日本利率市场化改革的路径及效应

Japan＇s market-based interest rate reform and its effects

文章回顾总结了日本利率市场化改革的经验与教训。在内外压力推动下，日本于1977年启动利率市场化改革，其改革进程历时17年，主要分为四个阶段，呈现谨慎渐进的特点。利率市场化后，利率对日本宏观经济的调节作用明显增强，货币和证券市场得到迅速发展，但银行间竞争加剧，在金融全面自由化的浪潮下，银行高风险经营导致资产泡沫的累积及其后大量倒闭事件的发生。

The article summarizes the experience and implications of Japan＇s market-based interest rate reform. Under internal and external pressures, Japan initiated market-based interest rate reform in 1977. The reform was conducted in 17 years with four major stages, and reflected prudent and progressive changes. After interest rate marketization, the role of interest rate adjustment on Japan＇s macroeconomy has become more obvious, along with rapid development of money market and securities market. Faced with intensified interbank competition and full-scale financial liberalization, the high risk-bearing operations of banks have led to asset bubbles and massive close-down subsequently.