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Interest rate liberalization

2018-09-29 来源: 51due教员组 类别: Paper范文

下面为大家整理一篇优秀的paper代写范文- Interest rate liberalization,供大家参考学习,这篇论文讨论了利率市场化。利率市场化,指的是金融机构在货币市场经营融资的利率水平由市场供求来决定,它包括利率决定、利率传导、利率结构和利率管理的市场化。利率市场化实际上就是将利率的决策权交给金融机构,由金融机构自己根据资金状况和对金融市场动向的判断来自主调节利率水平,最终形成以中央银行基准利率为基础,以货币市场利率为中介,由市场供求决定金融结构存贷款利率的市场利率体系和利率形成机制。

Interest rate liberalization,利率市场化,essay代写,paper代写,作业代写

Interest rate liberalization is a double-edged sword. To seek advantages and avoid disadvantages, prevent risks, control its trend well and make it serve our economy to the maximum extent, we must have a comprehensive and clear understanding of it. This paper analyzes various aspects of interest rate liberalization from multiple perspectives, including the connotation, influence, risk and related countermeasures of interest rate liberalization.

Interest rate liberalization refers to that the interest rate level of financial institutions' operation and financing in the money market is determined by market supply and demand. It includes interest rate determination, interest rate transmission, interest rate structure and interest rate management. In fact is the interest rate decisions to the financial institutions, by financial institutions themselves according to the financial conditions and financial market trends judgment to independently regulate the level of interest rates, finally formed on the basis of the central bank benchmark interest rate, money market rates for mediation, lending and deposit rates determined by market supply and demand of financial structure of the market interest rate system and the interest rate formation mechanism.

State-owned enterprises are the lifeblood of China's national economy, which affects the stability and prosperity of a country's macro economy. In the process of China's interest rate liberalization, it is inevitable that there will be conflicts with the current management mode of state-owned enterprises. To some extent, this requires state-owned enterprises to change their operation and management mode, establish a modern enterprise system suitable for their development, and adapt to the reform requirements of interest rate liberalization. However, at present, state-owned enterprises are inelastic or even numb to interest rate changes, which brings some resistance to interest rate liberalization. Through a review of various reasons, this is related to some imperfect enterprise systems that have existed for a long time in China. For a long time, on the concept of some state-owned enterprise operator, there is an indisputable thought state-owned enterprises owned by the state, the state is, in fact, the government, and on behalf of the state or government to exercise authority over them, to the enterprise will face the market and government two aspects of evaluation, and the evaluation of state-owned enterprises is more important to the operator, the operator in order to make the enterprise run and realize scale expansion and to improve performance, the purpose of the position promotion, generally there is a light budget constraints and heavy investment tendency, which coincided with the state-owned enterprises in the right to obtain loans and debt servicing on the responsibility of asymmetry. Therefore, to further promote marketization, it is necessary to change the backward operation mode of state-owned enterprises to accept market tests and market interest rate capital instead of relying on the state to support the monopoly profits that are lower than market interest rate. Only by putting state-owned enterprises on the same level of interest rate with many private enterprises in China can we fully tap the potential of state-owned enterprises and truly play the role of state-owned enterprises as the lifeblood of the country.

With the development of interest rate liberalization, it may lead to bad competition caused by commercial Banks' pursuit of depositors and deposits. It will lead to a sharp increase in deposit rates, which will reduce Banks' profits, while some smaller commercial Banks will face bankruptcy because they cannot bear the pressure of competition. The United States and France all have such situation in the market process. However, some urban commercial Banks and regional commercial Banks in China are in the initial stage, which is difficult to bear such pressure as the big four commercial Banks. It is bound to lead to the concentration of capital in several large state-controlled commercial Banks, leading to the instability of the market. At present, China has stabilized the money market to a certain extent by limiting the upper limit of deposit interest rate and the lower limit of loan interest rate to limit the maximum and minimum prices of borrowed and lent funds. However, incomplete competition will also make the market lack of necessary elimination mechanisms.

With the development of financial market, domestic commercial Banks to deal with the challenge of foreign Banks, and marketization of interest rate makes the domestic commercial Banks lose protection mechanism, the abundant funds and good operating efficiency, high management level of commercial Banks, is bound to get a bigger development, so as to win in the competition, but those funds is weak, poor operation and management of commercial Banks, will face the risk of failure.

As the spread between deposit and loan decreases, commercial Banks will strengthen the development of intermediate business and off-balance sheet business in order to increase profits. At present, the proportion of intermediate business and off-balance sheet business in the total revenue of China's commercial Banks is significantly less than that of some western developed countries. On the other hand, due to the lack of innovation in intermediate business and off-balance sheet business, the number of business varieties is small. After interest rate liberalization, commercial Banks should strengthen the innovation and publicity of intermediate business and off-balance sheet business.

Interest rate risk refers to the possibility that interest rate fluctuations in the financial market affect the income, net cash flow and market value of commercial Banks through interest rate sensitive business such as deposit, loan, capital transaction and investment. Due to the close to deposit and lending rates, will demand a better investment channels, safer investment method and the investment environment, the risk management of commercial Banks put forward new requirements, which requires commercial Banks to strengthen the credit investigation and credit of loan enterprise after tracking, strengthen the understanding of enterprise management state commercial Banks. Commercial Banks should also consider credit risk, interest rate risk, policy risk, inflation risk and exchange rate risk in loans.

China is in the stage of rapid economic development, and the problem of capital shortage is increasingly prominent. Although the degree of capital shortage is not as serious as that of other developing countries, the problem is still hard to solve in the short term. In this case, interest rate liberalization will generally lead to the increase of interest rate. Main performance is: raise fund cost, make investment scale is restricted. The enterprise's financing cost increases, will reduce the enterprise investment enthusiasm; the increased cost of government bond issuance will add to the government's financial burden, leading to a reduction in government infrastructure investment.

Excessive foreign exchange inflows and credit flows into high-risk industries bring macroeconomic instability. In the case of interest rate liberalization, the ultra-high interest rate will attract excessive foreign exchange inflow, and in the case of serious cases, may cause inflation. On the other hand, after interest rate liberalization, the regulation on the investment of credit funds will be greatly relaxed. A large amount of bank credit funds will be invested in high-risk industries such as stock market and real estate with high returns and high returns, causing asset price inflation and "bubble economy" in these sectors. Countries such as Japan, the United Kingdom and South Korea have all experienced this kind of crisis in the process of interest rate liberalization. The risks it contains should be taken seriously by us, or it will cause the instability of China's macro economy.

In the stage of autonomous pricing of bank loans, under the condition of the same return, the first choice of Banks is to invest in low-risk enterprises, which is also the main reason why Chinese Banks are generally "reluctant to lend" in recent years. Once interest rate is liberalized, Banks' capital pricing for high-risk industries is bound to be highly profitable. Driven by the interests of high returns, Banks will take risks to obtain high returns, and enterprises will apply for high-interest loans at all costs. Once the bad benefit is bound to cause the inability to repay the loans, the non-performing assets of Banks will increase accordingly.

After interest rate marketization, the bank has the right to loan with no credit, not only has the right of loan pricing, especially in the financial system reform in our country is still not fully in place, under the condition of the state-owned bank, investment subject single, bank monopoly will exist for a period of time, the bank's risk control and interest rate pricing inexperience, appointment of bank management system is not perfect, "human interest" and "relationship" rates will appear, artificial lower loan interest rates may appear in financial institutions.

Interest rate liberalization may lead to fierce competition among Banks, which will lead to instability of the banking system. At present, China's financial system is relatively unitary, with the four state-owned commercial Banks occupying a monopoly position. After interest rate liberalization, it is likely that those who have low loan interest rate will lose money. This will easily lead to excessive competition among Banks and the situation that small and medium-sized financial institutions are out of business. Such a situation is not conducive to the improvement and construction of China's financial market and the stability and development of China's banking system.

We will further expand the depth and breadth of the money market, give full play to the functions of the money market, and establish a unified, efficient and open money market in China that is dominated by the over-the-counter market and supplemented by the internal market, so as to improve the liquidity management level of financial institutions and their ability to raise funds in a market-oriented manner.

We will further improve the internal pricing mechanism, cost restraint mechanism and risk prevention mechanism for financial institutions. Guide and urge commercial Banks to increase investment, attach importance to and make full use of new electronic information equipment, collect and analyze various data information, and establish scientific advanced management systems such as cost pricing, internal authorization and interest rate risk warning.

Improve the transparency of market interest rate and effectively reduce interest rate risk. Establish a fair and transparent information disclosure system to ensure the authenticity of information disclosure of financial institutions; we should strengthen regulation and supervision of interest rates, regulate interest rate behavior of financial institutions, improve the transparency of market interest rates, and correctly guide financial institutions and other members of the public to make rational judgments on market interest rates. We will issue guidelines on interest rate risk, strengthen the awareness of interest rate risk among financial institutions, and raise the level of interest rate risk management.

To liberalize interest rate control, Banks must have self-restraint ability, and relevant departments should be able to adapt to the new pricing mechanism of commercial Banks and conduct prudent supervision. Otherwise, the risk of interest rate liberalization reform will increase. While steadily promoting the reform of interest rate liberalization, we should strengthen the regulation of interest rates for financial institutions as legal persons. Each financial institution is responsible for the unified management of the interest rate of the system and the formulation of relevant rules and regulations, daily interest rate management and adjustment, etc. The people's bank of China should use monetary policy tools to actively regulate and control, strengthen the guidance to the industry self-regulatory organization, and establish the industry self-regulatory and restraint mechanism for the deposit and loan interest rates that have been liberalized.

We will change the ownership structure of commercial Banks, carry out shareholding reform for the four wholly state-owned commercial Banks, and at the same time accelerate the establishment of private financial institutions, raise the level of market competition, and adapt to the trend of economic diversification.

Because of the long-term interest rate control in China, the free development of financial market and the use efficiency of funds are seriously constrained. At present, interest rate liberalization has become an irreversible trend. However, how to improve the degree of interest rate marketization, prevent risks, seek advantages and avoid disadvantages requires policy makers to consider from various aspects, comprehensively grasp the interest rate marketization and make decisions prudently, so as to make interest rate marketization serve China's economic development.

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