CAJ | 학술논문

我国已经形成了市场利率、管制利率并存的双轨利率体系，市场化利率一定程度上促进了我国的经济增长．管制利率则对我国经济增长具有一定的抑制效应，但2004年10月贷款利率上限放开后，这种抑制有所减弱。同时，在市场利率和管制利率并存的双轨利率体制下，整个利率体系是割裂的、扭曲的，市场利率信号不能在金融体系中有效传导，因此无法有效引导实体经济的调整。
아국이경형성료시장리솔、관제리솔병존적쌍궤리솔체계，시장화리솔일정정도상촉진료아국적경제증장．관제리솔칙대아국경제증장구유일정적억제효응，단2004년10월대관리솔상한방개후，저충억제유소감약。동시，재시장리솔화관제리솔병존적쌍궤리솔체제하，정개리솔체계시할렬적、뉴곡적，시장리솔신호불능재금융체계중유효전도，인차무법유효인도실체경제적조정。
There is a dual-track interest rate system in China, which include regulated and market interest rates at the same time. Market interest rate stimulates China＇s economic growth to some extent, while regulated interest rate has inhibitory effect on China＇s economic growth. Yet the inhibitory effect has weakened since the cap on loan rate was lifted in October 2004. Meanwhile, in this dual-track interest rate system, the whole mechanism is separate and twisted. The signal of market interest rate can not be effectively transmitted in financial system, so the current interest rate system can not guide the adjustment of the real economy.