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内在机理与制度条件:美国利率管制回顾与启示

【作者】 冯静

【导师】 王国刚;

【作者基本信息】 中国社会科学院研究生院 , 金融学, 2014, 博士

【摘要】 美国的利率管制(也称Q条例管制),是一项以提高利润来保护银行的金融监管政策。从1933年开始,到2011年结束,它的内容包括禁止活期存款付息、设置商业银行定期存款与储蓄存款利率上限、储蓄机构定期存款与储蓄存款利率上限。本文的目的是以相关理论为依据,通过对美国历时七十八年的利率上限管制进行深入地分析,解释美国利率管制及其取消的内在机理,从而,在对比中美利率管制目的、机理、制度条件的前提下,结合中国利率管制的特殊性,对如何推进中国的利率市场化给出有条理的回答。本文分为六个部分。首先是对利率管制历史和利率理论的总结。历史方面,主要在第一章介绍政府立法形式的法定上限利率管制,和宗教教义形式的禁付利息管制,并从中揭示出,市场机制是影响和决定利率管制对象、目的和效力的决定因素。在理论方面,主要在第一章和第二章综述了利率和利率管制的相关理论。本文把利率理论归结为利率的决定理论和利率的传导理论。指出前者说明的是利率的信号功能,后者说明的是利率的杠杆功能。利率管制将使利率失去信号功能,对利率杠杆功能的影响则取决于管制实施时的市场机制条件。第三章和第四章是本文的主要部分。第三章运用存贷款模型阐明了美国利率管制的机理和效果,进一步指明了市场机制在利率管制有效性上的决定性作用。第四章阐明了美国的利率政策机制,对美国利率体系的结构和传导机理做了说明,区别了美国的利率政策和利率管制,指出前者属于货币政策,后者属于金融监管政策。第五章梳理了中国利率管制的历史,揭示了它的特殊性。最后,第六章对美国利率管制进行了更为深入地剖析,并阐明了它对中国利率市场化改革的启示。

【Abstract】 Interest rate ceilings on deposits, otherwise known as Regulation Q,is to protect thecommercial banks in the U.S.A, based on the belief banks· profits could be increasedby imposing ceiling rates on deposits. From1933to2011, Regulation Q prohibitedthe payment of interest on demand deposits, and imposed interest rate ceilings on timeand savings deposits paid by commercial banks, and the same as by thrift institutions(mutual savings banks and savings and loan associations).This paper focus on how federal policies on deposit interest rate ceilings hasworked over the78years since they first were imposed, and in contrast to the premiseof the Sino-US market conditions, objectives, institutional mechanisms, the theoriesand the enlightenments could be done with releasing interest rate controls in Chinaand get target in interest rate liberation.This paper is divided into six parts. The first chapter is about the history andtheories of interest rate controls. With the history, the first chapter is mainly to payattention to the legal interest rate controls, and religious interest ban controls, whichrevealed that market mechanisms are very important factors in determining the object,the purpose, the impact of interest rate controls. And then, in theory, the first andsecond chapters summarized the theory of interest rates and interest rate controls. Thetheory of interest was divided into two parts: the signal feature of interest and thelever feature of interest. Controls will cause the loss of signal control function, but theimpact of interest rate lever could depend on the conditions of the market mechanismhow to work.Chapters3and4are the main parts of this paper. The third chapter discusses theU.S. interest rate control mechanisms and effects, noted the decisive role of themarket mechanism on the effectiveness of interest rate controls. The fourth chapterdescribes the differences between the U.S. interest rate policy and interest ratecontrols. The former means to a kind of monetary policy, the latter means to a kind offinancial regulatory policy. The part also describes interest rate policies in the UnitedStates, and clarifies the mechanism and the structure in the U.S. interest rate system.The fifth chapter is about the history and summary of interest rate controls in China.Finally, the sixth chapter analysis the U.S. interest rate controls in-depth in order tofind the even path to interest rate liberalization in China.

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