| | | | | 从管制到自由化:利率理论的批判与整合 | | | 高晓红 | | | 围绕管制还是自由化的争论是利率理论长期以来一直进行着的悬而未决的主要问题 ,透过极不相容、明显对立的表面观点的争论 ,深入地理论整合分析可以发现在其内在逻辑上各方又是相通相容的。争议产生的根源在于现实中利率水平与经济增长之间的非线性关系以及各理论研究视角、关注问题的不同。管制并不必然影响增长 ,自由化也并不必然提高效率。客观地看 ,基于其特有的制度环境 ,中国在渐进改革中对利率的管制并没有出现如批评者所言的重大效率损失 ,反过来也不能由此否认在经济环境与制度环境变化后对利率制度进行变革的必要性。
【作者单位】：中国人民银行营业管理部 北京100045
【关键词】：利率管制;金融抑制;信贷配给;金融约束;金融深化
【分类号】：F830
【DOI】：cnki:ISSN:1001-9952.0.2002-07-007
【正文快照】：
一、管制还是自由化 :理论史上的争论 在古典主义的视野里 ,利率如同其它商品价格一样 ,天然便应由市场自主决定 ,不应当有任何人为外在的干预和扭曲。从实践看 ,在 2 0世纪 3 0年代以前这一时期内 ,各国利率制度基本上都坚持了这一原则。然而 3 0年代的大危机直接在实践层 | | |  推荐 CAJ下载  PDF下载 | | | CAJViewer7.0阅读器支持所有CNKI文件格式，AdobeReader仅支持PDF格式 | | | | From Regulation to Deregulation:A Criticism and Integrated Analysis on Interest Rate Theory | | | GAO Xiao-hong (Department of Business Management;People's Bank of China;Beijing 100045;China) | | | The argument on whether interest rate should be regulated or deregulated has long been a major issue on interest rate theory. The integrated analysis indicates that despite those incongruous and obviously opposite arguments, the basic logic of these arguments is congruous. The arguments result from the non-linear relation between the interest rate and conomics growth and the difference among their research angles and focuses. In fact, regulation of interest rate does not certainly hinder growth and deregulation does not necessarily increase economics efficiency. Objectively speaking, due to China's special environment, regulatoin of interest rate has not brought about the enormous lost of efficiency in the gradual reform as pointed out by those criticizers. However, it dose not mean that we can deny the necessity to reform interest rate system after the economic and system enivronoment has changed.
【Keyword】：interest rate regulation;financial restraint;credit distribution;financial constraint;financial deppening |
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