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实现以市场导向为主的利率决定体制 ,是包括中国在内的发展中国家金融体制改革的目标。而目前发展中国家金融制度的一个显著特点是国家过度干涉利率的决定 ,因此对政府在利率决定中的作用进行清晰的界定和建立合理的政府退出机制是发展中国家实现利率市场化的关键。本文准备从政府参与利率决定的必要性、发展中国家政府过度干预利率决定的表现与诱因和消除政府过度干预利率决定的条件等三个方面对这一问题进行探讨。
Realizing the interest rate decision system based on the market orientation is the goal of developing countries’ financial system reform including China. However, a notable feature of the financial system in developing countries is the state’s decision to over-intervene in interest rates. Therefore, a clear definition of the government’s role in interest rate decisions and the establishment of a reasonable government exit mechanism are the keys to the marketization of interest rates in developing countries. This article intends to discuss this issue from three aspects: the necessity of the government’s participation in the interest rate decision, the performance of the governments of developing countries in over-intervening in the performance and incentive of the interest rate decision, and the elimination of the government’s condition of over-intervening in the interest rate decision.