Analysis of the impact of the marketization of the interest rate
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Abstract. The research on the marketization of the interest rate has always been paying much attention to both at home and abroad. With the improvement of the socialist market economy, the requirement of the financial reform for the marketization of the interest rate is more and more urgent. For a long time, the traditional planned economy mode affects the marketization process of our interest rate, and also brings a lot of difficulties for the development of China's marketization of the interest rate. China's market-oriented interest rate requires that the reform of the marketization of the interest rate should be further deepened. In this paper, the author carries on the elaboration of the function and the significance of the marketization of the interest rate on the social economic development of our country, and finds some problems in the marketization of the interest rate in China and puts forward the corresponding countermeasures, in order to promote the reform of the marketization of the interest rate in the Chinese financial industry.
Keywords: Interest rate; marketization of the interest rate; policy; study
The reform of the marketization of the interest rate came into being on the seventy's of the last century, and set off a wave of reform, and the financial theory also made higher achievement. To study the marketization of the interest rates, America distinguished economist Xiao He Mackinnon explained the study, respectively from different aspects, and obtained similar results, namely, through the control on the open interest rate, through the development of the liberalization, and the financial liberalization, change the previous backward financial development mode. As the core theory of the world economy, the marketization of the interest rate promotes the healthy development of the world economy, and also is the main problem that all the countries have to involve in the financial reform.
From the ninety's of the last century, China began to introduce the western modern financial theories, and has carried on the beneficial exploration to the marketization of the interest rate. And in 1995, we made a tentative scheme to reform China's market-oriented interest rate, followed by the issuing of the bonds, which also contributed to the formation of the marketization of the interest rate. Since entering the new century, China has made many reforms in the aspects of the marketization of the interest rate, and on the original basis, fully consider the fairness of the interest rate of the Chinese and foreign financial institutions, and the reform of interest rates of the rural credit cooperatives. Therefore, our country has made great progress in the reform of the marketization of the interest rate.
However, with the development of the economy, the requirements of the modern financial reform continue to increase, which is also a test of the level of our interest rate market. For a long time, because the development of the market economy is lagging behind, the exploration in the marketization of the interest rate in China is still in the renovation of some old contents, but do not achieve new breakthroughs in the connotation of the marketization of the interest rate. Especially under the circumstances now that the world's financial situation is tense, the reform of China's market-oriented interest rate is more urgent, in order to better respond to the international financial crisis.
1. The connotation of the marketization of the interest rate
About the meaning of the marketization of the interest rate, the scholars have put forward different concepts according to the different financial situations. Some scholars think that the marketization of the interest rate is the control of the central bank, according to the current monetary policies and the requirements and the current market on the benchmark interest rate, and away the market adjusts to the changes of the interest rates. Another view is that the marketization of the interest rate itself is a process of change of the determining mechanism of the interest rate and the system of the interest rate. Other scholars think that marketization of the interest rate is a process in which the economic subjects determine the level of the interest rate in the condition of the market economy. This paper mainly supports the third kind of view, and the author agrees on it that the process in which the market economic subjects determine the interest rates of the marketization of the interest rate.
2. The role and significance of China's marketization of the interest rate
2-1. Regulate the market mechanism and effective allocate the social resources
Under the condition of the market economy, the role of the macro-control of the interest rates in the effective allocation of the social resource, fund supply and demand, and other categories has been very well played. Our country is seriously affected by the planned economy, and the interest rate is more strictly controlled, so that it loses the ability to reflect the situation of the capital supply and demand. The role in the price signals will not be reflected, which has great impact on the distribution of the social resources in China. Once the reform succeeds of China's market-oriented interest rate, the role of the interest rate in the development of the national economy will be reflected largely. The automatic adjustment function of the interest rate market can reasonably allocate between the social production departments in accordance with the capital income, and once the production structures are adjusted, the factors of production will be optimized, and the maximum profits can be achieved.
2-2. Promote the commercialization reform of the commercial banks
The continuing advance of the system reform of the state-owned commercial banks requires the road of the modern financial reform. To make the new breakthrough in the management of assets and debt, we must rely on the promotion of the marketization of the interest rate. The state-owned commercial banks in the commercialization reform should locate the development objective, according to the enterprise's objectives, to achieve the maximum interest of the banks. Promote the reform of the state-owned commercial banks through the marketization reform of the interest rate, change the original mode of operation and management, and place the banks in the competition of the market economy, so that the interest rate will also play a role in the bank profitability. The risks that the market brings about are the issues that the banks must consider, but the change of the interest rate is the premise of the dedication. The reform of China's commercial banks must take the commercialization as the orientation, and realize the true sense of the profit in the environment of the market-oriented interest rate.
2-3. Push the central bank's macro-control
The implementation of the market-oriented interest rate requires that the central bank should refer to the change of the market interest rate in formulating the benchmark interest rate. Because the interest rate in the market operation process has many control means, it also provides an effective space for the central bank's control. The market main body will form a more reasonable system of the interest rate in the market, which also provides the necessary basis for the macroeconomic regulation and control for the use of the central bank's monetary policies.
3. Problems existing in China's marketization of
the interest rate
3-1. The interest rate of the credit market in China is not reasonable.
The unreasonable phenomena of the interest rate of China's credit market are mainly: First, the interest rate of the bank loans is much higher than the interest rate on the private financing, and the double standards are more obvious. Secondly, the criteria of the bank deposit and loan interest rates are not the same, and there are even differences. Third, the differences of the bank deposit and loan interest rates are obvious (Table 1).
3-2. The regulatory mechanism of the interest rate in China is not perfect.
China's socialist market economy is still not perfect, and the marketization is not very obvious, and the regulatory mechanism of the interest rate has not been perfect. In the central bank, there is not the complete macro-control mechanism of the interest rate, and there are not the measures suitable for the situation of our country, which also need further exploration. In the operation of the interest rate market, the guiding role of the deposit and loan interest rates is not clear, and the price relationship is not clear. The disposition of the financial infrastructure is not perfect, and the market interest rate system has not been perfect, and the ability in the response to the risks is weak.
3-3. The methods of the regulation of the central bank of the interest rates need to be changed.
At present, the regulation methods of the central bank on the interest rate are mainly to control the benchmark of the deposit and lending rates and the levels of the indirect interest rate. With the development of the reform of the financial market, traditional ways of the adjustment of the interest rate of the central bank need urgent changes. The reflection of the benchmark interest rate of the loans that the central bank guides the financial institutions in the pricing, and the market supply and demand relation determine the level of the interest rate of the loans, which also requires that the regulation methods of the central bank should be carried out in accordance with the changes of the market.
Table 1 Table of the briefly contrast to the benchmark interest rates of the RMB deposits and loans in July, 2012
(Unit: annual interest rate %)
4. Proposals for the reform of China's market-oriented interest rate
4-1. The construction of perfecting the interest rate system of the financial market in China
The requirements of the development of the financial market on the marketization of the interest rate become more and more urgent. The central bank in the formulation of the standard of the interest rate should have a more macro goal, and fully respect the market reality. Through the monetary policies to control the deposit and loan interest rates by the central bank, we should take the central bank as the foundation, and the market as the intermediary, and play the role of the market in the financial systems, and develop the effective competition mechanisms, to further establish the finance interest rate system with the market as the guide.
4-2. Strengthen the reform of the marketization of the interest rates of the deposits and loans
We should promote the pace of the reform of the marketization of the interest rates of the deposits and loans, seize the market demand to enlarge the floating range of the interest rate, relax the lower limit of the interest rates of the deposits and loans, and expand the autonomy of the interest rates of the financial institutions. Steadily push forward the process of the marketization of the interest rate for deposits, and its policies should be strict and proper, to ensure the robustness of the financial institutions. Strengthen the development and innovation of the financial products, and further clarify the pricing mechanisms of the market, to better promote the marketization of the interest rate for the bank deposits and loans.
4-3. Strengthen the competition of the interest rate market, and set up the perfect financial market orders and the financial supervision systems.
The continuous advance of the modern financial market requires the market competition, and at the same time, we must establish the perfect financial market orders and the financial supervision systems. In the environment of the fair competition, the main bodies of the market economy should ensure the legitimacy of participating in the market competition. Establish a set of reasonable interest coordination mechanism, play the leverage role of the interest rate in the economy, and maintain the harmony and stability of the market. The establishment of the financial supervisory systems must be standardized and reasonable, with full respect for China's basic national conditions. We should establish a set of safety supervision system of the international standards, and we should also strengthen the construction of the laws and regulation systems for the financial supervision, to form the effective supervision on the behaviors of the bank, ease the impact of the interest rate in the market economy, and better promote the rational and orderly development of the financial market in China.
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