摘要
金融深化理论关于市场化较高利率能够动员储蓄、扩大投资规模、提高投资效率、促进信贷公正的观点,在理论逻辑上是错误的,也没有得到实践的证明。信用货币时代不难解决资金不足的问题。利率完全市场化和间接调控下的利率市场化都不能提高信贷市场效率和货币政策调控效率,反而可能增加金融风险,引发金融危机,干扰经济增长。利率市场化可以通过抑制投资来优化投资与消费结构的结论不具有普遍性。利率管制的历史绩效显著强于利率自由化。市场经济应实行有管控的市场利率与市场制约下的法定利率相结合。
The financial deepening theory contains such idea that the higher market-oriented interest rate can mobilize savings, expand investment scale, improve investment efficiency, and promote fair credit, which is wrong in the theoretic logic, nor is verified by practice. The problem of fund shortage is not difficult to solve during the age of credit money. Neither the fully market-oriented interest rate nor the market-oriented interest rate under indirect control can improve the efficiency of credit markets and the efficiency of monetary policy; on the contrary, they would increase financial risks, trigger the financial crisis, and interrupt economic growth. The conclusion that the market-oriented interest rate can optimize investment and consumption structure through curbing investment is not universal. The historical performance of interest rate controls is significantly stronger than the interest rate liberalization. The market economy should adopt the combination of the controlled market interest rate and the statutory interest rate under market constraints.
出处
《江西财经大学学报》
CSSCI
北大核心
2015年第5期3-13,共11页
Journal of Jiangxi University of Finance and Economics
关键词
利率市场化
利率自由化
利率管制
金融自由化
interest rate marketization
liberalization of interest rates
interest rate control
financial liberalization
