利率市场化改革及对银行业影响外文文献翻译最新译文

文献出处：Markus A. The research of interest rate marketization reform in USA [J]. Atlantic Economic Journal, 2015, 8 (5): 129-139. 原文

The research of interest rate marketization reform in USA

Markus A

Abstract

This article through to the United States in the 1980 s background and analysis of the process of market-oriented interest rate reform, focuses on its assets and liabilities business of bank, the intermediary business transformation and the influence of industry concentration. In this paper, research shows that interest rate marketization leads to narrowing trend spreads, but as a result of loan assets proportion of ascension, reform is done early to bank net interest margin impact is smaller. But with the improvement of the market-oriented interest rate reform and the deepening of financial disintermediation, net interest margins are still showed a trend of decline. In addition, the marketization of interest rate of bank has obvious promoting effect to the intermediary business transformation, and strengthened the industry competition, and improves the industry concentration.

Keywords: Banking; Interest rate marketization; Financial disintermediation 1 Introduction

Market-oriented interest rate reform, namely the official control relaxed lending and deposit rates, remove the protection of bank spreads, make money prices determined by market supply and demand fully. Despite the lending and deposit rates will rise obviously, but the bank spreads is still likely to narrow. On the one hand, the loan interest rate cap already let go, the marketization degree is higher. By bank loan quality customer competition, the economy is still in a downward adjustment stage and local debt restructuring and other factors, the loan interest rate raise co., LTD. On the other hand, in the economic structure adjustment and change of the pattern of economic growth, against the background of overall tight liquidity will show the overall trend of the future society, commercial bank deposit growth will also be a slowing trend. Since 2012 foreign exchange of the change of the situation and

利率市场化改革及对银行业影响外文文献翻译最新译文

tensions of monetary market and in 2013 fully illustrates this point. For a long time, commercial Banks mainly deposits as a source of funds, and bank business transformation needs certain process, future liabilities business competition between Banks will increase further, deposit rates will rise more obvious, the marketization of interest rates on deposits level will gradually rise and close to financial returns. Many countries have successively realized the marketization of interest rate in the past few decades, has a more far-reaching influence on the financial system. 2 Background and experience of U.S. interest rate marketization reform 2.1 The background of market-oriented interest rate reform

The market-oriented interest rate reform started in the mid 1970 s, is a sign of official start in 1980 the deposit-taking institutions deregulation and monetary control act promulgated. Ease rate control is to adapt to the economic development situation and the inevitable choice of the evolution of financial markets and policies and the improvement of the legislation passed to promote step by step. The process of marketization of interest rate, is actually a constantly of Q regulations issued by the relaxation after a major crisis in the 1930 s, the financial system step by step to realize the process of liberalization. The main purpose of regulation Q is by limiting the bank deposit interest rate cap to control the cost of operation, guarantee bank profits, to avoid collapse. But since the 1960 s, the United States the rate of inflation rising, the two oil crises in the 70 s led to economic slowdown, rising inflation, interest rates control makes the commercial bank cannot cope with high inflation rates of macro economic environment. Us inflation as high as 12.3% by the end of 1974, surged to a record 14.8% in March, 1980, at the same time, market interest rates rise sharply, the three-month Treasury interest rates in the early 1980 s up to 15%.But the high limit is far lower than the market interest rates, bank deposit rates led to bank financing source of tension, the interest rate control has been developed from the early to protect bank profits, a normal business for Banks. Vigorous development of financial innovation to the marketization of interest rate also forms \"reversed transmission\". In the 1970 s, such as money market mutual funds to avoid interest rate controls the rapid growth of financial instruments, at the same time, commercial paper, such as

利率市场化改革及对银行业影响外文文献翻译最新译文

rapid development of capital market, is the impact of depository institutions funding sources.

2.2 The process of market-oriented interest rate reform

The United States until the 1980 s the interest rate control is mainly regulation Q restrictions on deposit interest rate cap, part of the state also provides the loan interest rate upper limit. Market-oriented reform basic follow the following order: cancel the large deposit interest rate cap, cancel the loan interest rate cap, cancel the regular savings rate upper limit in stages, to broaden the scope of business, etc. Since the early 1970 s, the U.S. has cancelled the different lines of large negotiable certificates of deposit and deposit interest rate upper limit control, allowed some deadline of savings deposit interest rates and Treasury yields. In 1980 introduced the deposit-taking institutions deregulation and monetary control act, in the form of law to determine the development direction of the interest rate marketization, the main contents include: as of March 31, 1980, after six years until March 31, 1986, in stages to cancel \"regulation Q\" for all depository institutions held on a regular basis and the interest rate for the savings account restrictions; Cancel the loan interest rate upper limit; Allow savings institutions across the country to carry out NOW account and ATM account business. But at the beginning of the reform, the bank financing source is still restricted by regulation Q, disintermediation effect has not fundamentally contained. To this end, in October 1982, is introduced the graces. germane deposit-taking institutions act, the legislation, formulate rules for the lift Q steps in detail, depository institutions can offer money market deposit account (MMDA), commercial Banks may issue at market interest rates and interest of super negotiable certificates of deposit (SNOW), these measures greatly speeded up the process of marketization of interest rate. In April 1986, as the passbook savings account interest rate cap to cancel, the entire deposit rate limit was cancelled. Except for a few exceptions, such as home loans, auto loans mortgage rates also unlimited, the interest rate marketization declared to implement in an all-round way. 2.3 Reform important experience and characteristics Marketization of interest rate mechanism is the important basis of establishing

利率市场化改革及对银行业影响外文文献翻译最新译文

the benchmark interest rate. The benchmark interest rate represents the financial market main body to obtain wholesale funding costs, can timely reflect changes in money supply and demand. Federal funds mechanism is established in the United States, the federal funds rate is the federal reserve official regulation of benchmark interest rates, the fed's open market committee on a regular basis to select a target interest rate level, and then mainly through open market operations to make the goal of the interest rate on a narrow range fluctuations, will affect all sorts of changes in market interest rates. Commercial bank again on the basis of comprehensive consideration of various factors determines the deposit and lending products pricing. The United States market-oriented interest rate reform is a long-term, gradual process. Interest rate marketization is to set a benchmark interest rate, money market yield curve, perfect, high inflation rate under the condition of effective control of propulsion, it at the beginning of the marketization of interest rate is reduced irregular fluctuations in interest rates are likely to adverse impacts on the economy and Banks. In the money market interest rate and loan interest rate is determined by market supply and demand, on the basis of the specific interest rate marketization is sequential, long-term deposit interest rate marketization ahead of short-term deposit interest rate marketization, large deposit interest rate marketization of interest rate marketization ahead of small deposits. Along with the advancement of marketization of interest rate, the transmission mechanism of monetary policy is more effective. Central Banks keep the interest rate control, mainly through money market operations to implement monetary policy intention, and forms the effective indirect regulation of the transmission mechanism. Interest rate liberalization and financial tool innovation and financial system innovation supplement each other, and the innovation embodies the financial institutions to market interest rate sensitivity of financial product development ability and the improvement of bank risk transfer pricing power. Far-reaching impact of the liberalization of the financial system, the bank's risk management, asset liability management ability put forward higher challenge. On the one hand, to promote the commercial bank risk management ability to ascend, and accelerate business transformation is reduce the influence of interest rate fluctuations. 利率市场化改革及对银行业影响外文文献翻译最新译文

On the other hand, greatly promoted the banking competition, accelerated the collapse of a large number of small and medium-sized financial institutions. With the mixed management deregulation, it is triggered a wave of merger integration. In the 80 s savings-and-loan crisis is also one of the 70 s controlled interest rate affect the thrifts deposit-taking skills under high interest rates, while the remaining short and lending long term assets and liabilities of the mismatch, long-term under asylum policies affect their operation and management and risk control level of ascension, eventually led to the collapse of a large amount of savings and loan institutions. 3 The impact analysis of Market-based reforms of interest rates on banking

3.1 Liberalization of interest rate regulation enhances the flexibility of the bank deposit interest rate changes

From the Federal deposit insurance company (Federal insurance corporation, the FDIC) average international financial deposit rates, Banks in the whole environment of higher interest rates in the 70 s, conditioned by the highest real interest on deposits and restrictions, the size of the deposit interest rate changes is far less than the change of market interest rate, loan interest rates due to less regulation, more timely with the changes in market interest rates, after entering the 80 s, especially in the early 80 s after the peak of inflation and interest rates, with the advancement of marketization of interest rate, bank deposit rates relative to the market interest rate changes markedly improved elasticity.

3.2 Marketization of interest rate to a certain extent, improve the bank's cost of capital

Although deposit the liberalization of interest rate control makes the bank deposit market competitiveness, but in the 1980 s financial market gradually perfect investment channels, the backdrop of the financial tool innovation gradually maturing, Banks still face competition in the capital, Banks' funding costs can also be difficult to fully follow the benchmark interest rate. In the 80 s ~ 90 s rate cut cycle, the bank deposit interest rates fell by less than the size of the federal funds rate down. At the same time, in the early 80 s the U.S. economic growth slowed to a small cycle trough, the weak demand for credit affect the pricing level of bank loans, the interest rate marketization accelerating from 1982 to 1983, average interest rate on bank loans fell 利率市场化改革及对银行业影响外文文献翻译最新译文

more than deposit rates decline, the deposit insurance bank spreads narrowed from 6.35% in 1981 to 5.34% in 1983.Finally, after the completion of marketization of interest rate bank assets and liabilities management level and to further improve pricing power, spreads start to rise. After completion of the interest rate reform, spreads control period of overall level is higher than before, and fluctuates significantly decreased, basically keep the volatility of 50 basis points.

3.3 The bank assets and liabilities structure changes after interest rate marketization

Interest rate marketization to finish early is beneficial to the stability of bank deposits. In the last century throughout the 80 s, namely, propulsion, and complete the early stages of the interest rate liberalization, bank deposits, accounts for the proportion of debt remain relatively stable, reversing the declining trend in the 70 s, suggests that opening rate control for bank deposits have played a role in promoting. In the 90 s, the further development, the mixed management in financial markets deregulation under the environment of deposit accounts for the proportion of debt to a significantly lower again. In addition, after the market-oriented interest rate reform in the banking system to keep high efficient use of assets, loan assets proportion rising steadily, increasing loan-to-deposit ratio. 译文

美国利率市场化改革研究

Markus A

摘要

本文通过对20世纪80年代美国利率市场化改革背景和过程的分析，重点考察了其对银行资产负债业务、向中间业务转型以及行业集中度的影响。本文研究表明，利率市场化导致存贷利差呈缩窄趋势，但由于贷款占资产比重的提升，改革完成初期对银行净息差冲击较小。但随着利率市场化改革的完善和金融脱媒的深化，净息差仍呈现下降趋势。此外，利率市场化对银行向中间业务转型有明显的促进作用，加强了行业竞争，并提升了行业集中度。 关键词：银行业；利率市场化；金融脱媒 1 引言

利率市场化改革及对银行业影响外文文献翻译最新译文

利率市场化改革，即官方放松存贷款利率管制，解除对银行存贷利差的保护，使资金价格由市场供求关系充分决定。尽管存贷款利率都将明显上升，但银行存贷利差仍可能缩小。一方面，贷款利率上限早已放开，市场化程度较高。受银行贷款优质客户竞争加剧、经济仍处于下行调整阶段及地方债务重组等因素影响，贷款利率上升幅度有限。另一方面，在经济结构调整、增长方式转变的大背景下，未来社会总体流动性将呈总体偏紧态势，商业银行存款增速也将出现趋势性放缓。2012 年以来外汇占款形势的变化及 2013 年货币市场的紧张局面，充分说明了这一点。长期以来，商业银行主要以存款作为资金来源，而银行业务转型需要一定的过程，未来银行间负债业务竞争压力将进一步加大，存款利率将上升得更为明显，市场化的存款利率水平将逐步上升并接近理财收益率。许多国家在过去几十年内先后实现了利率市场化，对金融体系产生了较为深远的影响。 2 美国利率市场化改革的背景与经验 2.1利率市场化改革的背景

美国的利率市场化改革发端于 20 世纪 70年代中期， 正式启动的标志是 1980 年 《吸收存款机构放松管制和货币控制法》的颁布。 放松利率管制是适应经济发展形势和金融市场演进的必然选择， 并通过各项政策和法案的完善来逐步推动。 利率市场化的过程， 实际上是一个不断放松 20 世纪 30 年代大危机后颁布的 Q 条例的管制， 金融体系逐步实现自由化的过程。Q 条例的主要目的在于通过限制银行的存款利率上限来控制银行经营成本， 保障银行利润， 避免倒闭。 但从 20 世纪 60 年代起美国通货膨胀率开始不断走高， 70 年代两次石油危机导致经济增速放缓、 通胀加剧， 利率管制使商业银行无法应对高通胀高利率的宏观经济环境。1974 年底美国通胀率高达 12.3%， 1980 年 3 月飙升至 14.8%的新高， 与此同时， 市场利率快速上升， 美国 3 个月期国库券利率在 20 世纪80 年代初最高达 15%左右。 但银行存款利率最高限制远低于市场利率， 导致了银行资金来源的紧张， 利率管制已由早期的对银行利润的保护， 变为对银行正常经营的制约。蓬勃发展的金融创新对利率市场化也形成“倒逼 ”。 20 世纪 70 年代 ， 货币市场共同基金等规避利率管制的金融工具快速增长， 与此同时， 商业票据、 资本市场等快速发展， 都对存款机构的资金来源形成冲击。

利率市场化改革及对银行业影响外文文献翻译最新译文

2.2利率市场化改革的进程

美国 20 世纪 80 年代之前的利率管制主要是 Q 条例对存款利率上限的管制， 部分州政府还规定了贷款利率上限。 市场化改革基本遵循以下顺序： 取消大额存款利率上限、 取消贷款利率上限、 分阶段取消一般存款利率上限、 放宽业务范围等。

从 20 世纪 70 年代早期开始， 美国先后取消了不同额度的大额可转让存单和定期存款利率的上限管制， 允许部分期限的储蓄存单利率与国库券利率挂钩。 1980 年出台了 《吸收存款机构放松管制和货币控制法》， 以法规形式确定了利率市场化的发展方向， 主要内容包括： 从1980 年 3 月 31 日起， 经 6 年到 1986 年 3 月 31日为止， 分阶段取消 “Q 条例” 对一切存款机构持有的定期和储蓄存款的利率限制； 取消贷款利率上限； 允许储蓄机构在全国范围内开展NOW 账户和自动提款账户业务。但在改革初期， 银行资金来源仍然受 Q 条例的限制， 脱媒效应并未从根本上得到遏制。为此， 1982 年 10 月， 出台了 《加恩-圣杰曼吸收存款机构法》， 该法案详细制定了解除 Q 条例的步骤， 存款机构可提供货币市场存款账户（MMDA）， 商业银行可发行按市场利率水平付息的超级可转让存单 （SNOW）， 这些措施大大加速了利率市场化进程。 1986 年 4 月， 随着存折储蓄账户利率上限的取消， 所有的存款利率限制均被取消。 除住宅贷款、 汽车贷款等极少数例外情况， 贷款利率也无限制， 美国利率市场化宣告全面实现。 2.3改革的重要经验和特点

市场化利率机制的重要基础是确立基准利率。 基准利率代表了金融市场主体取得批发性资金的成本， 能够及时体现资金供求变动。美国建立了联邦基金机制， 联邦基金利率是美联储官方调控的基准利率， 美联储公开市场委员会定期选择一个目标利率水平， 然后主要通过公开市场操作来使该利率在一个狭窄的目标区间内波动， 进而影响各种市场利率的变化。商业银行在此基础上再综合考虑各种因素确定存贷款产品的定价。

美国利率市场化改革是一个长期的 、 渐进的过程。 利率市场化是在确立基准利率、 货币市场收益率曲线完善、 高通胀率得到有效控制的情况下推进的， 这就减少了在利率市场化初期利率可能的（完整译文请到）非常规波动

利率市场化改革及对银行业影响外文文献翻译最新译文

对经济和银行的不利影响。 在拥有了货币市场利率和贷款利率由市场供求决定的特定基础上， 利率市场化进行顺序是， 长期存款的利率市场化先于短期存款的利率市场化， 大额存款的利率市场化先于小额存款的利率市场化。

伴随着利率市场化的推进 ， 货币政策的传导机制更加有效。 中央银行保持对利率的控制力， 主要通过货币市场公开操作来实现货币政策意图， 并形成有效的间接调控的传导机制。

利率市场化与金融工具创新和金融制度创新相辅相成， 而这些创新体现了金融机构对市场利率敏感性的金融产品开发能力及银行风险转移定价能力的提高。

金融体系自由化影响深远 ，对银行风险管理、 资产负债管理能力提出了更高的挑战。一方面， 推动商业银行风险管理能力提升， 以及通过加速业务转型来减少利率波动的影响。另一方面， 大大促进了银行业的竞争， 加速了一大批中小型金融机构的倒闭。 伴随着混业经营管制的放松， 引发了并购整合的浪潮。 3利率市场化改革对美国银行业的影响分析 3.1利率管制的放开增强了银行存款利率变动的弹性

从美国联邦存款保 险 公司（Federal insurance corporation, FDIC） 银行平均国际金融存款利率来看， 在上世纪整个 70 年代利率上升的大环境中，囿于存款最高利率限制， 存款利率变动的幅度远小于市场利率的变化，贷款利率由于管制较少，能够更加及时地随市场利率变动，进入 80 年代后，尤其是在 80 年代初通胀率和利率高峰之后，随着利率市场化的不断推进，银行存款利率相对于市场利率变化的弹性明显增强。

3.2利率市场化在一定程度上提高了银行的资金成本

虽然存款利率管制的放开使得银行存款的市场竞争力增强， 但在20 世纪 80 年代金融市场投资渠道逐步完善 、金融工具创新日臻成熟的大背景下， 银行仍面临激烈的资金竞争， 银行资金成本也难以完全跟随基准利率而变动。 在 80~90 年代的降息周期中， 银行存款利率下降的幅度仍小于联邦基金利率下降的幅度。 与此同时， 80 年代初美国经济增速放缓至一个小周期的低谷， 信贷需求的疲软影响了银行贷款的定价水平， 在利率市场化加速推进的 1982~1983 年， 银行贷款平均利率降幅大于存款利率降幅， 存款保险银行存贷利差从1981

利率市场化改革及对银行业影响外文文献翻译最新译文

年的 6.35%收窄至 1983 年的 5.34%。最后， 利率市场化完成之后， 银行资产负债管理水平和定价能力进一步提升， 存贷利差开始上升。 在利率改革完成后， 存贷利差总体水平高于之前的管制时期， 且波动明显减小，基本上保持 50 个基点的波动幅度。

3.3美国利率市场化后银行资产负债结构的变化

利率市场化完成初期， 有利于银行存款比例的稳定。 在上个世纪整个 80 年代， 即利率市场化推进以及完成的初期， 银行存款占负债的比重保持相对稳定， 扭转了 70 年代持续下滑的态势，表明放开利率管制对于银行吸收存款起到了一定的促进作用。90 年代，在金融市场进一步发展、混业经营管制放松的环境下存款占负债的比重才再次出现明显的降低。此外,在利率市场化改革后 银行体系保持较高的资产使用效率，贷款占资产比重平稳上升，贷存比不断提高。