世界经济 ›› 2017, Vol. 0 ›› Issue (4): 3-28.

• •    下一篇

利率市场化改革对经济效率的影响

谭语嫣1, 纪洋1, 黄益平2   

  1. 1. 北京大学国家发展研究院 北京海淀区颐和园路5号 100871;
    2. 厦门大学经济学院金融系 福建省厦门市昆明南路422号 361005
  • 出版日期:2017-04-10 发布日期:2017-05-05
  • 通讯作者: 纪洋 E-mail:jiyangpku@163.com
  • 作者简介:谭语嫣,电子信箱:yuyan.tan11@gmail.com;黄益平,电子信箱:yhuang@nsd.pku.edu.cn

The Effect of Interest Rate Liberalization on Economic Efficiency

Tan Yuyan1, Ji Yang1, Huang Yiping2   

  • Online:2017-04-10 Published:2017-05-05
  • Contact: 2017-05-05 E-mail:jiyangpku@163.com

摘要: 传统的金融抑制和金融深化理论主张取消利率管制,因为利率上升可以增加储蓄、改善资金配置、提高经济效率,但是不同经济体的实际改革经验却有好有坏。本文通过构建分割金融市场下存在利率管制和信贷干预的代际交叠一般均衡模型,从政府信贷干预的角度对这一现象进行了解释。研究发现,综合考虑利率管制和信贷干预的利率市场化能够提升经济效率,但在不改革信贷干预情形下,取消利率管制反而会降低经济效率,因此考虑利率市场化改革时应优先改革信贷干预,或两者同步进行。我们通过数据检验发现,对信贷干预的改革能显著提高经济整体的全要素生产率,而保持信贷干预仅取消价格管制的改革会显著降低全要素生产率。这一结果稳健存在,并且和本文模型推论一致。

关键词: 分割金融市场, 信贷干预, 利率市场化, 经济效率

Abstract: Traditional financial repression theory advocated the abolition of interest rate controls, because rising interest rates can increase savings, improve capital allocation and economic efficiency, but interest rate liberalization reform in different countries has led to different results. We try to provide a possible explanation from discriminatory credit rationing caused by government intervention. Based on an overlapping generation general equilibrium model incorporated with interest rate controls, credit intervention and segmented financial markets, we found that, interest rate liberalization can improve economic efficiency, but only if reform on credit intervention is set before abolition of interest rate controls. Removing interest rate ceilings in the presence of credit intervention will reduce economic efficiency. The empirical evidence also supports our theoretical findings, that is, reform on credit intervention significantly improves a country's TFP growth, while removing interest rate ceilings significantly reduces TFP growth.

Key words: segmented financial market, credit intervention, interest rate liberalization, economic efficiency

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