摘要
利率市场化改革以来,影子货币国家(加拿大、瑞士、澳大利亚)的经济金融发展健康平稳,与当今主流国际货币国家(美国、法国、日本)相同,良好的制度保证在其改革过程中起到了至关重要的作用。本文采用影子货币国家和主流国际货币国家6个经济体20年的跨国数据,运用面板数据模型检验了合约密集型货币比率和金融自由化比率两类制度质量指标在两类国家利率市场化进程中所起的作用。研究结果表明,产权制度质量和制度环境质量在利率市场化进程中是重要的前提条件;制度有效性和制度稳定性能够显著影响利率市场化改革绩效水平。本文研究结果对现阶段中国进一步推进利率市场化改革有着重要启示。
Following the reform of international interest rate marketization, the economy and finance development of the shadow currency countries （Canada, Switzerland ＆ Australia） has been steady and sound because of good institutional con- ditions, which are similar to the situation of the main international currency countries （America, France ＆ Japan） when they pushed forward the reform. Based on 20 years＇ transnational data of the international currency countries and shadow curren-cy countries and adopting the panel data model, this paper studies the influence of two institutional quality indexes, namely contract intensive money proportion and financial liberalization ratio, on the interest rate marketization. The Research results show that the property fight institutional quality and the institutional environment quality are important preconditions to inter- est rate marketization. Meanwhile, the institutional quality validity and stability can significantly affect the performance level of interest rate marketization. Finally, policy suggestions for further reform of interest rate marketization in China are proposed based on research results.
出处
《国际金融研究》
CSSCI
北大核心
2012年第10期29-36,共8页
Studies of International Finance
关键词
利率市场化
产权制度质量
制度环境质量
制度有效性
制度稳定性
Interest Rate Marketization
Property Right Institutional Quality
Institutional Environment Quality
Institutional Quality Validity
Institutional Quality Stability
