利差演进、利差层次与我国利差结构分析

Evolution of Margins,Tiering of Margins and Analysis of Margin Structure in Our Country

本文从金融学视角揭示了商业银行存贷款利差、中央银行与商业银行利差和国内与国际金融市场利差三个层次,并指出利差三个层次构成了有机的统一体。作者对建国以来历次利率调整进行了综合系统分析,勾画出我国利差变化的轨迹,得出以下基本结论:中国人民银行对利差管理从无序逐步过渡到有序,利差体系从扭曲逐步得到矫正,在金融管制环境下实现了利率总体水平的国际化“磨合”。存在的主要问题是:存贷款利差考虑商业银行收益因素较多,兼顾国际化竞争不足;邮政储蓄转存利差在体现政策性的同时,负效应越来越大;再贷款利差调整频繁和扩张太快,透视出金融宏观调控手段相对单一。

As revealed by the present paper,financially there exist three tiers of deposit-loan margins among commercial banks,between central bank and commercial banks and between domestic and overseas financial market.These three tiers form an organic whole.A comprehensive systemic analysis is given of every interest rate adjustment since the founding the New China in1949,showing the trace of change in margins.Conclusion is drawn that the People's Bank has turned margin management from a disorderly state to an orderly state and gradually corrected the distorted margin system,benchmarking the general interest rate under financial supervision in line with international standard.Problems that still exist are:more stress on profit from deposit-loan margins by commercial banks,less attention to international competition;mounting adversary effect of redeposit margins of postal savings,and excessive adjustments and too fast expansion of re-loan margins.All these problems point to the fact that financial macro-control measures are relatively simple and weak.