印度利率市场化及对我国的经验启示

Liberalization of Interest Rate in India:Practice and Revelations

印度利率市场化改革自1992年重启后,进程加速很明显。到1998年,除了特殊的贷款利率和储蓄存款利率未放开,其他存贷利率基本完成市场化。2011年,印度利率市场化的最后一步—储蓄存款利率也放开了。与此形成对比的是,中国利率市场化进程由于种种原因,改革速度一直较为平缓。随着2013年7月人民银行宣布放开对金融机构贷款利率管制,中国的利率市场化只差最关键、最重要的一步,即放开存款利率。通过分析印度利率市场化背景以及进程,同时和中国的利率市场化进行比较,可以得出对中国利率市场化改革的启示,具有借鉴意义。

India's effort to liberalize interest rates has been developing on a fast track since 1992.Most types of interest rates had been liberalized in 1998-2011.By contrast,China's probe in relaxing interest rates has experienced a slow and modest process.With the China Central Bank announcing to loosen restriction on loan interest rates of financial institutions in July 2013,there is just one crucial step—to liberalize interest rate for savings—to go in finalizing the reform of interest rates.Some revelations can be drawn for China from India's liberalization of interest rates.