印度的利率市场化改革及利率走廊调控机制

The Market-oriented Reform of Interest Rate Management in India and the Institutional Evolution of Interest Rate Corridor Mechanism

印度的利率市场化改革是经济体制转型的重要内容,研究印度利率管理体制的变迁首先需要理解印度利率管制的形成历史,在此基础上梳理印度利率市场化的背景、步骤和效果。从制度变迁的视角出发,分析印度的利率市场化改革与经济体制转型的强制性关联,有助于理清印度分阶段实施改革的深层次原因。目前,印度正在构建利率走廊调控机制,该机制的操作模式也与利率管理体制变迁的历史背景有着深刻的联系。

The deregulation of interest rate in India is one element of its economic system reform. After a review of the history of the regulation on interest rate in India, this paper analyzed the correlation between deregulation of interest rate and the macro-economic restructuring from the perspective of institutional evolution, in order to understand the step-by-step manner reform in India. The paper opined that the interest rate corridor mechanism being promoted by the Reserve Bank of India is linked with the reform in interest rate management system in India.