摘要
本文以金融深化理论为分析框架阐述了利率市场化选择的理论逻辑,在哈罗德-多马经济增长模型基础上,分解出实际贷款利率对经济增长率的投资效率和规模两种影响效应,并通过实证检验模型得出实际贷款利率变动对中国经济增长率的冲击效应不显著。提出实施存款利率管制下的贷款利率市场化策略既能保持经济稳定增长,又能通过激活市场机制来提高资金的配置效率,引领中国经济平稳地从传统发展模式向新发展模式转型。
In this paper the theory of marketization of interest rate is discussed by adopting finance deepening theory, and on the basis of Harrod-Domar economic growth model, the effects of real interest rate on economic growth rate are decomposed into two kinds of influence effects: the invest efficiency effect and size effect. Empirical results show that the influence effect of real interest rate on economic growth rate is not significant statistically, so carrying out the strategy of the marketization of interest rate will be helpful for Chinese economy to transform from traditional development mode to a new development mode smoothly.
出处
《金融理论与实践》
北大核心
2008年第8期3-7,共5页
Financial Theory and Practice
关键词
利率市场化
金融深化
配置效率
经济转型
Interest Rate Marketization
Financial Depth
Distribution Efficiency
Economic Transformation