摘要
国际案例表明:一国利率市场化后金融危机发生的概率明显增加。本文通过厘清利率市场化诱发金融危机的逻辑机理、分析北欧金融危机等国际案例,发现除稳定的宏观经济环境、审慎有效的微观监管、成熟的货币市场等条件外,利率市场化成功推进还需具备以下条件:一是各种宏观政策要有弹性、留有余地,避免顺周期效应;二是市场竞争环境要充分公平,以防范过度竞争;三是利率市场化的配套政策要稳步推进,并防范政策的叠加效应风险。
International case studies indicate that the chances of a financial crisis significantly increase with the liberation of interest rate.By clarifying the logic mechanism between interest rate liberalization and the financial crisis with the case study of the financial crisis in the Nordic countries,the paper finds that in addition to those of a stable macroeconomic environment,an efficient micro-prudential supervision and a developed money market,successful interest rate liberalization relies on other conditions.First and foremost,the macroeconomic policies should be flexible and tolerant to avoid pro-cyclical effect;second,a market with fair competition is needed to prevent excessive competition;last but not least,supporting policies of interest rate liberalization should be carried out step by step and the hazards of policy ripple effect should be precautioned.
出处
《上海金融》
CSSCI
北大核心
2012年第7期31-36,117,共6页
Shanghai Finance
关键词
利率市场化
金融危机
诱发机理
国际案例
Interest Rate Liberalization
Financial Crisis
Logic Mechanism
International Cases
