美、日利率市场化的国际经验及其对我国的启示

The Revelation of International Experience in Marketization of Interest Rate in America and Japan

我国即将实施的利率市场化的货币政策将对我国政府及商业银行提出许多亟待解决和完善的问题。美国和日本的利率市场化过程从两个不同的角度为我国利率市场化改革提供了借鉴。我国在利率市场化进程中,要参照美国和日本的经验,既从宏观层面上借鉴"渐进式"的存款利率市场化,以"中间产品"为依托展开渐进式改革;同时要建立存款基础利率报价和发布机制以及加速存款保险制度;还要在商业银行层面上借鉴美、日金融机构严格的资产负债管理体系,扩展中间业务来缓解存贷差压力,及时转变思路,业务上从"大"到"小",同时要学会提高风险管理水平,适应利率市场化环境。

The marketization of interest rate is going to be carried out soon in China.It will raise many questions and problems that need our national monetary authorities to concern and to solve.The process of the marketization of interest rate in America and Japan provide the reference to our national renovation of the marketization of interest rate from two different perspectives.We can borrow American and Japanese experiences,i.e., 'progressive' marketization of deposit interest rate can be borrowed at macroscopic level,and this progressive renovation can be carried out based on 'intermediate' product.Meanwhile,deposit base rate quotation,release mechanism and acceleration of deposit insurance system should be set up.The strict asset liability management system of American and Japanese financial institutions should also be borrowed in the commercial bank level.Expanding the intermediate business can alleviate the pressure of the difference between deposit and loan.We should change the way of thinking in time and try to do business form the 'big' to the 'small'.In addition,we need to learn to improve risk management in order to adapt to the environment of market-oriented interest rate.