摘要
利率市场化是建设社会主义市场经济体制的内在要求。构建一个信用扩张结构与利率传导机制一致性的理论框架进行分析,发现利率双轨制与银行贷款为主、直接融资为辅的信用扩张结构相适应,完全的利率市场化传导与直接融资为主、银行信贷为辅的信用扩张结构相适应。现阶段的LPR改革存在一定局限性,可以看作是利率市场进程中的一个"过渡",LPR改革仍未从本质上打破利率双轨制。从我国信用扩张结构的发展趋势来看,直接融资将会占据主导地位,LPR改革后的利率传导机制存在错配。基于我国利率市场化面临的现实困境,未来的改革方向是:完善市场基准利率建设,确定主要的货币政策操作目标和政策利率,加强市场互联互通,完善多层次资本市场,提升商业银行科学定价水平和现代化管理能力,减少对信贷货币规模不必要的行政干预。
Interest rate liberalization is the internal requirement of building socialist market economic system. This paper constructs a theoretical framework consistent with the credit expansion structure and the interest rate transmission mechanism. The analysis shows that the double-track interest rate system is suitable for the credit expansion structure dominated by bank loan and supplemented by direct financing, and the complete interest rate liberalization is suitable for the credit expansion structure dominated by direct financing and supplemented by bank credit. LPR reform at present stage has certain limitations, it can be seen as a "transition" in the process of the interest rate market, the reform of the LPR has not been fundamently broken the two track interest rate system. From the developing trend of our country’s credit expansion structure, direct financing will dominate, LPR transmission mechanism will mismatch. According to the reality of the current dilemma of interest rate marketization in China, this paper puts forward some suggestions, including consummating the market benchmark interest rate, determining the main monetary policy operation target and policy rates, strengthening inter-operability market, perfecting the multi-level capital market building, enhancing scientific pricing level and modern management ability of commercial bank, reducing unnecessary administrative intervention of credit and currency size.
作者
周凯
刘达禹
ZHOU Kai;LIU Da-yu(School of Economics,Changchun University,Changchun 130022,China;School of Business,Jilin University,Changchun 130012,China)
出处
《经济体制改革》
CSSCI
北大核心
2021年第6期120-126,共7页
Reform of Economic System
基金
国家社会科学基金后期资助一般项目“中国经济周期波动的基本态势、收敛特征与经济政策调控机制研究”(20FJYB007)。
关键词
信用扩张结构
LPR改革
利率市场化改革
货币政策传导
credit expansion structure
LPR reform
interest rate marketization reform
monetary policy transmission
