从美国利率市场化看我国银行同业利率定价协调机制的最优路径

Optimal Route From American Interest Rate Liberalization and Our Country's Banking Interest Rate Coordinate Mechanism

在推进利率市场化进程中,我国采取了利率"双轨并行"的改革思路。利率市场化后,最明显的变化是银行业竞争会加剧,除需要完善上海银行间同业拆放利率(Shibor)形成机制、加快推出存款保险制度外,还应建立银行同业利率定价协调机制。通过对20世纪80年代美国利率市场化改革进程以及利率市场化后基准利率形成机制的考察,分析了包括协调主体、协调范围、协调价格、惩罚措施和后期评估等在内的银行同业利率定价协调机制,以维护各金融机构合理价格竞争,确保银行业健康、可持续发展。

In the process of interest rate liberalization, rate double track system is adopted in China. After the interest rate market reform, the competition among commercial banks will be intensified, so that Shibor formation mechanism should be improved and deposit insurance system should be introduced, and at the same time, the interbank rate pricing coordination mechanism should be established. By the investigation of the process of interest rate liberalization in USA and its benchmark interest rate forma- tion mechanism, the paper analyzes the coordination in terms of the object, extent, price and measures to ensure the healthy and sustainable development of banking industry.