对利率自由化理论的质疑

Doubting On The Theory of Interest Rate Liberalization

该文通过梳理西方经济学基本观点和马克思主义关于货币的研究认为,当前利率自由化的理论依据与当代西方经济学原理相冲突,也不符合马克思主义经济学货币作用原理,更与社会主义市场经济中的国家作用原则相违背。利率自由化或(完全)市场化导致资源配置效率下降,不利于收入分配和再分配的合理化;市场化高利率必然抑制需求从而抑制经济增长,利率波动干扰经济运行;利率市场化必然增加和加剧信贷领域经营风险,增加和加剧金融危机。利率(完全)市场化改革不是时机成熟与否和怎样操作的问题,而是利率的决定根本就不应该完全放开,科学的利率政策应是有控制的市场利率与市场制约下的管制/计划利率相结合。

Combing basic views of western economics and marxism＇s theory about Interest rate liberalization,this paper believes that the current theoretical basis of the interest rate liberalization conflicts with the principle of contemporary western economics,also does not conform to the principle of monetary action of Marxism Economics,and runs counter to the principle of the state＇s role in the socialist market economy.Interest rate liberalization or（complete）marketization leads to decreased effectiveness of resource allocation,is not conducive to the rationalization of income distribution and redistribution;Market-oriented higher interest rate will curb demand and thus curb economic growth,the fluctuation of interest rate will disturb economic operation;Market-oriented interest rate will increase and exacerbate credit operational risk,and the financial crisis.The（complete）market reform of interest rate is not a question of the right time or not and how to operate.Instead,the determination of interest rate should not completely release.Scientific interest rate policy should combine controlled market interest rate with the planned/regulated interest rate under the constraints of the market.