禀赋与路径:利率市场化国际经验

Interest Rate Liberalization and the Global Track Record

作为金融自由化进程的核心部分,利率市场化在不同国家的实践中进展不一,对经济的影响也不可一概而论。本文从利率市场化的国际经验着手,关注了美国、日本、德国等发达国家和亚洲、拉美等发展中国家的实际,探讨了利率市场化的动因、前提和银行应对途径,试图为中国利率市场化道路总结经验。

Interest rate liberalization is a key part of financial reform but the development varies from country to country. Its economic impact will also vary and there is no 'cookie cutter' formula that can be applied. This paper examines the experience of interest rate liberalization in developed countries such as the United States, Japan and Germany as well as in developing countries in Asia and Latin America. The paper explores the motives and preconditions for interest rate liberalization and how banks can deal with this process. It also tries to summarize the various paths to interest rate liberalization as a possible guide for China.