提高利率是一种柔性的市场化调控手段

Interest Rate Increase : A Flexible Way of Macro - control through Market Mechanism

宏观调控须与发展市场相结合,利率手段则是典型的市场化工具。由于货币政策传导机制不畅、总储蓄率以及银行存差依然偏高等因素,2004年首季度推出的间接型紧缩性货币信贷政策效力甚微。随后采取的窗口指导之类的直接型紧缩性货币信贷政策迅即有效,但直接型紧缩性货币信贷政策因震荡太大特别是引起贷款的大起大落而不可持续使用。同时,考虑到再贷款和再贴现浮息以及扩大贷款利率浮动幅度不能替代存贷款利率提高、现在的企业等经济主体对利率相当敏感、调高利率并不会对人民币汇率构成显著升值压力、负的存款利率将破坏金融稳定性、调高利率的负面影响可以综合权衡等因素,果断提高存贷款利率是适当、必须的。

Interest rate is a typical market instrument. Due to the deficiency of the monetary policy transmission mechanism, the high savings ratio and excess deposits, indirect contractive monetary and credit instruments that adopted in the first quarter of 2004 have less effect, but direct instruments, such as window operation, have immediate effect. However, direct instruments may cause dramatic fluctuation of the lending activities and thus can not beused for a long time. Finally the author concludes that to increase the interest rate of both deposit and loan is appropriate and necessary while taking into considering several facts.