摘要
基于金融深化理论为分析框架来阐述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。由此,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。
This paper elaborates the theoretical logic of the marketization of interest rate on loans with the theory of finance deepening. Based on the economic growth model, it resolves two kinds of influence effects of actual interest rate on loans to economic growth rate ： the investment efficiency and scale. The empirical results coming from the examination model show that the influence effects of actual interest rate on loans to economic growth rate is not obvious. Carring out the strategy of the marketization of interest rate on loans regulated by interest rate on deposits, can contribute to a steady economic growth, a rise in resource allocation efficiency by motivating market mechanism, and a smooth transformation of Chinese economy from the traditional development mode to a new development mode.
出处
《贵州财经学院学报》
CSSCI
2008年第5期42-47,共6页
Journal of Guizhou College of Finance and Economics
关键词
利率市场化
金融深化
配置效率
经济转型
Interest rate marketization
finance deepening
allocation efficiency
economic transformation
