CAJ | 학술논문

利率市场化改革以来，影子货币国家（加拿大、瑞士、澳大利亚）的经济金融发展健康平稳．与当今主流国际货币国家（美国、法国、日本）相同，良好的制度保证在其改革过程中起到了至关重要的作用。本文采用影子货币国家和主流国际货币国家6个经济体20年的跨国数据．运用面板数据模型检验了合约密集型货币比率和金融自由化比率两类制度质量指标在两类国家利率市场化进程中所起的作用。研究结果表明．产权制度质量和制度环境质量在利率市场化进程中是重要的前提条件：制度有效性和制度稳定性能够显著影响利率市场化改革绩效水平。本文研究结果对现阶段中国进一步推进利率市场化改革有着重要启示。
리솔시장화개혁이래，영자화폐국가（가나대、서사、오대리아）적경제금융발전건강평은．여당금주류국제화폐국가（미국、법국、일본）상동，량호적제도보증재기개혁과정중기도료지관중요적작용。본문채용영자화폐국가화주류국제화폐국가6개경제체20년적과국수거．운용면판수거모형검험료합약밀집형화폐비솔화금융자유화비솔량류제도질량지표재량류국가리솔시장화진정중소기적작용。연구결과표명．산권제도질량화제도배경질량재리솔시장화진정중시중요적전제조건：제도유효성화제도은정성능구현저영향리솔시장화개혁적효수평。본문연구결과대현계단중국진일보추진리솔시장화개혁유착중요계시。
Following the reform of international interest rate marketization, the economy and finance development of the shadow currency countries （Canada, Switzerland ＆ Australia） has been steady and sound because of good institutional con- ditions, which are similar to the situation of the main international currency countries （America, France ＆ Japan） when they pushed forward the reform. Based on 20 years＇ transnational data of the international currency countries and shadow curren-cy countries and adopting the panel data model, this paper studies the influence of two institutional quality indexes, namely contract intensive money proportion and financial liberalization ratio, on the interest rate marketization. The Research results show that the property fight institutional quality and the institutional environment quality are important preconditions to inter- est rate marketization. Meanwhile, the institutional quality validity and stability can significantly affect the performance level of interest rate marketization. Finally, policy suggestions for further reform of interest rate marketization in China are proposed based on research results.