中国货币市场基金发展与利率市场化:基于美国的经验

The Interaction of Money Market Fund and Interest Rate Liberalization: Based on the Experience of the U.S.

美国货币市场基金发展与利率市场化改革推进是相辅相成的。货币市场基金的出现分流了银行存款,促使美联储启动存款利率市场化改革;改革进程中通胀高企、银行产品创新滞后等因素为货币市场基金提供了发展空间。货币市场基金的兴起对美国金融结构及各部分资产负债表产生深远影响,存款机构投资风险偏好提升,居民、企业部门资产配置改变。中国货币市场基金与利率市场化正在形成积极有效互动,出现"小额先行、加速推进"的独特路径,推动商业银行与金融市场的变革和创新。

The development of money market fund and the interest rate liberalization in U.S. complemented each other. A significant proportion of deposit in banking system flowed to money market fund, whose occurrence stimulated the Federal Reserve to start the reform of deposit interest rate liberalization. During the reform process, a lag of innovation on banking products, the high inflation and other factors provided money market fund with broad space to develop. The rise of money market fund had profound and lasting influence on the financial structure and the balance sheets of various sectors in U.S. As a result, the investment risk appetite of thrift institutions increased and the asset allocation of residents and corporations changed. Recently the money market fund in China has interacted with interest rate liberalization effectively and actively. The special path has formed that allows the liberalization of retail deposit interest rate to go ahead of the rest and accelerates the liberalization process. It would promote the reform and innovation of commercial banks and financial market.