利率市场化外文文献翻译中文译文字数3240字
利率市场化改革及对银行业影响外文文献翻译最新译文
文献出处：Markus A. The research of interest rate marketization reform in USA [J]. Atlantic Economic Journal, 2015, 8 (5): 129-139.原文The research of interest rate marketization reform in USAMarkus AAbstractThis article through to the United States in the 1980 s background and analysis of the process of market-oriented interest rate reform, focuses on its assets and liabilities business of bank, the intermediary business transformation and the influence of industry concentration. In this paper, research shows that interest rate marketization leads to narrowing trend spreads, but as a result of loan assets proportion of ascension, reform is done early to bank net interest margin impact is smaller. But with the improvement of the market-oriented interest rate reform and the deepening of financial disintermediation, net interest margins are still showed a trend of decline. In addition, the marketization of interest rate of bank has obvious promoting effect to the intermediary business transformation, and strengthened the industry competition, and improves the industry concentration.Keywords: Banking; Interest rate marketization; Financial disintermediation1 IntroductionMarket-oriented interest rate reform, namely the official control relaxed lending and deposit rates, remove the protection of bank spreads, make money prices determined by market supply and demand fully. Despite the lending and deposit rates will rise obviously, but the bank spreads is still likely to narrow. On the one hand, the loan interest rate cap already let go, the marketization degree is higher. By bank loan quality customer competition, the economy is still in a downward adjustment stage and local debt restructuring and other factors, the loan interest rate raise co., LTD. On the other hand, in the economic structure adjustment and change of the pattern of economic growth, against the background of overall tight liquidity will show the overall trend of the future society, commercial bank deposit growth will also be a slowing trend. Since 2012 foreign exchange of the change of the situation andtensions of monetary market and in 2013 fully illustrates this point. For a long time, commercial Banks mainly deposits as a source of funds, and bank business transformation needs certain process, future liabilities business competition between Banks will increase further, deposit rates will rise more obvious, the marketization of interest rates on deposits level will gradually rise and close to financial returns. Many countries have successively realized the marketization of interest rate in the past few decades, has a more far-reaching influence on the financial system.2 Background and experience of U.S. interest rate marketization reform2.1 The background of market-oriented interest rate reformThe market-oriented interest rate reform started in the mid 1970 s, is a sign of official start in 1980 the deposit-taking institutions deregulation and monetary control act promulgated. Ease rate control is to adapt to the economic development situation and the inevitable choice of the evolution of financial markets and policies and the improvement of the legislation passed to promote step by step. The process of marketization of interest rate, is actually a constantly of Q regulations issued by the relaxation after a major crisis in the 1930 s, the financial system step by step to realize the process of liberalization. The main purpose of regulation Q is by limiting the bank deposit interest rate cap to control the cost of operation, guarantee bank profits, to avoid collapse. But since the 1960 s, the United States the rate of inflation rising, the two oil crises in the 70 s led to economic slowdown, rising inflation, interest rates control makes the commercial bank cannot cope with high inflation rates of macro economic environment. Us inflation as high as 12.3% by the end of 1974, surged to a record 14.8% in March, 1980, at the same time, market interest rates rise sharply, the three-month Treasury interest rates in the early 1980 s up to 15%.But the high limit is far lower than the market interest rates, bank deposit rates led to bank financing source of tension, the interest rate control has been developed from the early to protect bank profits, a normal business for Banks. Vigorous development of financial innovation to the marketization of interest rate also forms "reversed transmission". In the 1970 s, such as money market mutual funds to avoid interest rate controls the rapid growth of financial instruments, at the same time, commercial paper, such asrapid development of capital market, is the impact of depository institutions funding sources.2.2 The process of market-oriented interest rate reformThe United States until the 1980 s the interest rate control is mainly regulation Q restrictions on deposit interest rate cap, part of the state also provides the loan interest rate upper limit. Market-oriented reform basic follow the following order: cancel the large deposit interest rate cap, cancel the loan interest rate cap, cancel the regular savings rate upper limit in stages, to broaden the scope of business, etc. Since the early 1970 s, the U.S. has cancelled the different lines of large negotiable certificates of deposit and deposit interest rate upper limit control, allowed some deadline of savings deposit interest rates and Treasury yields. In 1980 introduced the deposit-taking institutions deregulation and monetary control act, in the form of law to determine the development direction of the interest rate marketization, the main contents include: as of March 31, 1980, after six years until March 31, 1986, in stages to cancel "regulation Q" for all depository institutions held on a regular basis and the interest rate for the savings account restrictions; Cancel the loan interest rate upper limit; Allow savings institutions across the country to carry out NOW account and ATM account business. But at the beginning of the reform, the bank financing source is still restricted by regulation Q, disintermediation effect has not fundamentally contained. To this end, in October 1982, is introduced the graces. germane deposit-taking institutions act, the legislation, formulate rules for the lift Q steps in detail, depository institutions can offer money market deposit account (MMDA), commercial Banks may issue at market interest rates and interest of super negotiable certificates of deposit (SNOW), these measures greatly speeded up the process of marketization of interest rate. In April 1986, as the passbook savings account interest rate cap to cancel, the entire deposit rate limit was cancelled. Except for a few exceptions, such as home loans, auto loans mortgage rates also unlimited, the interest rate marketization declared to implement in an all-round way.2.3 Reform important experience and characteristicsMarketization of interest rate mechanism is the important basis of establishingthe benchmark interest rate. The benchmark interest rate represents the financial market main body to obtain wholesale funding costs, can timely reflect changes in money supply and demand. Federal funds mechanism is established in the United States, the federal funds rate is the federal reserve official regulation of benchmark interest rates, the fed's open market committee on a regular basis to select a target interest rate level, and then mainly through open market operations to make the goal of the interest rate on a narrow range fluctuations, will affect all sorts of changes in market interest rates. Commercial bank again on the basis of comprehensive consideration of various factors determines the deposit and lending products pricing. The United States market-oriented interest rate reform is a long-term, gradual process. Interest rate marketization is to set a benchmark interest rate, money market yield curve, perfect, high inflation rate under the condition of effective control of propulsion, it at the beginning of the marketization of interest rate is reduced irregular fluctuations in interest rates are likely to adverse impacts on the economy and Banks. In the money market interest rate and loan interest rate is determined by market supply and demand, on the basis of the specific interest rate marketization is sequential, long-term deposit interest rate marketization ahead of short-term deposit interest rate marketization, large deposit interest rate marketization of interest rate marketization ahead of small deposits. Along with the advancement of marketization of interest rate, the transmission mechanism of monetary policy is more effective. Central Banks keep the interest rate control, mainly through money market operations to implement monetary policy intention, and forms the effective indirect regulation of the transmission mechanism. Interest rate liberalization and financial tool innovation and financial system innovation supplement each other, and the innovation embodies the financial institutions to market interest rate sensitivity of financial product development ability and the improvement of bank risk transfer pricing power. Far-reaching impact of the liberalization of the financial system, the bank's risk management, asset liability management ability put forward higher challenge. On the one hand, to promote the commercial bank risk management ability to ascend, and accelerate business transformation is reduce the influence of interest rate fluctuations.On the other hand, greatly promoted the banking competition, accelerated the collapse of a large number of small and medium-sized financial institutions. With the mixed management deregulation, it is triggered a wave of merger integration. In the 80 s savings-and-loan crisis is also one of the 70 s controlled interest rate affect the thrifts deposit-taking skills under high interest rates, while the remaining short and lending long term assets and liabilities of the mismatch, long-term under asylum policies affect their operation and management and risk control level of ascension, eventually led to the collapse of a large amount of savings and loan institutions.3 The impact analysis of Market-based reforms of interest rates on banking3.1 Liberalization of interest rate regulation enhances the flexibility of the bank deposit interest rate changesFrom the Federal deposit insurance company (Federal insurance corporation, the FDIC) average international financial deposit rates, Banks in the whole environment of higher interest rates in the 70 s, conditioned by the highest real interest on deposits and restrictions, the size of the deposit interest rate changes is far less than the change of market interest rate, loan interest rates due to less regulation, more timely with the changes in market interest rates, after entering the 80 s, especially in the early 80 s after the peak of inflation and interest rates, with the advancement of marketization of interest rate, bank deposit rates relative to the market interest rate changes markedly improved elasticity.3.2 Marketization of interest rate to a certain extent, improve the bank's cost of capitalAlthough deposit the liberalization of interest rate control makes the bank deposit market competitiveness, but in the 1980 s financial market gradually perfect investment channels, the backdrop of the financial tool innovation gradually maturing, Banks still face competition in the capital, Banks' funding costs can also be difficult to fully follow the benchmark interest rate. In the 80 s ~ 90 s rate cut cycle, the bank deposit interest rates fell by less than the size of the federal funds rate down. At the same time, in the early 80 s the U.S. economic growth slowed to a small cycle trough, the weak demand for credit affect the pricing level of bank loans, the interest rate marketization accelerating from 1982 to 1983, average interest rate on bank loans fellmore than deposit rates decline, the deposit insurance bank spreads narrowed from 6.35% in 1981 to 5.34% in 1983.Finally, after the completion of marketization of interest rate bank assets and liabilities management level and to further improve pricing power, spreads start to rise. After completion of the interest rate reform, spreads control period of overall level is higher than before, and fluctuates significantly decreased, basically keep the volatility of 50 basis points.3.3 The bank assets and liabilities structure changes after interest rate marketizationInterest rate marketization to finish early is beneficial to the stability of bank deposits. In the last century throughout the 80 s, namely, propulsion, and complete the early stages of the interest rate liberalization, bank deposits, accounts for the proportion of debt remain relatively stable, reversing the declining trend in the 70 s, suggests that opening rate control for bank deposits have played a role in promoting. In the 90 s, the further development, the mixed management in financial markets deregulation under the environment of deposit accounts for the proportion of debt to a significantly lower again. In addition, after the market-oriented interest rate reform in the banking system to keep high efficient use of assets, loan assets proportion rising steadily, increasing loan-to-deposit ratio.译文美国利率市场化改革研究Markus A摘要本文通过对20世纪80年代美国利率市场化改革背景和过程的分析，重点考察了其对银行资产负债业务、向中间业务转型以及行业集中度的影响。
中国的利率市场化
山东英才学院毕业设计(论文)外文资料翻译学院经济管理学院专业财务管理学生姓名班级学号财务管理1101 201101050090 外文出处Saigol Tarhan Feyzioğlu, Nathan Porter, and Előd Takáts, IMF Working Paper, 2009.8中文译文：中国的利率市场化作者：Saigol Tarhan Feyzioğlu, Nathan Porter, andElőd Takáts摘要：本作不代表IMF的观点。
表示该工作文件中的观点是作者的，并不一定代表IMF或IMF的政策。
工作论文描述的研究由作者的完成，公布并征求意见和进一步讨论。
中国利率市场自由化对中介和资本成本的影响有多大？虽然贷款利率经常调整但在中国最具约束力的利率管制是对存款利率上限的管制。
通过案例研究和基于模型的模拟，我们发现，自由化可能会导致更高的利率，抑制投资边际效用，提高中介和货币政策传导的有效性，提高服务部门的金融准入水平。
这可能会连续的发生。
国际经验表明，然而，实现这些好处不需要不必要的不稳定手段，只需要严谨的监督，治理，和货币政策，以及灵活的政策工具。
JEL分类编号：D43，E43，E58，G14，G18。
关键词：利率自由化，金融管制的解除，利率市场化一、引言金融自由化可以提供很多好处。
通过允许确立更好的资本定价和风险，金融自由化改善了投资的分配和效率。
更大份额的信用中介部分将会被那些在评估风险时效率更高的银行接手。
更多的信贷资源将会流到以前那些不足以获得信贷的部门。
金融产品的投资范围将会相应地扩大，将会允许企业和家庭更好地管理风险，并为他们提供多样化投资组合机会。
但是，如果过早地尝试利率市场化，金融自由化也可能揭示出金融部门的薄弱环节、抑制信用中介的功能和造成极大的经济波动。
在这份文件中，我们会分析利率市场化作为金融自由化的最广泛的核心部分，对中国的银行体系有什么影响。
金融英语-利率市场化Interest Rate Liberalization
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Problem How to do
prehensively the 3.Market interest ratespromote using funds reform lacks effective bingding force to the
enterprise. 4.The formulation of the benchmark interest rate to reflect fair market competition principle to the social average profit rate has not yet formed.
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Policies in China
Chinese government has been working on interest rate liberalization all the time. Last month,People ‘s Bank Of China declared to lower loan and deposit benchmark interest rate of financial institutions from November 22,2014. 8 days later,Chinese deposit insurance system, which has been brewed for 21 years was released to ask for a advice draft by the Legislative Affairs Office of the State Council on the Chinese government legal website in the form of regulations.These policies are aimed to push on interest rate liberalization in China.
利率市场化相关文献
利率市场化相关文献以下是一些关于利率市场化的相关文献：1. Kroszner, R. S., & Strahan, P. E. (2014). Regulation and deregulation of the US banking industry: Causes, consequences, and implications for the future. In Handbook of the Economics of Finance, Volume 2, Part A (pp. 1135-1200). North Holland.2. White, E. N. (1995). The impacts of interest rate deregulation on the banking industry. In Deregulation and Monetary Control: The Federal Reserve and the Economies of the 1980s (pp. 189-211). Brookings Institution Press.3. Anderson, T. W., & Rasche, R. H. (1998). Financial market volatility and the implications for the structure of central banks. Journal of Money, Credit, and Banking, 30(3), 283-298.4. Harchaoui, T., & Tarkhani, F. A. (2003). The software and information technology industry: A review of the empirical literature. The Journal of Industrial Economics, 51(4), 487-521.5. Allen, F., Carletti, E., & Marquez, R. (2011). Credit market competition and capital regulation. Review of Financial Studies, 24(4), 983-1018.6. Gersbach, H., & Sánchez-Páramo, C. (2001). Competition and stability: What's special about banking?. Journal of Financial Intermediation, 10(3-4), 218-245.以上文献提供了对利率市场化的不同方面的经济学和金融学视角的研究，包括市场化的原因、效果以及与银行业和金融稳定性的关系等。
利率市场化相关文献
利率市场化相关文献摘要：一、利率市场化简介1.利率市场化的定义2.利率市场化的发展历程二、利率市场化的重要性和影响1.对经济发展的促进作用2.对金融市场的稳定作用3.对金融消费者的保护作用三、我国利率市场化改革现状1.改革取得的成果2.面临的挑战和问题四、国际利率市场化改革经验借鉴1.成功案例及启示2.失败案例及教训五、我国利率市场化改革建议1.深化金融市场体系建设2.完善金融调控机制3.强化金融风险防范正文：一、利率市场化简介利率市场化是指在金融市场上，由供求关系决定利率水平的过程。
它有利于优化资源配置，提高金融市场效率，降低社会融资成本，促进经济发展。
自20 世纪70 年代以来，利率市场化改革已成为全球金融发展的主流趋势。
二、利率市场化的重要性和影响利率市场化对经济发展、金融市场稳定和金融消费者保护具有重要意义。
首先，利率市场化有助于提高金融资源配置效率，使得金融资源能够更好地满足实体经济的需求，从而促进经济增长。
其次，利率市场化有利于金融市场的稳定，通过市场供求关系自动调节利率水平，平滑金融市场波动。
最后，利率市场化有助于保护金融消费者权益，让金融消费者能够在充分竞争的金融市场中，享受到更优质的金融服务和更优惠的利率水平。
三、我国利率市场化改革现状自改革开放以来，我国利率市场化改革取得了显著成果。
目前，我国已经实现了存款利率的市场化，贷款利率的市场化改革也在逐步推进。
然而，我国利率市场化改革仍面临诸多挑战和问题，如金融市场发展不充分、金融调控机制不完善、金融风险防范能力较弱等。
四、国际利率市场化改革经验借鉴从国际经验来看，利率市场化改革的成功与否取决于多方面因素。
例如，深化金融市场体系建设是推进利率市场化改革的基础；完善金融调控机制是确保利率市场化改革顺利推进的关键；强化金融风险防范是保障利率市场化改革成功的保障。
利率市场化
The Marketization Of Interest Rates利率市场化Directory What is interest rate marketization1Why marketize interest rate 2The degree of interest-rate reform in China3Progress of interest rate marketization 4The introduction ofinterest rate marketizationDefinition:refers to the financing offinancial institutions operating in the moneymarket interest rate.It is determined bymarkert supply and demand,including the interest rate transmission,the structure of interest rates and interest rate management ,market-oriented.advantages•First, interest rate marketization reflects the effect of resource allocation optimization.•Second, the reform process shall respect the enterprises' decision-making powers, among which the principal pricing right.•Third, interest rate marketization shows respect for the clients' rights to choose.•Fourth, it reflects the requirement of difference and diversity (of the market) as well as judgments of risks.•Fifth, interest rate marketization can by and large reflect the requirement of macro control.123we liberated incrementally the interest rate of foreign currency deposit/loan rates in the domestic market mainly in 2003 and 2004.the right toprice enterpriseloans has keptexapnding.after the WenchuanEarthquake, enterpriseswere given moredecision-makingpowers on housingmortgage loan interestrates.Progress4market prices ofenterprise debtand commercialnotes, and therewas no limit tothe price.China may ax interest rate controls within 2 yearsPeople's Bank of Chinagovernor Zhou Xiaochuanspeaks at a press conferenceduring the National People'sCongress at the mediacenter in Beijing, China,Tuesday, March 11, 2014. "Liberalization of deposit rates, this should be the last step in interest rate marketization," said Zhou at the news conference. "I personally believe it is very possible to realize this within one to two years."•Allowing banks to compete for deposits by paying higher rates on savings would put more money in the pockets of Chinese families, helping to achieve official goals of boosting consumer spending and reducing reliance on trade and investment.•Beijing announced its first major reform of interest rates in July, scrapping controls on lending rates. That will allow borrowers with better credit records to negotiate lower rates with banks, reducing costs for healthy businesses and spurring economic growth.Zhou Xiaochuan's comments followpledges by Chinese leaders to makethe country's slowing economymore productive by giving marketforces a "decisive role" in allocatingcredit and other resources.Thank you for watching。
利率市场化文献综述
姓名：顾光科学号：201005910606 班级：工管实验班文献综述一、前言利率是资本这一生产要素的价格，它包括存贷款利率、拆借利率、回购利率、再贴现利率、票据市场利率、证券收益率、债券收益率、债券回购利率等等。
世界上的利率管理体制有三种：1、市场型，由市场供求来决定利率水平；2、限制型，由货币当局限定利率的上下限，在政府干预的条件下，市场在上下限的范围内决定利率水平；3、管制型，完全由货币当局来决定利率水平。
从广义上来说，管制型利率体制的概念有时包括了上述的管制型和限制型利率管理体制。
利率市场化是指政府逐步放松和取消对利率的直接管制，由市场资金供求双方自主确定利率，以达到资金优化配置的目的。
其基本含义如下：第一，利率水平由市场决定；第二，中央银行通过货币政策对利率进行间接调控；第三，市场主体在充分竞争的基础上自主决定资金交易对象、规模、价格、期限和融资条件。
20世纪，世界各国曾经掀起一股利率市场化改革的热潮，成功国家不少，而失败的国家则付出了极大的代价。
这些都是对理论的实践。
国外的利率市场化的理论中，有的是在成熟市场经济背景下的理论，如弗里德曼、凯恩斯的理论；有的是对发展中国家研究的成果，如著名的麦金农、肖的“金融抑制论”和“金融深化论”；另外，现在国外关于利率市场化又有一些新的理论研究，但往往从动态或静态角度研究不同利率制度下的效率问题，没有涉及具体国家经济制度环境的具体研究，不能解决具体国家利率制度变迁的路径选择问题。
事实上利率市场化是一种制度的变迁，我们应该更多的从制度变迁的有关理论中汲取营养，才能理解利率市场化的制度变迁逻辑。
二、国外利率自由化的研究1国外理论背景凯恩斯主义和货币主义两种学说是在发达市场经济国家的实践中产生的，因此理论成立的隐含假设是成熟市场经济环境。
而中国正处在转轨时期，是中间过渡的状态，意味着资源配置形式的高度不稳定，市场分割、市场机制的不完善、经济主体对一些市场信号的不敏感等问题，使得模型中涉及的资本和商品的价格变化（即利率和物价变化），不一定导出理论模型中描述的数量变化，中国的经济并不能完全按照这两种学说所描述的那样运作。
利率市场化(The marketization of interest rates)
梁育才 09915
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The definition of the interest rate market Interest rate market that contains the content China's market-oriented interest rate reform marketChina raised interest rates market-oriented reforms marketWhy should promote market-oriented reform of interest rates marketChina's market-oriented interest rate reform process marketProblems encountered in the market-oriented interest rate reform in China marketAccelerate the reform——now is the best time of the interest rate market reform——now China's market-oriented interest rate policy thinking market-
China's market-oriented interest rate reform marketWhy should promote market-oriented reform of interest rates First, the interest rate market is an important aspect of the play the role of market allocation of resources. Second, the main points of market-oriented interest rate reflects the autonomy of financial institutions in a competitive market pricing.
我国利率市场化改革论文
我国利率市场化改革论文万类霜天竞自由。
利率市场化是一个世界性的问题，自20世纪70年代以来，对经济转轨中包括利率市场化在内的金融体系市场化就作为“不得不玩的一个游戏”(theonlygameintoprovement)和“卡尔多改进”(Kaldorimprovement)①，人们的总体利益得到改善；从总体看，经济仍在增长，社会局面保持稳定，因而政府及货币当局可以不急于进行旧体制的深入改革，从而导致动力惰性，倾向于维持既有改革，而不愿支持激进的改革方案。
2.阻力或有增大。
我国利率市场化渐进式改革内在的优势恰恰有一部分是造成不良路径依赖的根源，如渐进改革所强调的改革次序安排，其实类同于“试验推广”的做法，它依赖于国家政府或货币当局对利率不同领域和不同层面的强制性和行政性的隔离与割裂，在不同经济部门或领域造成了竞争机会和市场环境的不平等性，割裂了市场机制的整体性，导致不同经济部门或领域的发展与改革的不均衡性；同时，局部的改革方式使宏观环境的改革相对滞后，运行不好，改革可能进入僵滞状态。
（三）利率市场化改革滞后于其他金融体制改革利率市场化是发展现代货币政策工具的前提。
在现代经济条件下，金融制度和手段的改革与创新，是金融货币政策发挥应有作用的重要前提之一。
我国金融改革一些关键举措都或多或少受制于利率市场化，特别是金融机构和银行的微观制度创新要想取得重大突破，必须经受利率市场化的撞击，仅靠股份制改革是远远不够的，银行风险定价机制和现代经营管理机制的建立更是别无他途。
同样，货币政策要充分发挥作用，离不开市场化条件下健全的货币和利率政策工具。
而管制利率因为不是反映市场供求的均衡利率，必然限制市场化条件下货币和利率政策工具的发育及有效作用。
如同中国的经济体制发轫于价格改革一样，利率的市场化方向的改革和其他体制性因素一起，正在推动中国金融业进入一个深刻的转型时期，利率的经济杠杆功能重新得到了承认和重视，尤其是1996年以来，中国经济的货币化发展呈现了加速态势，中国的金融相关率快速上升，中国利率市场化改革进入快速推进时期，部分金融市场的利率市场化程度大大提高，但是利率对投资等经济要素的刺激作用依然有限，利率还不是刺激或紧缩全社会投资的有力杠杆，利率仍处在政府的管制之下，不能够真正反映资金的供求状况，利率市场化的进程远没结束，国内有人将利率市场化改革称为“中国金融改革的最后一座堡垒”，利率机制在中国金融资源配置中还没有发挥其基础性作用。
利率市场化的论文
利率市场化的论文利率市场化是金融和经济实现真正的市场化的关键，利率市场化的过程也是金融和经济市场化进程中不可逾越的阶段。
下面是店铺为大家整理的利率市场化的论文，供大家参考。
利率市场化的论文范文一：利率市场化对商业银行管理的影响分析利率市场化是一个国家金融市场化过程中的关键一步，这一过程充满风险。
由于利率市场化，商业银行将面临着更加严重的不确定性。
由于中国利率长期处于管制状态，商业银行的自主定价能力比较薄弱，而且没有积累这方面的保险和系统性数据，包括分类的企业违约率状况及其产生原因的数据。
因此，在利率市场化的过程中，循序渐进地、逐步地扩大利率浮动区间，可以培养我国商业银行的自主定价能力，提高其管理资产负债的能力，使其逐步成为有国际竞争力的金融机构。
利率市场化是指金融机构在货币市场经营融资的利率水平。
它是由市场供求来决定，包括利率决定、利率传导、利率结构和利率管理的市场化。
实际上，它就是将利率的决策权交给金融机构，由金融机构自己根据资金状况和对金融市场动向的判断来自主调节利率水平，最终形成以中央银行基准利率为基础，以货币市场利率为中介，由市场供求决定金融机构存贷款利率的市场利率体系和利率形成机制。
中国的利率市场化并不是一蹴而就的，而是充分考虑到我国的金融市场环境和现状，有步骤、有层次、有阶段地逐步完成，既科学又合理。
放开存款利率上限和贷款利率下限，标志着中国利率市场化改革迈出了关键的一步，利率市场化进程进入了一个新的阶段。
利率市场化对金融机构，尤其是商业银行管理的影响是显而易见的。
对于商业银行来说，既面临着挑战，也面临着机遇，抓住有利有利时机，商业银行在管理方面也是有很大的提高空间的。
利率市场化对商业银行管理产生的影响主要包括以下几个方面：一、商业银行能够更有效地吸引闲置资金利率市场化包括存款利率市场化和贷款利率市场化。
存款利率市场化以后，可以更加有效地吸纳闲散资金，把社会上闲置的资金很好地利用起来，如果利率上涨，可以更加吸引大客户及散户的闲置资金。
银行间市场关系外文文献翻译原文及译文
外文文献翻译原文及译文（节选重点翻译）银行间市场关系外文翻译中英文文献出处：Review of Economic Dynamics，Volume 35, January 2020, Pages 170-191译文字数：3800 多字英文Relationships in the interbank marketJonathan Chiu，Jens Eisenschmidt，Cyril Monnet AbstractThe market for central bank reserves is mainly over-the-counter and exhibits a core-periphery network structure. This paper develops a model of relationship lending in the unsecured interbank market. Banks choose to build relationships in order to insure against liquidity shocks and to economize on the cost to trade in the interbank market. Relationships can explain some anomalies in the level of interest rates – e.g., the fact that banks sometimes trade below the central bank's deposit rate, as we find using data from the ECB. The model also helps understand how monetary policy affects the network structure of the interbank market and its functioning.Keywords：Relationships，Interbank market，Core- periphery，Networks，Corridor systemMajor central banks implement monetary policy by targeting the overnight rate in the unsecured segment of the interbank market for reserves –the very short term rate of the yield curve. The textbook principles of monetary policy implementation are intuitive: Each bank holds a reserve account at the central bank. Over the course of a normal business day, this account is subject to shocks depending on the banks'payment outflows (negative shock) and inflows (positive shock) driven by business activities. Banks seek to manage their account balance to satisfy some reserve requirements. By changing the supply of reserves, a central bank influences the interest rate at which banks borrow or lend reserves in the interbank market, and as a consequence the marginal cost of making loans to businesses and individuals. In recent years, many major central banks have refined this system by offering two facilities: In addition to auctioning reserves, the central bank stands ready to lend reserves at a penalty rate –the lending rate –if banks end up short of reserves. Symmetrically, banks can earn an interest at the deposit rate if they end up holding reserves in excess of the requirement. As a consequence the interbank rate should stay within the bands of the corridor defined by the lending and the deposit rates. This is known as the “corridor system” for monetary policy implementation.The reality is more complex than this basic narrative. Bowman et al. (2010) and others report that in many jurisdictions with large excess reserves, banks have been trading below the deposit rate (supposedly the floor of the corridor). It is also well known that banks sometimes trade above the lending rate (supposedly the ceiling of the corridor). This is a challenge to the basic intuition that simple arbitrage would maintain the rates within the bands of the corridor. At a time when central banks are thinking of exiting quantitative easing policies, we may wonder whetherthese apparent details are symptomatic of a dysfunctional interbank market that will hamper exit, or if they are “natural” phenomena with little relevance for the conduct of monetary policy during the exit stage.Contrary to folk belief, the interbank market is very far from being the epitome of the Walrasian market. For example, every year the ECB money market survey (e.g. ECB, 2013) shows that the majority of the transactions in the European (unsecured) interbank market is made over- the-counter (OTC). Many banks maintain long term relationships with their partners. Smaller banks tend to trade with just a few other banks, if not only one, or they directly access the central bank facilities without even trading with another bank. We review the evidence below, but these facts are now well accepted.In this paper we analyze the effects of long-term trading relationships and monetary policy on interbank trading volume and rates, the network structure of the interbank market and its functioning. We show that modeling relationships matters for both individual and aggregate demand for liquidity, and can explain why banks trade below the deposit rate or above the lending rate. Our analysis also sheds light on the effect of monetary policy on the network structure of the interbank market. In particular we show that the accommodative monetary policy stance can lower the value of building and maintaining relationships, so that in steady state, no or few relationships exist. Some central bankershave been pointing out this phenomenon and it arises endogenously from our model.Within this framework, we can explain why we observe arbitrage opportunities in the data. Small banks value long-term relationships which provide liquidity insurance and save their costs of accessing the OTC market. As a result, they are willing to temporarily lower their surplus from trading a loan as long as the long-term gains from keeping a relationship outweigh the short-term loss. Specifically, if the conditions are right, we show that small banks with surplus reserves agree to lend at a rate below id. Symmetrically, small banks that need reserves may end up paying a rate above iℓ. Therefore, in equilibrium some banks trade below the floor or above the ceiling of the corridor. On the surface there seems to be unexploited arbitrage opportunities. There is none really: small banks are willing to trade at a rate outside the corridor only for small loans with their long-term partners, but not for large loans or with other counterparties. Our stylized model shows that the corridor is “soft”, i.e. equilibrium interbank rates can be below id or above iℓ, when trading frictions are present, even though small banks can access the deposit/lending facilities at no cost. Furthermore our model implies that the occurrence of this outcome depends on aggregate liquidity conditions: A soft corridor is more likely when there is a large aggregate liquidity surplus or deficit.To get a sense for the performance of the model, we use data from the Money Market Survey Report of the ECB. This survey started in July 2016 and contains the universe of money market trades for the largest 52 banks in the Euro area. The data shows that the money market has a core- periphery structure, very much like that in other jurisdictions. In addition, we find that a significant fraction of loans (38%) from small banks to large banks are conducted at a rate below the deposit facility rate. We parameterize our model by matching several moments in the data, in particular the frequency of trades below the floor. We then conduct several experiments. For example, we study the effects of changing the width and position of the interest rate corridor and the supply and distribution of reserve balances on rates and the trading activities in the core and periphery markets.A lesson for policy makers is that trades outside the corridor are consistent with a well-functioning core-periphery interbank market. Thus, central banks have no need to worry about eliminating deviations due to long-term relationships. However, one should be careful in interpreting the interbank market rate as a reference for overnight cost of liquidity, because it may also incorporate a relationship premium, which at times can significantly distort the observed overnight rate.Our work is also one of the first attempts at explaining the endogenous response of the network structure of the interbank market to achange in monetary policy. The network structure that emerges endogenously resembles the core-periphery structure we observe in the data, where most of the trading activities is due to a number of banks that appear to intermediate the trades of others. We show how the interest rate corridor and the distribution of liquidity can affect banks' incentives to build relationships and accordingly the terms and patterns of trades.LiteratureThe interbank market typically has a core-periphery network structure (or tiered structure) where some banks in the periphery only trade with one bank, the latter possibly trading with many others. Bech and Atalay (2010) point out that, in the US interbank market, “[t]here are two methods for buying and selling federal funds. Depository institutions can either trade directly with each other or use the services of a broker. … In the direct trading segment, transactions commonly consist of sales by small-to-medium sized banks to larger banks and often take place on a recurring basis. The rate is set in reference to the prevailing rate in the brokered market. In the brokered segment, participation is mostly confined to larger banks acting on their own or a customers behalf. Stigum and Crescenzi (2007, Ch. 12) also reports anecdotal evidence of the tiered structure of the fed funds market. In particular, they report that “[i]n the fed funds market now, regional banks buy up funds fromeven tiny banks, use what they need, and resell the remainder in round lots in the New York market. Thus, the fed funds market resembles a river with tributaries: money is collected in many places and then flows through various channels into the New York market. In essence, the nation's smaller banks are the suppliers of fed funds, and the larger bankers are the buyers.”Also“[t]o cultivate correspondents that will sell funds to them, large banks stand ready to buy whatever sums these banks offer, whether they need all these funds or not. If they get more funds than they need, they sell off the surplus in the brokers market. Also, they will sell to their correspondents if the correspondents need funds, but that occurs infrequently. As a funding officer of a large bank noted, ‘We do feel the need to sell to our correspondents, but we would not have cultivated them unless we felt that they would be selling to us 99% of the time. On the occasional Wednesday when they need $ 100,000 or $ 10 million, OK. Then we w ould fill their need before we would fill our own.’”Elsewhere, using Bundesbank data on bilateral interbank exposures among 1800 banks, Craig and Von Peter (2014) and Brauning and Fecht (2012) find strong evidence of tiering in the German banking system. Using UK data Wetherilt et al. (2010) also report the existence of a core of highly connected banks alongside a periphery. Of course, this hasimportant consequences on rates. As Stigum and Crescenzi (2007) note, Our paper is related to the literature on the interbank market and monetary policy implementation, to the growing literature on financial networks, and to the literature on OTC markets. The first literature on the interbank market includes, Poole (1968), Hamilton (1996), Berentsen and Monnet (2008), Berentsen et al. (2011), Bech and Klee (2011), Afonso and Lagos (2012), and Afonso et al. (2012), among others. See also Bech and Keister (2012) for an interesting application of the Poole (1968) model to reserve management with a liquidity coverage ratio requirement. While Afonso et al. (2012) show some evidence of long term relationship in the interbank market, none of the papers above accounts for it. Rather they all treat banks as anonymous agents conducting random, “spot” trades. So our paper is the first to study the effect of long term relationship on rates. Based on private information, Ennis and Weinberg (2013) explain why some banks borrow at a rate above the central bank's lending rate. Armenter and Lester (2017) explain why banks trade below the deposit rate when some do not qualify for receiving the interest on excess reserves in the US federal funds market. The early literature on financial networks is mostly motivated by understanding financial fragility and has been covered in Allen and Babus (2009), see also Jackson (2010). It includes Allen and Gale (2000) who study whether some banks networks are more prone tocontagion than others. Also, Leitner (2005) studies the optimality of linkages, motivated by the desirability of mutual insurance, when banks can fail; while Gofman (2011) and Babus (2013) analyze the emergence and efficiency of intermediaries in OTC markets. In a recent calibration exercise, Gofman (2014) finds that it is suboptimal to limit banks' interdependencies in the interbank market. Elliott et al. (2014) apply network theory to financial contagion through net worth shocks. Finally, the literature on OTC market includes Duffie et al. (2005), and Lagos and Rocheteau (2009), among many others. Within this literature, Chang and Zhang (2015) study network formation in asset markets based on heterogeneous liquidity preferences.“A few big banks, however, still see a potential arbitrage, ‘trading profits,’ in selling off funds purchased from smaller banks and attempt to profit from it to reduce their effective cost of funds. Also a few tend to bid low to their correspondents. Said a trader typical of the latter attitude, ‘We have a good name in the market, so I often underbid the market by 1/16.”There is a large empirical literature on the interbank market and we already mentioned a few papers. Furfine (1999) proposes a methodology to extract fed funds transactions from payments data and Armantier and Copeland (2012) test the methodology. Afonso et al. (2012) study the fed funds market in time of stress. The two papers most related to ours areperhaps the empirical study of Brauning and Fecht (2012) and the theoretical paper of Blasques et al. (2015). Brauning and Fecht suggest a theory of relationship lending based on private information, as proposed by Rajan (1992). In good times, banks extract an informational rent, thus explaining why the relationship lending rates are usually higher than the average rate in normal times. In bad times, a lending bank knows whether the borrower is close to failure, and it is willing to offer a discount in order to keep the bank afloat. This argument fails to recognize that in bad times, some borrowers may not be close to failure and the rent that can be extracted from a relationship lender can be even higher then. Moreover, the size of discount involved in these loans is usually not an amount significant enough to matter for the survival of a borrowing bank.7 Although we do not want to minimize the role of private information, we argue that the simple threat of terminating the relationship can also yield to interbank rate discounts. Blasques, Brauning, and van Lelyveld study a dynamic network model of the unsecured interbank market based on peer monitoring. However, they do not study the impact of the supply of reserves on the structure of the network, or explain why interest rates can fall outside of the corridor.译文银行间市场关系乔纳森·邱，詹斯·艾森施密特，西里尔·莫妮特摘要中央银行外汇储备市场主要是场外交易，并具有核心-外围网络结构。
利率市场化论文
利率市场化，简而言之，就是由资金供求决定利率水平，即市场主体在中央银行制定的基准利率的基础上，根据市场资金供求状况自主决定利率。
利率市场化对于我国加快金融体制改革，加强宏观经济调控和优化经济结构都有着十分重要的意义，是我国发展和完善社会主义市场经济的必然要求。
特别是我国加入世界贸易组织（WTO）以后,为了进一步按照WTO的有关规则参与全球竞争，利率市场化改革的要求显得更为迫切。
需要代写论文或者是寻找本文的下半部分可以看文中经常出现的号码，这个就是企鹅改革开放以来，我国推行的各方面改革为实行利率市场化创造了良好的条件。
但是，我国现阶段也存在许多不利于实行利率市场化的因素。
因此，我们既要认识到实行利率市场化的必要性和有利条件，也要认识到实行利率市场化存在的问题及需要进行的配套改革，保证利率市场化改革顺利进行。
一、我国实行利率市场化的必要性(此文的后半部分可以找下段落中的号码)（一）我国现行利率政策不适应社会主义市场经济发展的需要十一届三中全会以来，我国各项改革稳步推进，社会主义市场经济体制不断完善，市场逐步成为资源配置的主要手段。
117144752与此同时，我国利率市场化改革相对滞后，限制了市场对资金的配置作用，不利于利率作为宏观调控工具发挥作用。
从总体看，现行的利率管理制度与我国社会主义市场经济的发展程度不相适应，主要表现在：1、利率管理体制仍然是以政府管理为主，利率决定机制僵化目前，我国利率决定权还集中在中央政府，央行只是授权发布机关和代管部门。
中央政府在调整利率时更多的是着眼于促进经济发展、扩大内需等经济目标，而不是为了资金的价格回归，如：中央政府在降低利率刺激经济增长的同时往往降低了我国存贷款利率差。
而且，在严格的利率管制下，各商业银行难以自主地根据企业资信状况、风险大小进行利率浮动，商业银行在执行利率政策的过程中尽管有一定的浮动权，但利率变动空间十分有限，不能灵活地确定利率。
1171447522、利率水平的确定带有一定的主观盲目性，缺乏前瞻性目前，我国利率水平的确定依据主要是中央银行掌握的社会资金总供求状况、企业和银行的赢利水平以及同业拆借市场的利率水平等经济指标。
外文翻译12134
外文翻译译文中国的利率市场化作者：Saigol Tarhan Feyzioğlu, Nathan Porter, andElőd Takáts金融自由化可以提供很多好处。
通过允许确立更好的资本定价和风险，金融自由化改善了投资的分配和效率。
更大份额的信用中介部分将会被那些在评估风险时效率更高的银行接手。
更多的信贷资源将会流到以前那些不足以获得信贷的部门。
金融产品的投资范围将会相应地扩大，将会允许企业和家庭更好地管理风险，并为他们提供多样化投资组合机会。
但是，如果过早地尝试利率市场化，金融自由化也可能揭示出金融部门的薄弱环节、抑制信用中介的功能和造成极大的经济波动。
在这份文件中，我们会分析利率市场化作为金融自由化的最广泛的核心部分，对中国的银行体系有什么影响。
中国已经在开放金融市场的环节中取得了实质性的进展,尤其是在利率方面。
虽然经过多年的改革,但仍然保持着一个银行贷款利率下限和存款利率上限的设定。
特别是存款利率上限如同像被绑定的一样,存款利率仍然在基准利率的水平左右,和实际存款利率的差距基本为零。
利率管制是中国经济重要的扭曲部分之一。
首先,家庭不能他们的储蓄中获得适当的报酬,他们的财务收入占总收入的比值仍处于世界上最低的国家的行列之一。
第二,大型行政决定息差几乎不能为银行提供动力，使其变得更有效率,提高中介和风险定价。
第三,在信贷约束存在，限制信贷增长(因为利率不为函数)的一个环境中,银行将信贷资源集中在资金和人脉广泛的大型企业,而远离了中小型企业和家庭的信贷需求。
第四,缺乏市场决定利率使中国人民银行丧失了宏观经济和流动性状况的重要信息。
我们研究了使用两种不同的方法进行改革可能会带来的影响。
首先,我们设立并校准一个银行系统的寡头垄断模型。
通过这个模型,我们研究了利率管制可能带来的影响。
类似的基础模型已经应用于研究放松管制的其他市场中。
模型模拟显示,利率市场化将会导致一个更高的资本成本率,较低的贷款,和更有效的货币政策传导。
利率市场化相关文献
利率市场化相关文献【原创版】目录1.利率市场化的定义与背景2.利率市场化的影响3.我国利率市场化的发展与现状4.利率市场化面临的挑战与应对策略5.总结正文一、利率市场化的定义与背景利率市场化是指在金融市场上，资金的供求双方根据市场供求关系自主决定利率水平的过程。
利率市场化是金融市场发展的必然趋势，它可以提高金融服务效率，优化资源配置，推动经济增长。
利率市场化的背景主要包括金融市场的发展、金融制度的改革以及经济全球化等因素。
二、利率市场化的影响利率市场化对经济金融体系产生了深远的影响，主要表现在以下几个方面：1.促进金融市场竞争，提高金融服务效率。
2.优化资源配置，提高资本的运用效率。
3.促进金融创新，丰富金融产品和服务。
4.加大金融风险，需要加强金融监管。
三、我国利率市场化的发展与现状自改革开放以来，我国一直在积极推进利率市场化改革。
目前，我国的利率市场化改革已经取得了一定的成果，主要表现在以下几个方面：1.存款利率的市场化程度不断提高。
2.贷款利率的市场化程度逐步提高。
3.金融市场利率的市场化程度较高。
四、利率市场化面临的挑战与应对策略尽管我国利率市场化改革取得了一定的成果，但仍然面临着一些挑战，主要包括：1.利率传导机制不畅。
2.金融风险防控压力增大。
3.利率市场化与金融稳定之间的平衡问题。
针对以上挑战，我国需要采取以下策略：1.完善利率传导机制，提高货币政策的实施效果。
2.强化金融监管，防范金融风险。
3.优化金融市场体系，增强金融稳定。
五、总结利率市场化是金融市场发展的必然趋势，它对我国经济金融体系产生了深远的影响。
利率市场化英语
利率市场化英语English:The marketization of interest rates refers to the process of allowing market forces to determine the price of borrowing and lending money, rather than having it set by the government or central bank. In a marketized interest rate system, banks and other financial institutions can set their own interest rates based on market demand and supply, credit risk, and other factors. This allows for more efficient allocation of capital and greater competition among financial institutions. It also means that interest rates are more reflective of the true underlying economic conditions, rather than being artificially manipulated by policy makers. However, marketization can also increase risk and volatility in financial markets, and may lead to unintended consequences if not properly regulated.中文翻译：利率市场化是指允许市场力量决定借贷资金价格的过程，而不是由政府或央行制定利率。
商业银行利率外文文献翻译2014年译文3000字
文献出处:Alessandrini P. Banks, distances and firms' financing constraints [J]. Review of Finance, 2014, 15(2): 261-307.原文The Research of Commercial bank interest rateAuthor: Alessandrini PAbstractWith the liberalization of financial markets, interest rates began to accelerate the marketization reform, commercial Banks will face interest rate volatility, time limit does not match assets and liabilities, basis points, constraints, the customer to choose the option of factors such as market interest rate risk. Commercial Banks should fully recognize the urgency of the situation, comprehensively promoting the comprehensive management level of the bank, and utilization of maturity, the period of validity, such as heavy pricing models to predict forecast the degree of risk, to formulate policies, choose bond issue types, structure adjustment period, to build commercial loan pricing mechanism and application of financial derivatives and other mceasures to circumvent the risk of interest rate market.Key words: Interest rate risk; Marketization; Commercial BanksInterest rate risk is caused by a change in interest rates and bank profit and market value of the expected value of deviation. Combined with international experience and the actual situation analysis, after interest rate marketization, the laws of supply and demand, competition between Banks, bank and the customer's game, would lead to deposit unilateral increase in interest rates, and lending rates tend to decline, make the bank deposit and lending profit space is narrow, leading to the change of the profit and loss situation, commercial Banks interest rate risk.1 A commercial bank interest rate risk1.1Interest rate marketizationRefinancing of long-term interest rate regulation and to give priority to the single financing mode, the commercial Banks rely on simple interest rate management will earn stable interest income, don't have to consider the interest rate risk. With market-oriented interest rate reform process accelerates, frequent fluctuations of market interest rates and increasing amplitude, forced commercial Banks to implement market-oriented financing way. Financing costs except under the influence of the legal interest rate is greatly affected by market interest rates, even slight fluctuations in market interest rates are likely to cause great influence to the business operations of commercial Banks, therefore, interest rate risk has risen as the main risks of commercial Banks. 1.2 Poor asset liability period riskIn term of bank assets and liabilities not matching the case, the interest rate volatility will affect the bank's net interest margin income, this is the main source of interest rate risk, and there is not a contract, the time limit but heavy price term. At present, most of interest-bearing assets of commercial bank and the people's bank benchmark interest rate adjustment segments, heavy pricing period is shorter, basic adopt the mode of fixed interest rate, debt servicing and heavy pricing term relatively long, the short term there is a larger gap, if interest rates rise, according to higher interest rates in the short term pricing of interest-bearing assets will more than pay interest liabilities, resulting in net interest margin income to increase. In interest rates rise, therefore, to keep such a reasonable term structure of assets and liabilities, but once interest rates inversion, if not timely adjust assets and liabilities heavy price gap, losses are things immediately.At present, a lot of commercial bank management benefit relies mainly on the basic invariable spreads have steady income. Spreads narrowedbecause of deposit interest rates rise and loan interest rates fell, or because the loan interest rate rise miss deposit interest rates rise. If deposit liabilities rate is lower than the trade price, or determined by the loan interest rate is above the price he will face the risk of loss of quality deposit market. If, on the other hand, will lead to actual margin narrowed, reduce the bank's net interest income.1.4 The customer to choose the option risk.This is to repay the principal and interest of the loan in advance by the customer and the underlying choice in advance deposit and the interest rate risk. According to the current interest rate policy, the customer can according to intend to decide whether early withdrawal time deposit, commercial Banks can only passive response to this. When interest rates rise, depositors will in advance deposit, and then to raise interest rates for the new time savings. Conversely, loan customers will demand prepayment, and then to new lower interest rate loans, so the result of the interest rates rise or fall tend to reduce the bank's net interest income. For example, in anticipation of continuous raising interest rates, many commercial Banks in recent installment of buyers also goods in advance. To stop the momentum of owing on the loan, the Banks charge a penalty due to breach of contract and other measures to reduce the buyers of interest owing on the loan losses.2 The interest rate risk forecast model2.1 Maturity modelMaturity model based on market value accounting, with assets or liabilities maturities (contractual maturity) analysis of the influence of interest rate changes on bank equity or owner earnings. Each item the maturity of the weighted average of all assets or liabilities average maturities of assets and liabilities, the model is using the average time gap between assets and liabilities (gap) to measure interest rate risk.If the duration gap is positive, when interest rates rise, the market value of assets and liabilities will be dropped, because of the weighted average maturity of assets than liabilities, assets market value drop than liabilities, net value of the bank or owner income will reduce; When interest rates fall, the market value of assets and liabilities would rise, due to the weighted average maturity of assets than liabilities, assets market value rise than liabilities, net value of the bank or owner earnings will increase. If the duration gap is negative, the benefits instead.2.2 The validity of the model.Validity period or duration (also known as long) model by analyzing the validity of the average gap all assets and liabilities, measure the effect of interest rate changes on bank equity. Validity if the gap is positive, the direction of the bank's net worth and market interest rates changes on the contrary, when the market interest rates rise, the market value of the net bank decline, the market value of the net when market interest rates Banks rose. If the gap is negative, the validity of bank net worth direction of change and the change of market interest rates in the same direction, when market interest rates rise, the bank's net worth rose, when the market interest rates fell when the bank's net worth fell. If the validity of gap is zero, the net value of the bank will be immune to interest rate changes.2.3 The pricing model.Pricing model (also called the funding gap model or the interest rate sensitivity gap model) is a valuation model based on the book value. It used heavy pricing term assets and liabilities (reprising maturity), analysis of interest rate changes impact on Banks' books and losses of the static. If in a certain period expires or the need to determine the rates of interest-bearing assets (interest rate sensitive assets) and debt servicing (interest rate sensitive liabilities) are not equal, itwill produce gap, the gap is called heavy price gap (gap) interest rate sensitivity. When interest rate sensitive assets is greater than the interest rate sensitive liabilities, bank there are gaps and assets sensitivity, on the other hand, the bank sensitivity exists negative gap and liabilities. When the interest rate sensitive assets is equal to the interest rate sensitive liabilities, zero gap. Heavy price gap in fact is the interest rate risk exposure, can be used to measure the bank's net interest income for the reaction of the market interest rate fluctuations. In the case of positive gap, if interest rates rise, as interest rates perceptual assets income increases more than the interest rate sensitive liabilities costs rise, the bank's net interest income increased, on the other hand, the bank's net interest income. Under the condition of negative gap, if interest rates rise, the interest rate sensitive liabilities will increase costs more than the interest rate sensitivity of assets income increase, reduce the bank's net interest income, on the other hand, the net interest income increased. Even zero gap, as Banks interest-bearing assets and servicing debt interest rate changes are not synchronized, it is impossible to completely eliminate the interest rate risk.3 Interest rate risk management countermeasure.3.1 Establish risk prediction system.Commercial Banks to establish a static and dynamic management of risk prediction model, as input variables is up and running by net interest income volatility analysis, measure and forecast interest rates within a certain time and the change trend and scope of, due to the corresponding counter measures, adjust the corresponding interest rate policy, trying to change to assets and variety structure.3.2 Choose the kind bond issueHeavy pricing of commercial bank liabilities period mainly by thepeople's bank of refinancing policy and market-oriented financing strategies, the influence of the former can only passive to accept, but can adjust the debt maturity structure by selecting the bond type. According to the macro economic situation, can try to consider when bond issue for a long time, the fixed interest rate, and the kind of zero coupon bonds, increasing the pricing of debt servicing period, also can try to consider issuing short-term, floating interest types of bonds, shorten the heavy price of servicing debt deadline.3.3 The term structure adjustmentwith the mature of commercial Banks in the secondary market and the rules of constantly improve, for the adjustment of the term structure of assets and liabilities provides alternative means. If market interest rates to rise, can reduce the holding long-term fixed income investments, short-term can adjust the proportion of income investments, in order to achieve the purpose of reduce investment average maturity. If interest rates lower, can increase the issuance of long-term fixed income investments and reduce short-term can adjust the proportion of income investments, in order to achieve the purpose of investment increase the average maturity3.4 Build commercial loan pricing mechanism.Due to the business of commercial bank loans financing source rely mainly on marketization fund-raising, the cost sensitive affected by market interest rate fluctuations, and commercial Banks commercial loan interest rate floating space has been let go, so both necessary and possible for flexible pricing, to avoid interest rate risk.3.5 Financial derivatives hedgingWith the development of financial derivatives market in China, should learn to use financial derivatives cover interest rate risk exposure, lock the interest rate risk. Can also be short by holding a forward rateagreement, interest rate period of loan contract and call options contracts long, to hedge the risk of falling interest rates, interest rates, risk transfer to willing to bear the risk of merchant. After interest rate marketization, the development of financial engineering will be commercial Banks to achieve another important opportunity of self-surpassing.译文商业银行利率市场化亚历山大德里尼摘要随着金融市场的全面放开, 利率市场化改革开始加快推进, 商业银行会面临利率市场波动、资产负债期限不相匹配、基本点制约、客户选择期权等因素产生的市场利率风险。
国外利率市场化改革文献综述_吕超群
增加了经济金融的波动性，导致的 ＧＤＰ 增长率出现大幅度波动。 （２００３）研究众多发展中国家利率改革政策，分析指出尽管印尼改
席波，郭天钰（２０１２）通过几个国家的比较发现，阿根廷利率市场化 革遭受了挫折，但不可否认印尼政府对银行体系的严格监管和有
改革并未实现预期的成功，由于国内利率水平迅速上升，导致利差 效调控及其他配套改革审慎进行等措施也标着印尼的利率市场化
一、美国等发达国家的利率市场化改革 关于利率管制的影响，国外一些学者早有研究，Ｈｅｌｌｍａｎｎ 等 （１９９４） 就曾指出实行金融管制实际上是政府从金融机构抽取租金 的的行为，并提出了在金融管制取消过程中应注意政府和市场的 协调性；Ｇｉｂｓｏｎ（１９９４）认为发展中国家不应盲目的进行改革，应更好 的理解金融市场的运作及金融制度作用的发挥方式。Ｇｕｐｔａ 和 Ｌｅｎｓｉｎｋ（１９９６）则从实证的角度通过政策模拟，验证了政府信贷需 求对私人信贷需求的替代作用，得出利率下降不但不会降低银行 存款反而会增加投资，但非替代性的存在要以利率市场化得安全 性为前提的结论。国外学者通过理论层面揭示出利率管制的影响， 这在一定程度上掀起了一股金融自由化、利率市场化的热潮。 美国成为发达国家利率市场化改革成功的案例，值得我们借 鉴。美国利率市场化改革是一个渐进过程，刘金钵（２００３）年通过对 美国利率市场化改革的历程研究指出 １９２９ 年经济大危机迫使美 国政府改变以往金融制度非管制型政策，颁布第 Ｑ 项规则整顿金 融市场秩序，这在当时一段时期内起到了巨大作用，但 ６０ 年代之 后，Ｑ 条例的弊端逐渐显露出来，渐渐干扰了正常的经济运行。美 国国会于 １９８０ 年通过了《解除存款机构管制与货币管理法案》，从 而揭开美国利率市场化改革的序幕。陈蓓君，胡海鸥（２００７）具体分 析了美国利率市场化的步骤，如 １９７０ 年，放松部分大额可转让存 单的利率管制；１９７３ 年，取消 １０００ 万美元以上的定期存款利率上 限；１９８０ 年，准许所有金融机构开设 ＮＯＷ 账户业务；１９８３ 年，取消 所有定期存款的利率上限；１９８６ 年，取消 ＮＯＷ 账户的利率上限 等。从而进一步揭示出成熟金融市场的依托是利率自由化改革成 功的重要原因。张春萍等（２０１２）从时间上的将美国利率市场化过
利率市场化相关文献综述
1.2.1利率市场化相关文献综述从全球来看，利率市场化的兴起大约从20世纪70年代开始的，由发达国家率先兴起利率市场化的改革。
托马斯吉尔在《八十年代的金融改革》中动态的分析了美国金融在20世纪80年代改革的原因及利率市场化进程中银行将面对的问题，从而提出了不同的银行应当如何运用比较优势进行转变以应对利率市场化带来的冲击。
日本学者铃木在他的研究中对日本进行了系统的研究和分析，针对日本在1980年代至今的市场利率变化，进行了详尽的剖析。
在不断探索之中完成利率政策的实施，同时在该政策的引领下，日本对其金融机构实施风险管理，以此对有可能出现的金融风险进行化解。
发达国家利率市场化的改革陆续完成在一定程度上也带动了对发展中国家利率市场化的探索。
麦金农(1973)将发展中国家作为研究对象，在他看来，一些落后的或者是发展中国家，基本上都出现对金融进行抵制的现象。
也就是说这些国家会让利率始终处于一种比较低级的水准，致使广大社会民众在储蓄方面持续下滑，而且致使资金的投入亦同样出现萎靡不振的情况。
此外，还形成了一种信贷配给方面的不足。
因为利率的低下，使得融资方面的需求出现过度膨胀。
为使这种膨胀在一定程度上受到抑制，政府所采取的手段是对资金在流动的方向上进行控制。
因而会出现对市场进行人为割裂的现象，这样一来，市场对资源进行配置在机制上已经失灵。
要想打破这种局面，必须实行金融自由化，放开利率管制，实行利率市场化。
早在上世纪八十年代，马西森进行过专门的分析研究。
在他看来，作为发展中国家，其利率变动情况如果是一种均衡的情况，那就一定要对利率的管制加以取消。
要促进利率市场机制的实现，因为比较低水平的利率往往是导致经济增长受阻的最重要因素，所以，必须以市场化的方向对利率进行改革。
国内学者关于利率市场化的研究多集中在利率市场化所产生的影响、中国现阶段进行市场化的利率选择，这些经验已经表明，我们的银行业的拓展与利率市场化的方向是正确的。
利率市场化是什么范文
利率市场化是什么范文利率市场化周末，央行“双降”，在人民银行的公告上，有一句话非常惹眼“对商业银行和农村合作金融机构等不再设置存款利率浮动上限”。
这句话意味着什么呢?它意味着，中国的利率彻底市场化了。
并非说央行对利率就不管不问了，而是央行对利率的调控更多地将倚重市场的调节，央行的政策也更多地去通过政策工具和传导机制来影响市场实际货币价格，而非强制性地去限制利率。
表明，我国市场化改革已经取得了很大的成就，央行已经掌握了调节的手段，在不失对货币价格总的调控能力的基础上，给市场更大的发挥空间，以提高货币在市场上的利用效率。
所以，改革的完成对中国来说意义很重大。
很多人不太明白利率和汇率市场化的风险，对一个国家来说，利率和汇率的市场化改革都必须是渐进式的，必须让市场有一个适应过程，必须要有强大的市场掌控能力。
否则，利率和汇率市场化无疑是经济自杀，后面必酿成灾难。
因为，他国可以通过对汇率或利率的攻击实现对一国的经济洗劫，很多国家的经济危机都是在经济内部失调，利率价格出现异常时，汇率遭到攻击而最终使得经济崩溃。
在使用这些工具进行货币攻击方面，西方特别是华尔街拥有极强的能力，譬如“坏小子”索罗斯就攻击过英镑，在1997年亚洲金融危机中对多个国家的货币发起过攻击，那都是赤裸裸的货币战。
那么，到底利率、汇率、资本流动与实体经济是什么关系呢?这些金融战、货币战、经济战又是怎么玩的呢?这些在金融的课堂上不会讲的东西，下面就听占豪(微信号：zhanhao668)说说其中玄机。
其实，说清楚这一系列逻辑并不容易，特别是用大家都看得懂的语言更难，占豪一贯追求的风格是专业*尽量做到识字、有一些基本逻辑和常识就能看得懂，所以这篇*思考起来很麻烦，想来想去，还是从举例的逻辑入手较好。
我们知道，一个国家要发展经济，在现代社会封闭是玩不转的，譬如主动封闭的朝鲜、被封闭的古巴情况都不太好。
哪怕是中国这么大的国家，在新中国后特别是60年代(与美苏均交恶)，在被动封闭的情况下也是发展困难极大的。
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文献出处: Ahmed S, Zlate A. A Comparative Study on the Marketing of Interest Rate in the United States and Japan [J]. Journal of International Money and Finance, 2015, 48: 221-248.原文A Comparative Study on the Marketing of Interest Rate in the United States and JapanAhmed S, Zlate A.AbstractInterest rates as one of the most important means of regulating financial markets, more and more attention to by national finance, the development of the national financial markets since the 1970 s and the easing of financial regulation, the interest rate mercerization has gradually become the mainstream of national financial market development trend. Interest rate mercerization emphasize the independence of financial institutions in a market economy, this independence will make financial institutions in the market competition get more profits, but at the same time, with greater risks, therefore, this article is based on market-oriented concept, meaning, significance and the theory in this paper, based on the United States and Japan two studies successfully promote market-oriented interest rate countries, through a smooth transition to complete the process of financial liberalization, then promote the deepening of financial reform in our country. The United States and Japan to promote interest rate mercerization is built on a solid market foundation, in advance, step by step a breakthrough advance step by step, finally achieved success.Key words: Interest rate marketization; Commercial Banks; Financial markets; A comparative study1 A general analysis of interest rate liberalizationFinancial market development cannot leave the financial regulation, financial regulation must use the corresponding adjustment means. In the operation of the financial market and development process, the interest rate is closely related to thefinancial market development adjustment means, only implemented to meet the needs of the financial markets objectively interest rate policy to ensure the sustainable development of financial markets, so the interest rate to discuss how to work in relation to the whole financial market sustainable development effectively, and the current "interest rate mercerization" already became the various countries' financial markets, especially discusses the financial market in China is an important part of reform and development.Interest rate mercerization should at least include the following contents:(1)Financial transactions subject have interest rate decisions. The financial activities were funds of funds between surplus and deficit departments trading activities. Financial transactions subject should have the right to the money transaction scale, price and the way of repayment period, guarantee terms to bargain, bargaining way may be interview, bidding, may also be a money supply and demand both sides repeatedly weigh between different customers or service providers and choice. The interest rate transmission mechanism flexible and effective. In market economy countries, the central bank set the benchmark interest rate; the benchmark interest rate is usually with reference to the interbrain market interest rates, interest rates, relying on the market transaction into the money market and capital market transmission and ultimately affects the economy.(2) The amount of interest rate, term structure and risk structure should be chosen by the market spontaneous. As with any commodity, there is also a financial transaction of wholesale and retail price difference; it’s different, the price of money transactions also there should be a time difference and the risk difference.(3) The government (or central bank) has indirectly influence the power of the financial asset rates. Does not mean interest rate liberalization of interest rate liberalization, not completely rejected the government's financial control ability, the central bank in the relaxation of the direct control of interest rates also need to strengthen the indirect regulation ability, as well as market economy does not reject the government's macroeconomic regulation and control.2 McKinnon and Shaw’s theory of "financial repression" and "financial deepeningtheory"McKinnon and Shaw, through to the developing countries economic condition and examination of the financial system, found that there are developing countries financial repression phenomena, its basic characteristics are low real interest rates and selective credit allocation. Real interest rates are limited by the government of developing countries at very low level; excessively low interest rates lead to low savings and investment needs strong, the government to curb the excessive demand of cheap money and guide the limited funds to the government plan priority department and take the plan to allocate money. Low interest rates are the root of financial repression. Financial repression in the economy, the financial market is divided into two: one is the government regulation of market, the main capital flow into inefficient state-owned enterprises and government agencies. Another is that there is no formal control of the free market; the interest rate is far higher than the former, small and medium-sized private enterprises through internal accumulation or high cost of financing by the market. In such a serious price discrimination and market conditions, market allocation efficiency is low, market behavior and rent-seeking behavior lead to corruption, ultimately affect the economic development of developing countries. Therefore, to get rid of the backward economy must remove financial repression; implement market-based reform of interest rates.3 The significance of implementation of interest rate mercerizationThe condition of the realization of the mercerization of interest rate is the interest rate control breakthrough unceasingly, under the condition of interest rate control, resource allocation lost the important measure of capital price leverage, that should have guiding effect to the investment and financing behavior and public consumption can't according to the market adjustment, the mechanism of the rigid interest rates also make the macroeconomic regulation and control has been curbed, make it difficult to through the control of the money supply in the macro administration and realize the goal of its monetary policy, etc.Situations where conditions permit, therefore, the major countries are trying to promote the mercerization of interest rate. Interest rate mercerization in promoting economic development occupies an important position,especially for commercial Banks.In the process of implementation of market-oriented interest rate, the interest rate risk of commercial Banks and the interest rate management difficulty will gradually increase. Interest rate risk is one of the types of financial risk, is due to fluctuations in interest rates, the asset gains and value relative to the debt cost and value asymmetry changes caused by the bank risk of loss of income and assets. In the process of mercerization of interest rates, many factors that affect interest rates, interest rate fluctuation frequency and amplitude is greatly increased, the term structure of interest rates and more complex, compared with the interest rate under control, the influence of the fluctuations in market interest rates for bank management is bigger, it is harder to identify and control interest rate risk. But also it is because the interest rate risk increase, its profitability also will increase.4 The US-Japan promote the comparative analysis of interest rate liberalizationThe United States and Japan to promote market-oriented interest rate reform in both countries to effectively promote the solution of the problem for the country's financial, from the above analysis, it can be seen that the two countries in advancing this process, there are some commonness and difference, this section is to summarize the commonness and difference.4.1 The US-Japan introduce the effect of interest rate mercerizationBy comparing the United States and Japan in the implementation of market-oriented interest rate, you can see that some of the economic indicators before and after the two countries in promoting interest rate mercerization process showed the biggest characteristic is to maintain the stability of the economic development. First, macroeconomic continue to maintain steady growth. The United States, Japan's GDP growth rate showed more negative after interest rate mercerization and the change trend of relatively stable. Second, the rate of inflation was effective control. Before and after interest rate mercerization small variations in the inflation rate of the two countries, is on the decline but relatively stable. The United States, Japan, in front of the mercerization of interest rate change the rate of inflation was stable, the two countries after interest rate mercerization in inflation downward trend, but the changeis small, stable. Third, the financial markets showed good growth. Before and after the mercerization of interest rate showed a relatively steady growth trend. The United States, Japan's financial deepening rate before and after the mercerization of interest rate showed a steady growth trend.4.2 America and Japan share the common characteristics of interest rate mercerizationFirst of all, the interest rate mercerization is a process of continuous development of new financial products and means.Marketization of interest rate in the United States to the innovation of financial products and means: has allowed Banks to introduce from the interest rate control money market account, can transfer large negotiable certificates of deposit and withdrawal notice account. Japan is by introducing a large negotiable certificates of deposit of mercerization of interest rate as the deposit first, interest rate mercerization is a process of continuous development of new financial products and means.Marketization of interest rate in the United States to the innovation of financial products and means: has allowed Banks to introduce from the interest rate control money market account, can transfer large negotiable certificates of deposit and withdrawal notice account. Japan is by introducing large negotiable certificates of deposit of mercerization of interest rate as its deposit us-Japan bilateral interest rate mercerization can say begins with innovation, to undertake and complete, with every step of interest rate mercerization development innovation.Second, the mercerization of interest rate of the two countries is following the step-by-step process.Interest rate is very important economic lever in a country's economy, with the influence of "holding a launch whole body”. So, in the process of interest rate mercerization, must adopt prudent, step by step. At the same time, pay attention to all kinds of form a complete set of financial system reform.” We want to realize the mercerization of interest rate in managed idea is unrealistic and extremely dangerous, light person lead to social and economic turmoil, serious still can cause huge economic recession. From the above Japan is in the process of mercerization of interest rate, we can see that the United States and Japan adopt the incrementalprocess of interest rate mercerization, and achieved success. First of all, find a proper breakthrough.Marketization of interest rate in the United States from negotiable certificates of CD issuance and trading, while Japan from issuing bonds trading interest rates and interest rates liberalization, then by stages. The time interval between each stage, can make the society has a process of digestion and adapt, can also be found in the process of mercerization need coordinated reform, reform for the next step to lay a good foundation.Once again, choose the appropriate timing of interest rate marketization.From Japan can be seen in the process of market-oriented interest rate reform, interest rate mercerization reform in the United States and Japan are both in the domestic economic situation is stable, and the development of the economy to relax under the background of interest rate regulation put forward the urgent request. Right timing to the success of market-oriented interest rate reform has laid a good foundation. Timing is often is a key factor in the success or failure of the reform. Timing should not only consider the macro factors, and to consider the micro factors. Under the condition of stable macroeconomic situation, many reformers to choose success or progress smoothly, and macroeconomic instability cases, reform more. In the steady economic growth, stable macroeconomic situation, policymakers are initiative to change the government regulation in the financial system is not adapt to the economic development of the local reality, so reform is relatively smooth, easy to succeed.Finally, in the process of interest rate mercerization, the government should strengthen the regulation of financial markets. While in the United States and Japan in the mercerization of interest rates are also some problems have occurred, but in terms of interest rates, it should be said that had been there a wide range of relatively large fluctuations, the competition between each big financial institutions are orderly. The two countries in the financial market regulation as inseparable.译文利率市场化比较研究:美国和日本的案例分析作者：Ahmed S, Zlate A.摘要利率作为金融市场最为重要的调节手段之一，越来越为各国金融界所关注，自20 世纪70 年代各国金融市场的发展和金融管制的放松，利率市场化逐渐成为各国金融市场发展的主流趋势。