韩国利率市场化改革与其经济金融运行变化

Market-based interest rate reform in Korea and its economic and financial effects

文章回顾了韩国利率市场化改革的历程及其经济金融运行的积极变化。20世纪80年代起，韩国逐渐放弃政府主导型的管理政策，启动利率市场化改革进程。其改革经历了从放开到管制、从管制到重新放开的两个阶段，虽然其中经历了挫折，但最终还是成功实现。利率市场化促进了实际利率由负转正，达到了在控制通胀的前提下促进经济增长之目的。

The article reviews the progress of the market-based interest rate reform in Korea and the positive changes of its economic and financial operations. Since 1980s, Korea gradually discontinued with the government-led management policy and activated the market-based interest rate reform. The reform has gone through two phases, namely from liberalization to control and from control to re-liberalization. Despite hiccups and frustration, the reform finally succeeded. Interest rate marketization has contributed to a positive interest rate from negative, and achieved the goal of economic growth amid inflation control.