CAJ | 학술논문

近年来,我国利率市场化进程明显加速。这一方面极大地促进了我国金融市场的发展和金融产品的丰富;另一方面,＂刚性兑付＂导致金融风险积累、企业融资难融资责问题比较突出。本文从国际和国内两个视角分析发现,我国利率市场化过程面临的这些问题,主要是因为实体经济中对利率不敏感的资金需求主体（如地方政府融资平台）大量存在。同时,显性存款保险制度的缺失,也模糊了政府和市场的界限,加大了市场的扭曲。从利率市场化平稳推进的角度来看,我国必须化解地方政府融资平台带给金融市场的扭曲,这可以通过财税改革来实现。显性的存款保险制度也需要加快建立,以取代现行的隐性存款保险制度,使金融市场中政府的边界得以明晰。货币政策需要保持宽松态势,以对冲利率市场化改革给利率带来的上升压力,降低金融与实体经济脱节的程度。
근년래,아국리솔시장화진정명현가속。저일방면겁대지촉진료아국금융시장적발전화금융산품적봉부;령일방면,＂강성태부＂도치금융풍험적루、기업융자난융자책문제비교돌출。본문종국제화국내량개시각분석발현,아국리솔시장화과정면림적저사문제,주요시인위실체경제중대리솔불민감적자금수구주체（여지방정부융자평태）대량존재。동시,현성존관보험제도적결실,야모호료정부화시장적계한,가대료시장적뉴곡。종리솔시장화평은추진적각도래간,아국필수화해지방정부융자평태대급금융시장적뉴곡,저가이통과재세개혁래실현。현성적존관보험제도야수요가쾌건립,이취대현행적은성존관보험제도,사금융시장중정부적변계득이명석。화폐정책수요보지관송태세,이대충리솔시장화개혁급리솔대래적상승압력,강저금융여실체경제탈절적정도。
This paper studies the unfavorable side effects associated with the interest rate liberalization reform in China. From the perspectives of international experiences and domestic reality, this paper identifies two main factors at play behind the distortions in the financial market：（1） the existence of interest rate insensitive firms （mainly LGFV） in the market that crowd private enterprises out; （2） the lack of explicit deposit insurance blurs the boundary of the government and the market. Therefore, the elimination of the distortion from interest rate insensitive participants in the market and the establishment of explicit deposit insurance system are the prerequisite conditions for successful interest liberation. This paper also provides several policy suggestions： the policy makers should prudently handle the risk events and maintain a moderate easy monetary policy stance during the interest rate liberalization process.