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。