美国、日本等国家和中国台湾地区利率自由化的经验与启示

Experience and lessons derived from interest rate liberalization reform in America,Japan and Taiwan of China

美国、日本、印度、智利等国家以及中国台湾地区利率自由化的经验与教训对中国利率市场化有着重要的启示。通过对其利率自由化步骤和过程的分析可以看出,金融市场比较成熟是其改革的前提,逐步放宽管制是其改革步骤,即在金融市场比较成熟的条件下推进利率自由化。中国不能直接照搬这些操作,而应该先培育金融市场,待实现利率市场化之后,再参考这些经验,深化利率改革。

In the process of interest rate liberalization reform, China can draw some important experience and lessons from America, Japan,India,Chile and Taiwan of China. However, their liberalization steps suggest that the reform is based on a mature financial market. They have gradually relaxed the interest rate regulations in an environment of mature financial market. Therefore, we can not just copy their procedures. What we should do first is to develop and improve the financial market. When we realize marketization of the interest rate system, then we can refer to foreign experience and deepen our interest rate reform.