美国货币市场基金发展及商业银行应对的经验和启示

Development of US's Money Market Fund and Experience and Illuminations of Commercial Banks 'Response

美国货币市场基金在利率市场化进程中扮演了非常重要的角色,成为利率市场化的助推器。本文回顾了美国利率市场化完成阶段货币市场基金的发展过程和商业银行的应对措施,分析了利率市场化对货币市场基金和商业银行的影响,吸取其经验和教训,对我国适时适度地推进利率市场化改革,防范利率市场化进程中的金融风险,有效加强货币市场基金监管和促进商业银行健康发展具有重要的借鉴意义。

U.S. money market fund plays a very important role in the process of market-based interest rate reform and in accelerating the process. Reviewing the development of US’s money market fund and commercial banks’ re-sponse in the stage of its completion of market-based interest rate reform, this paper analyzes the impact of market-based interest rate on the money market fund and commercial banks. Drawing experience and lessons from it will be of great significance for China’s timely market-based interest rate reform,preventing financial risks in this process,and effectively strengthening the regulation of money market funds and promoting the healthy development of commercial banks.