德国利率市场化改革的特点与其金融业发展

German interest rate market-based reform and its financial industry development

利率市场化是指金融机构在货币市场经营融资的利率由市场供求来决定，它包括利率决定、利率传导、利率结构和利率管理的市场化。文章考察了德国利率市场化改革的特点及其对金融业发展的积极影响。德国利率市场化改革分步骤平稳推进。改革后，在全能银行模式下德国金融业没有出现象美、英那样的银行集中倒闭危机；银行贷款在非金融部门融资中仍居于主导地位，而住户部门的金融资产结构发生显著变化；德国的货币政策主要是通过改变银行的流动性来影响金融市场利率，进而间接影响银行信贷政策以及实体经济。

Interest rate liberalization means that the financial institution＇s financing rates in the money market are determined by market demand and supply. It includes the marketization of the interest rate determination, transmission, structure and management. The article examines the features of the interest rate market-based reform in Germany and its positive impacts on the development of its financiat industry. The reform in Germany was carried out steadily in stages. After the reform, Germany＇s financial sector under the universal banking model did not suffer from any crisis of massive close down of banks as in the US and UK. Bank loans still occupy a leading role in financing by non-financial sector, whi^e remarkable changes occur in the structure of household financial assets. The monetary policy of Germany mainly changes banks＇ liquidity to affect the interest rates in the financial market, and then indirectly affecting banking credit policies and the real economy.