce the total factor productivity. This result exists steadily and is consistent with the model inference in this paper.
【作者单位】：北京大学国家发展研究院;厦门大学经济学院金融系;
【分类号】：F832.5

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