利率市场化与互联网金融:传染效应与联动效应

Interest Rate Liberalization and Internet-based Finance: Contagions and Comovements

本文分析了在不同情形的利率市场化背景下,受管制的银行体系利率如何向市场化的互联网金融产品收益率传导。研究表明,在完全利率市场化背景下,利率或互联网金融产品收益率发生调整,存在显著的联动效应。在银行存款利率上限受到约束的背景下,提高存款利率上限会推高互联网金融产品收益率,但是贷款利率下限的变化对互联网金融产品收益率的影响不显著。推进利率市场化将引导互联网金融产品收益率向合理水平回归,促进互联网金融的健康可持续发展。

This paper analyzes how the regulated interest rates in the banking system affect the yields of internet-based financial products under different interest rate liberalization paths. The results of this study shows when the lending rate, deposit rate and the yields of interest-based financial products are all marked-determined; the adjustment of the banking interest rates and the yields of interest-based financial products have significant co-movement effects. When the deposit-rate ceiling is binding, but the lending-rate floor is not binding, raising deposit-rate ceiling increases the yields of interest-based financial products. However, the impacts of changes in the lending rates floor on the yields of interest-based financial products are not significant. Promoting interest rate liberalizations will lead the yields of interest-based financial products return to a reasonable level, so that internet- based finance can maintain a healthy and sustainable development.