澳大利亚利率市场化改革与其金融体系效率的改善

Australia＇s market-based interest rate reform and financial system efficiency improvement

文章分析了澳大利亚自上世纪70年代开始实施的包括利率市场化改革在内的金融自由化改革给该国经济金融运行带来的积极变化。为巩固银行业地位、提高金融体系效率，澳大利亚从上世纪70年代开始实施改革，放松金融管制，主要包括取消对银行业存贷款利率限制、放开国债利率、取消外汇管制、改革证券市场等。改革后，银行业竞争能力增强，金融市场迅速发展，但也出现了信用过度扩张和股票市场过度繁荣等现象。澳大利亚在此后采取的金融监管体制改革，维护了金融系统的稳定运行。

The article analyzes the positive changes to Australia＇s economic and financial performances by the financial liberalization reform including the market-based interest rate reform since the 1970s. To strengthen the banking industry position and improve the financial system efficiency, Australia exercised reform since the 1970s to relax financial controls, which mainly includes deregulating interest rates restriction on savings and loans of the banking industry, liberalizing interest rates on treasury bonds, removing FX control, reforming the securities market, etc. After the reform, the banking industry is more competitive and the financial market is developing rapidly, but there is excessive credit expansion and excessively flourishing of the stock market. Australia then carried out the financial regulatory regime reform and maintained the financial system stability.