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2015年底,中国取消了存款利率上限管理。一个存在各种显性利率管制的时代宣告结束,但中国距离建立起真正市场化的利率体系还有很长的路要走。美国是一个“大陆级”经济体实现利率市场化的典型案例。我们试图从美国经验中为中国利率市场化之路寻找一些有益的启示。美国利率管制是大萧条遗留下来的产物。然而,美国取消利率管制后也经历了一系列重大金融风险事件。利率市场化不能一放了之。通过回顾美国经验,我们认为中国需要保证监管跟上变化的金融形势、加强监管协调等。中美之间一个重要区别是,中国金融体系仍由国有金融机构主导。在国有金融机构占主导的环境下进行利率市场化是前所未有的。这意味着中国有必要加速推进国有金融机构改革。
By the end of 2015, China canceled the deposit interest rate cap management. An era of various dominance of interest rates has come to an end, but it is still a long way from China to establish a truly market-oriented interest rate system. The United States is a typical case of marketization of interest rates in a “mainland-class” economy. We try to find some helpful inspiration from the American experience for the marketization of China’s interest rate. US interest rate control is the legacy of the Great Depression. However, the United States has also undergone a series of major financial risk events after its interest rate liberalization. Market-oriented interest rates can not be put in a By reviewing the experience of the United States, we think China needs to ensure that the regulatory regime keeps pace with the changing financial situation and strengthens regulatory coordination. An important difference between China and the United States is that the Chinese financial system is still dominated by state-owned financial institutions. The marketization of interest rates under the predominance of state-owned financial institutions is unprecedented. This means that it is necessary for China to speed up the reform of state-owned financial institutions.