利率“超调”及其负效应:国际经验及启示

Interest Rates Over-adjusted and Its Negative Effect: International Experiences and Enlightening

国际经验表明,在一国利率市场化改革过程中,一旦出现利率“超调”现象,将会给宏观经济和金融市场发展带来一系列负效应,导致整个金融改革走回头路。20世纪80年代初以来许多发展中国家实行利率市场化后普遍出现了因国内资金重新定价引起的利率“超调”现象。中国应汲取国外利率市场化改革的经验和教训,采取有效措施避免出现利率“超调”。

The international experiences indicates that, in the market-oriented reform of the interest rates,over-adjusted interest rates would give rise to a series of negative effects,and eventually result in financial reform to turn back. From the early 1980s, many developing countries had launched interest rates marketization policy,and interest rates over-adjusted phenomenon emerged as a result of re-pricing domestic capital. Therefore, China should acquire the foreign experiences and their lessons so as to avoid repeating the same mistakes.