金融自由化过程中的利率市场化及其风险控制

The market-based interest rate in the progress of financialderegulation and financial risk controlling

利率作为金融市场主要的调控手段,其市场化或自由化是整个金融创新理论的核心.我国市场化取向的改革虽然已经进行了20余年,但作为资金价格的利率仍然处于管制状态,利率管制扭曲了企业、特别是银行的经营行为,使得银行难以建立起正确的激励制度,导致信贷资金配置效率低下,大量不良贷款产生,这既增加了经济中的金融风险,又抑制了经济持续健康的发展.因此,利率市场化已经成为我国金融体制改革的当务之急.但目前,我国完全实行利率市场化的条件还不具备,渐进式的市场化模式是我们应该采用的.同时,我们应当对于具体的放开步骤和风险有明确的认识,以便更好的控制市场化过程中所引发的风险.

Deregulation principle on interest rate,which is the primary instrument of dominating in the financial market,is the core of the financial innovation.Although the market oriented reformation has been practiced for 20 years in our country,but the interest rate,which behaves as the price of the capital,is still in a state of control in our country.The interest rate control contorted the enterprises,especially the management behavior of the banks, made it difficult to establish a correct inspiring system,resulted in a low efficiency of credit capital allocation and a great deal of non-performing loan,which increased the financial risks in economy,as well as refrained the sequential and healthy economic development.Therefore,market-based interest rate has already formed the first imperative of our financial system reformation.But as far as the current situation is concerned,the conditions in which to put market of interest rate melts completely into practice are still lacking,thereby the progressive market-based interest rate mode should be adopted.At the mean time,we must keep the definite idea about the opening steps and risks,so as to control the risks in the progress of liberalization.