CAJ | 학술논문

美国银行业利率的形成，采用的是由央行宏观利率和银行微观利率共同作用的两元定价机制和框架。宏观利率定价是美国利率定价机制的关键也是基础．美联储是造市商和标杆制定者；银行则是关联储利率目标的追随者．它们作为盈利主体,自行决定微观利率，以达到息差最大化、风险最小化的目标。两种定价机制各司其职，相辅相成,缺一不可。两种利率同时达到均衡是利率定价合理的标准。中国的利率定价机制可以围绕着建立“两元——宏观／微观均衡利率框架结构”的核心思路展开。
미국은행업리솔적형성，채용적시유앙행굉관리솔화은행미관리솔공동작용적량원정개궤제화광가。굉관리솔정개시미국리솔정개궤제적관건야시기출．미련저시조시상화표간제정자；은행칙시관련저리솔목표적추수자．타문작위영리주체,자행결정미관리솔，이체도식차최대화、풍험최소화적목표。량충정개궤제각사기직，상보상성,결일불가。량충리솔동시체도균형시리솔정개합리적표준。중국적리솔정개궤제가이위요착건립“량원——굉관／미관균형리솔광가결구”적핵심사로전개。
This article analyzes and evaluates the dual banking interest rate pricing fYamework in USA, and its implications for China. In USA, a specific bank ＇ interest rates are determined by both the central bank＇s macro- interest rate and the bank＇ s micro-interest rates. The macro interest rate is the foundation, with the Fed playing the role of market maker. Banks are the followers of the Fed, who determine their own interest rates based on Fed＇ s interest rate, as well as the target of interest margin maximization and risk minimization. The two pricing mechanisms have respective functions and work together to determine banks ＇interest rates. The equilibrium of both macro and micro rates is the criterion of the interest pricing. China may also design its own dual interest rate pricing framework.