中国利率市场化的理论思考

Theoretical Thinking of Making the Interest Rate Marketable in China

本文从深入分析利率到底是由什么决定的入手 ,系统论述了中国利率机制改革创新的理论依据 :马克思的利率决定理论 ,以及西方利率决定理论发展的三阶段 ,古典学派的利率决定理论、凯恩斯的流动性利率理论、新古曲学派的利率决定理论及其给我们的重要启示。结论是 ,利率市场化是一个客观规律 ,而这一客观规律是经济学家们经过几百年科学探索而发现的一个真理 ;利率市场化也是金融发展的客观要求 ;我国利率机制创新 ,就在于尽快实行利率市场化 ,放开利率管制。

The paper begins with asking the question how the interest rate is determined,and then discusses systematically the different schools of theories on which the interest mechanism reform of China is based and their important use for reference.These schools are labeled as Marx's interest determination theory and the western interest determination theory that is decomposed of the three developed stages,ie,the classical school of interest determination theory,Kyenes's fluidity interest theory and the neo-classical school of interest determination theory,The conclusion comes that making the interest marketable is an objective law for which economists had sought to for hundreds of years.The marketabililyty of interest in also accordant wiht the requirement of financial development.The creation of interest mechanism of China lies in making it into the market as soon as possible and loosening the restriction of it.