摘要
作为存款性金融机构联结居民、企业、政府等实体经济部门的纽带,存款利率对一国货币价格体系与经济发展质量有着重要意义。研究以美国为代表的成熟市场国家的经验与教训发现,在利率市场化程度不断提升的环境下,存款利率仍然是一个需要精细化管理的市场名义利率,个体、局部、全局性银行风险与存款利率管理如影随形,兼顾利率传导与风险控制并积极寻求二者的动态平衡,是存款利率上限管理最为基础的目标,也是确保行业稳定健康发展的制度性保障。结合比较研究,本文建议围绕银行核心存款进一步疏通货币政策量价传导机制,推进存款利率差别化管理,并进一步探索完善市场利率定价自律机制建设。
As a link between deposit-type financial institutions and real economic sectors such as residents,enterprises and governments,deposit interest rates are of great significance to a country's monetary price system and the quality of economic development.Research on the experience and lessons learned from mature market countries represented by the U.S.found that,under the environment of increasing marketization of interest rates,the deposit interest rate is still a market nominal interest rate that needs to be managed in a refined manner,and that individual,local,and global banking risks follow the management of deposit interest rates,and that taking into account interest rate transmission and risk control and actively seeking a dynamic balance between the two is the most fundamental goal of deposit interest rate cap management,and also a systematic safeguard that ensures the stable and healthy development of the industry.Combined with comparative research,this paper suggests further unblocking the monetary policy volumeprice transmission mechanism around banks'core deposits,promoting the differential management of deposit interest rates,and further exploring the construction of a self-regulatory mechanism for improving market interest rate pricing.
作者
郑晓亚
王伟
张曦
陈华
Zheng Xiaoya;WangWei;Zhang Xi;Chen Hua(Post-doctoral Mobile Station of Management Science and Engineering,Fudan University,Shanghai 200433,China;China Construction Bank,Beijing 100033,China;China Securities Depository and Clearing Corporation Limited,Beijing 100800,China)
出处
《金融发展研究》
北大核心
2023年第10期3-12,共10页
Journal Of Financial Development Research
基金
国家自然科学基金项目“交易者异质性、利率非理性波动与央行利率走廊机制建设”(71703165)。
关键词
银行
存款定价
利率传导
银行监管
风险管理
bank
deposit pricing
interest rate transmission
bank regulation
risk management