利率传导与金融发展理论——利率市场化理论基础之二

Theoretical foundation for interest rate marketization： interest rate transmission and financial development theories

推进利率市场化的理论基础涉及利率决定理论、利率传导理论以及剖析利率结构和利率管理的金融发展理论。本文重点介绍利率传导理论和金融发展理论的主要观点。其中，利率传导理论研究表明，利率由投资、储蓄、货币供给、货币需求、可贷资金的供给与需求、社会平均利润率等内生变量决定，而利率的变化又会对上述经济变量产生影响。金融发展理论试图为利率结构和利率管理的市场化探寻理论依据，是利率市场化不可或缺的理论组成。

The theoretical foundation for interest rate marketization involves interest rate determinant theory, interest rate transmission theory and financial development theory on interest rate structure and management. This article reviews the main points of interest rate transmission theory and financial development theory. Among which, the interest rate transmission theory shows that interest rate is determined by investment, savings, money supply and demand, Ioanable funds supply and demand, the average rate of return and other endogenous variables, and the change of interest rate will also exert influence on the above economic variables. The financial development theory attempts to seek theoretical foundation for marketization of interest rate structure and management, which is an essential theoretical part of interest rate marketization.