中国利率市场化改革问题研究

发布时间：2018-02-15 21:45

本文关键词： 利率市场化货币政策泰勒规则普尔模型　出处：《天津大学》2013年硕士论文　论文类型：学位论文

【摘要】：20世纪70年代末至80年代，金融自由化是全球经济最引人注目的现象之一，而金融自由化的核心和关键是利率市场化，因为，利率是宏观经济运行中最重要的经济变量。如果利率没有实现市场化，市场经济也是不完整的。利率市场化在理论文献中就是利率水平由货币市场和资本市场的借贷资金供求状况决定这样一种市场利率形成关系，利率市场化包括利率水平决定与变动的市场化、利率传导机制的市场化、利率结构形成及其变动的市场化以及利率管理的市场化。中国现已加入WTO过十年，建立市场化的利率体系是解决开放的宏观经济条件下放开利率、汇率及保证货币政策有效性、资本自由流动等问题的关键。因此利率市场化在经济进一步开放中变得更加重要了。本论文第一章提出了利率市场化的定义与内涵，并提出了本文研究的背景及意义；第二章通过古典的利率理论以及金融抑制和金融深化理论，，揭示了利率市场化的本质、特征，并结合其他国家的经验教训，总结出各国推行利率市场化基本改革路线、面临的问题及解决问题的办法；第三章通过普尔模型分析得出，当前我国货币政策中介目标应由货币供应量向利率转变；第四章通过分析利率与经济制度变迁、经济增长、储蓄、消费、投资以及汇率等其它宏观经济变量之间的内在联系，得出利率是我国当前宏观经济运行中最重要的经济变量，利率市场化改革有利于发挥利率的储蓄、消费、投资及利率平价效应，从而促进经济的持续健康发展；第五章主要是说明我国利率市场化的基本进程以及改革的难点；第六章提出了我国利率市场化改革的路径选择及建议。通过这样的结构安排，分析了我国利率市场化改革的必要性和必然性，并结合我国的实际情况分析了我国利率市场化改革的难点，最终提出了我国利率市场化改革应选择怎样的路径。通过对中国利率市场化进程的判断，可以得出利率市场化与整体的宏观经济变革具有逻辑上的内在一致性，是我国市场经济进一步深化改革和发展的必然选择。
[Abstract]:From the end of 1970s to 80s, financial liberalization was one of the most striking phenomena in the global economy, and the core and key of financial liberalization was interest rate liberalization, because, Interest rate is the most important economic variable in macroeconomic operation. If interest rate does not realize marketization, market economy is incomplete. The marketization of interest rate in the theoretical literature is that the level of interest rate is determined by the supply and demand of loan funds in the money market and capital market. The marketization of interest rate includes the marketization of the determination and change of interest rate level. The marketization of interest rate transmission mechanism, the formation of interest rate structure and its changes, and the marketization of interest rate management. China has now joined the WTO for more than ten years. To establish a market-oriented interest rate system is to solve the problem of liberalizing interest rates, exchange rates and ensuring the effectiveness of monetary policy under open macroeconomic conditions. Free flow of capital and other issues key. Therefore, interest rate liberalization has become more important in the further opening of the economy. The first chapter of this paper puts forward the definition and connotation of interest rate marketization, and puts forward the background and significance of this paper, the second chapter reveals the essence of interest rate marketization through classical interest rate theory, financial suppression and financial deepening theory. Characteristics, and combined with the experience and lessons of other countries, summed up the basic reform of interest rate marketization routes, facing problems and solutions; the third chapter through the Poole model analysis, At present, the intermediate target of monetary policy in China should be changed from money supply to interest rate. Chapter 4th analyzes the internal relationship between interest rate and other macroeconomic variables, such as economic institutional change, economic growth, savings, consumption, investment and exchange rate. It is concluded that interest rate is the most important economic variable in the current macro-economic operation of our country. The market-oriented interest rate reform is conducive to giving full play to the savings, consumption, investment and interest rate parity effects of interest rates, thus promoting the sustained and healthy development of the economy. Chapter 5th is mainly to explain the basic process of interest rate marketization and the difficulties of the reform in our country. Chapter 6th puts forward the path choice and suggestions for the reform of interest rate marketization in China. This paper analyzes the necessity and inevitability of China's interest rate marketization reform, and analyzes the difficulties of our country's interest rate marketization reform according to the actual situation of our country. By judging the process of interest rate marketization in China, we can draw the conclusion that the marketization of interest rate and the overall macro-economic reform are logically consistent. Is our country market economy further deepens the reform and the development the inevitable choice.
【学位授予单位】：天津大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F822.0

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