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最近几年,我国利率市场化进程明显加速。从国际和国内两个视角来审视,我国利率市场化之所以引发了一些负面的效应,主要原因来自实体经济中大量存在的利率不敏感资金需求主体(例如地方政府融资平台)。显性存款保险制度的缺失也模糊了政府和市场的界限,加大了市场的扭曲。归根结底,这正如其他一些国家所经历的,利率市场化改革因为前提条件尚未就位,因而难见全功。在此基础上,本文提出了推进我国利率市场化的一些策略。
In recent years, the marketization of interest rates in our country has obviously accelerated. Viewed from the international and domestic perspectives, the market-based interest rate in our country has triggered some negative effects mainly due to the large number of interest-rate-insensitive capital demand entities (such as local government financing platforms) that exist in the real economy. The absence of a dominant deposit insurance system has also blurred the boundaries of the government and the market and increased market distortions. In the final analysis, as some other countries have experienced, market-oriented interest rate reform has not been fully successful because its preconditions have not yet been put in place. On this basis, this paper puts forward some strategies to promote the marketization of interest rate in our country.