利率市场化改革及对银行业影响外文文献翻译最新译文doc.docx
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利率市场化改革及对银行业影响外文文献翻译最新译文doc.docx
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利率市场化改革及对银行业影响外文文献翻译最新译文doc
文献出处:
MarkusA.TheresearchofinterestratemarketizationreforminUSA[J].AtlanticEconomicJournal,2015,8(5):
129-139.
原文
TheresearchofinterestratemarketizationreforminUSA
MarkusA
Abstract
ThisarticlethroughtotheUnitedStatesinthe1980sbackgroundandanalysisoftheprocessofmarket-orientedinterestratereform,focusesonitsassetsandliabilitiesbusinessofbank,theintermediarybusinesstransformationandtheinfluenceofindustryconcentration.Inthispaper,researchshowsthatinterestratemarketizationleadstonarrowingtrendspreads,butasaresultofloanassetsproportionofascension,reformisdoneearlytobanknetinterestmarginimpactissmaller.Butwiththeimprovementofthemarket-orientedinterestratereformandthedeepeningoffinancialdisintermediation,netinterestmarginsarestillshowedatrendofdecline.Inaddition,themarketizationofinterestrateofbankhasobviouspromotingeffecttotheintermediarybusinesstransformation,andstrengthenedtheindustrycompetition,andimprovestheindustryconcentration.
Keywords:
Banking;Interestratemarketization;Financialdisintermediation
1Introduction
Market-orientedinterestratereform,namelytheofficialcontrolrelaxedlendinganddepositrates,removetheprotectionofbankspreads,makemoneypricesdeterminedbymarketsupplyanddemandfully.Despitethelendinganddepositrateswillriseobviously,butthebankspreadsisstilllikelytonarrow.Ontheonehand,theloaninterestratecapalreadyletgo,themarketizationdegreeishigher.Bybankloanqualitycustomercompetition,theeconomyisstillinadownwardadjustmentstageandlocaldebtrestructuringandotherfactors,theloaninterestrateraiseco.,LTD.Ontheotherhand,intheeconomicstructureadjustmentandchangeofthepatternofeconomicgrowth,againstthebackgroundofoveralltightliquiditywillshowtheoveralltrendofthefuturesociety,commercialbankdepositgrowthwillalsobeaslowingtrend.Since2012foreignexchangeofthechangeofthesituationandtensionsofmonetarymarketandin2013fullyillustratesthispoint.Foralongtime,commercialBanksmainlydepositsasasourceoffunds,andbankbusinesstransformationneedscertainprocess,futureliabilitiesbusinesscompetitionbetweenBankswillincreasefurther,depositrateswillrisemoreobvious,themarketizationofinterestratesondepositslevelwillgraduallyriseandclosetofinancialreturns.Manycountrieshavesuccessivelyrealizedthemarketizationofinterestrateinthepastfewdecades,hasamorefar-reachinginfluenceonthefinancialsystem.
2BackgroundandexperienceofU.S.interestratemarketizationreform
2.1Thebackgroundofmarket-orientedinterestratereform
Themarket-orientedinterestratereformstartedinthemid1970s,isasignofofficialstartin1980thedeposit-takinginstitutionsderegulationandmonetarycontrolactpromulgated.Easeratecontrolistoadapttotheeconomicdevelopmentsituationandtheinevitablechoiceoftheevolutionoffinancialmarketsandpoliciesandtheimprovementofthelegislationpassedtopromotestepbystep.Theprocessofmarketizationofinterestrate,isactuallyaconstantlyofQregulationsissuedbytherelaxationafteramajorcrisisinthe1930s,thefinancialsystemstepbysteptorealizetheprocessofliberalization.ThemainpurposeofregulationQisbylimitingthebankdepositinterestratecaptocontrolthecostofoperation,guaranteebankprofits,toavoidcollapse.Butsincethe1960s,theUnitedStatestherateofinflationrising,thetwooilcrisesinthe70sledtoeconomicslowdown,risinginflation,interestratescontrolmakesthecommercialbankcannotcopewithhighinflationratesofmacroeconomicenvironment.Usinflationashighas12.3%bytheendof1974,surgedtoarecord14.8%inMarch,1980,atthesametime,marketinterestratesrisesharply,thethree-monthTreasuryinterestratesintheearly1980supto15%.Butthehighlimitisfarlowerthanthemarketinterestrates,bankdepositratesledtobankfinancingsourceoftension,theinterestratecontrolhasbeendevelopedfromtheearlytoprotectbankprofits,anormalbusinessforBanks.Vigorousdevelopmentoffinancialinnovationtothemarketizationofinterestratealsoforms"reversedtransmission".Inthe1970s,suchasmoneymarketmutualfundstoavoidinterestratecontrolstherapidgrowthoffinancialinstruments,atthesametime,commercialpaper,suchasrapiddevelopmentofcapitalmarket,istheimpactofdepositoryinstitutionsfundingsources.
2.2Theprocessofmarket-orientedinterestratereform
TheUnitedStatesuntilthe1980stheinterestratecontrolismainlyregulationQrestrictionsondepositinterestratecap,partofthestatealsoprovidestheloaninterestrateupperlimit.Market-orientedreformbasicfollowthefollowingorder:
cancelthelargedepositinterestratecap,canceltheloaninterestratecap,canceltheregularsavingsrateupperlimitinstages,tobroadenthescopeofbusiness,etc.Sincetheearly1970s,theU.S.hascancelledthedifferentlinesoflargenegotiablecertificatesofdepositanddepositinterestrateupperlimitcontrol,allowedsomedeadlineofsavingsdepositinterestratesandTreasuryyields.In1980introducedthedeposit-takinginstitutionsderegulationandmonetarycontrolact,intheformoflawtodeterminethedevelopmentdirectionoftheinterestratemarketization,themaincontentsinclude:
asofMarch31,1980,aftersixyearsuntilMarch31,1986,instagestocancel"regulationQ"foralldepositoryinstitutionsheldonaregularbasisandtheinterestrateforthesavingsaccountrestrictions;Canceltheloaninterestrateupperlimit;AllowsavingsinstitutionsacrossthecountrytocarryoutNOWaccountandATMaccountbusiness.Butatthebeginningofthereform,thebankfinancingsourceisstillrestrictedbyregulationQ,disintermediationeffecthasnotfundamentallycontained.Tothisend,inOctober1982,isintroducedthegraces.germanedeposit-takinginstitutionsact,thelegislation,formulaterulesfortheliftQstepsindetail,depositoryinstitutionscanoffermoneymarketdepositaccount(MMDA),commercialBanksmayissueatmarketinterestratesandinterestofsupernegotiablecertificatesofdeposit(SNOW),thesemeasuresgreatlyspeededuptheprocessofmarketizationofinterestrate.InApril1986,asthepassbooksavingsaccountinterestratecaptocancel,theentiredepositratelimitwascancelled.Exceptforafewexceptions,suchashomeloans,autoloansmortgageratesalsounlimited,theinterestratemarketizationdeclaredtoimplementinanall-roundway.
2.3Reformimportantexperienceandcharacteristics
Marketizationofinterestratemechanismistheimportantbasisofestablishingthebenchmarkinterestrate.Thebenchmarkinterestraterepresentsthefinancialmarketmainbodytoobtainwholesalefundingcosts,cantimelyreflectchangesinmoneysupplyanddemand.FederalfundsmechanismisestablishedintheUnitedStates,thefederalfundsrateisthefederalreserveofficialregulationofbenchmarkinterestrates,thefed'sopenmarketcommitteeonaregularbasistoselectatargetinterestratelevel,andthenmainlythroughopenmarketoperationstomakethegoaloftheinterestrateonanarrowrangefluctuations,willaffectallsortsofchangesinmarketinterestrates.Commercialbankagainonthebasisofcomprehensiveconsiderationofvariousfactorsdeterminesthedepositandlendingproductspricing.TheUnitedStatesmarket-orientedinterestratereformisalong-term,gradualprocess.Interestratemarketizationistosetabenchmarkinterestrate,moneymarketyieldcurve,perfect,highinflationrateundertheconditionofeffectivecontrolofpropulsion,itatthebeginningofthemarketizationofinterestrateisreducedirregularfluctuationsininterestratesarelikelytoadverseimpactsontheeconomyandBanks.Inthemoneymarketinterestrateandloaninterestrateisdeterminedbymarketsupplyanddemand,onthebasisofthespecificinterestratemarketizationissequential,long-termdepositinterestratemarketizationaheadofshort-termdepositinterestratemarketization,largedepositinterestratemarketizationofinterestratemarketizationaheadofsmalldeposits.Alongwiththeadvancementofmarketizationofinterestrate,thetransmissionmechanismofmonetarypolicyismoreeffective.CentralBankskeeptheinterestratecontrol,mainlythroughmoneymarketoperationstoimplementmonetarypolicyintention,andformstheeffectiveindirectregulationofthetransmissionmechanism.Interestrateliberalizationandfinancialtoolinnovationandfinancialsysteminnovationsupplementeachother,andtheinnovationembodiesthefinancialinstitutionstomarketinterestratesensitivityoffinancialproductdevelopmentabilityandtheimprovementofbankrisktransferpricingpower.Far-reachingimpactoftheliberalizationofthefinancialsystem,thebank'sriskmanagement,assetliabilitymanagementabilityputforwardhigherchallenge.Ontheonehand,topromotethecommercialbankriskmanagementabilitytoascend,andacceleratebusinesstransformationisreducetheinfluenceofinterestratefluctuations.
Ontheotherhand,greatlypromotedthebankingcompetition,acceleratedthecollapseofalargenumberofsmallandmedium-sizedfinancialinstitutions.Withthemixedmanagementderegulation,itistriggeredawaveofmergerintegration.Inthe80ssavings-and-loancrisisisalsooneofthe70scontrolledinterestrateaffectthethriftsdeposit-takingskillsunderhighinterestrates,whiletheremainingshortandlendinglongtermassetsandliabiliti
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