利率市场化改革如何影响了农村正规金融对非正规金融的替代性?

The Impact of Interest Rate Liberalization on the Substitution of Formal and Informal Finance in Rural Areas

本文基于"技术内生效应"的视角研究了利率市场化改革对农村正规与非正规金融替代性的影响。本文指出利率市场化改革对农村正规金融利率调整的效应有三种,分别是直接名义收益效应、农户类型异质的借款人结构类型效应和正规金融机构解决信息不对称与监督问题的技术内生效应,这三种效应导致农村正规金融对非正规金融的替代呈倒"U"形关系。本文的实证研究表明利率市场化改革对正规与非正规金融替代性主要不是源于利率价格变动的名义收益效应,而是与信息不对称问题密切相关的借款人结构类型效应与技术内生效应。本文的政策含义在于,农村利率市场化改革要考虑普惠金融与金融精准扶贫的有效性,同时要考虑农村的信息不对称问题并做好激励机制设计。

Based on the perspective of"technology endogenous effect",this article discusses the impact of interest rate liberalization on the substitution of formal and informal finance in rural areas.The new theoretical framework proposed in this study holds that the reform of interest rate liberalization can induce rural formal finance to balance the decision of funds supply by taking into account of three effects,namely,the direct nominal income effect,the heterogeneous borrower structure type effect and the technical endogenous effect of formal financial institutions to solve the problem of information asymmetry and supervision.The antagonistic relationship of these three effects leads to an inverted"U"shape relationship between the replacement of rural formal finance and informal finance.The empirical results further indicate that the impact of interest rate liberalization on the substitution of formal and informal finance is not due to the nominal income effect of interest rate price changes,but the borrower structure type effect and technology endogenous effect closely related to information asymmetry.The policy implication is that the effectiveness of inclusive finance and financial targeted poverty alleviation should be considered in the reform of interest rate liberalization in rural areas.It is also important to take into account the problem of information asymmetry in rural areas and have good incentive mechanism design.