摘要
本文认为我国存在正规与非正规的二元金融体系,二者的利率水平不同,央行的利率管制是导致这种金融扭曲的一个主要原因。通过构建两个部门、两种金融资本的经济模型,得出正规金融市场中利率水平的提高有助于改善这种扭曲的金融结构,减少非正规金融,并且提高投资效率的结论。我国1986年到2008年的时间序列模型和1995到2008年的省际面板数据模型证实了此观点,说明利率市场化是我国深化金融改革的必然选择。
This paper considers that there are two financial systems in our country： the formal and informal financial systems,where the interest rates are different.The interest regulation of central bank is the main reason of this financial distortion.By means of the model which has two economic sectors and two styles of financial capital,this paper has found that the increase of interest in formal financial market can correct this financial structure distortion,reduce the informal financial scale,and increase the investment efficiency.The time series model from 1986 to 2008 and the panel model of our country＇s each province from 1995 to 2008 have confirmed this result,which shows that the marketoriented reform of interest rate is the necessary step of deepening our country＇s financial reform.
出处
《财经论丛》
CSSCI
北大核心
2012年第2期51-56,共6页
Collected Essays on Finance and Economics
关键词
利率管制
金融扭曲
投资效率
interest regulation
financial distortion
investment efficiency
