利率市場(chǎng)化改革及對(duì)銀行業(yè)影響外文文獻(xiàn)翻譯最新譯文

1、文獻(xiàn)出處： 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 USAMarkus AAbstractThis article through to the United States in the 1980 s background and analysis of the process of ma

2、rket-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 interestrate marketization leads to narrowing trend spreads, but as a result of loan as

3、sets 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 marketiz

4、ation 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 disintermediation1 IntroductionMarket-oriented interes

5、t 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 h

6、and, 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

7、 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 tension

8、s 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 obvi

9、ous, 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 o

10、f U.S. interest rate marketization reform2.1 The background of market-oriented interest rate reformThe 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 cont

11、rol 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

12、 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, guaranteebank profits, to avoid collapse. But since the

13、 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,

14、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 interes

15、t 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 r

16、ate controls the rapid growth of financial instruments, at the same time, commercial paper, such as rapid development of capital market, is the impact of depository institutions funding sources.2.2 The process of market-oriented interest rate reformThe United States until the 1980 s the interest rat

17、e 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 s

18、avings 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

19、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 &

20、quot;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

21、 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, d

22、epository 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 measuresgreatly speeded up the process of marketization of interest rate. In April 1986, as the passbook sa

23、vings 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 characteris

24、ticsMarketization of interest rate mechanism is the important basis of establishing 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

25、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 inter

26、est 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 lo

27、ng-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 int

28、erest 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

29、-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

30、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

31、 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 abi

32、lity put forward higher challenge. On the one hand, to promote the commercial bank risk managementability to ascend, and accelerate business transformation is reduce the influence of interest rate fluctuations.On the other hand, greatly promoted the banking competition, accelerated the collapse of a

33、 large number of small and medium-sized financial institutions. With the mixed managementderegulation, 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

34、, 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

35、 of Market-based reforms of interest rates on banking3.1 Liberalization of interest rate regulation enhances the flexibility of the bank deposit interest rate changesFrom the Federal deposit insurance company (Federal insurance corporation, the FDIC) average international financial deposit rates, Ba

36、nks 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 th

37、e 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 Marketiza

38、tion of interest rate to a certain extent, improve the bank's cost of capitalAlthough 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 in

39、novation 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 sam

40、e 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 more than deposit rates decline, the deposit

41、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

42、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 marketizationInterest rate marketization to finish early is beneficial to the stability of

43、 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 f

44、or 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 ref

45、orm in the banking system to keep high efficient use of assets, loan assets proportion rising steadily, increasing loan-to-deposit ratio.譯文美國(guó)利率市場(chǎng)化改革研究 Markus A摘要本文通過(guò)對(duì) 20世紀(jì) 80 年代美國(guó)利率市場(chǎng)化改革背景和過(guò)程的分析， 重點(diǎn)考 察了其對(duì)銀行資產(chǎn)負(fù)債業(yè)務(wù)、 向中間業(yè)務(wù)轉(zhuǎn)型以及行業(yè)集中度的影響。 本文研究 表明，利率市場(chǎng)化導(dǎo)致存貸利差呈縮窄趨勢(shì)， 但由于貸款占資產(chǎn)比重的提升， 改 革完成初期對(duì)銀行凈息差沖擊較小。 但隨著利率市場(chǎng)

46、化改革的完善和金融脫媒的 深化，凈息差仍呈現(xiàn)下降趨勢(shì)。 此外， 利率市場(chǎng)化對(duì)銀行向中間業(yè)務(wù)轉(zhuǎn)型有明顯 的促進(jìn)作用，加強(qiáng)了行業(yè)競(jìng)爭(zhēng)，并提升了行業(yè)集中度。 關(guān)鍵詞：銀行業(yè)；利率市場(chǎng)化；金融脫媒1 引言利率市場(chǎng)化改革， 即官方放松存貸款利率管制， 解除對(duì)銀行存貸利差的保護(hù)， 使資金價(jià)格由市場(chǎng)供求關(guān)系充分決定。 盡管存貸款利率都將明顯上升， 但銀行存 貸利差仍可能縮小。一方面，貸款利率上限早已放開，市場(chǎng)化程度較高。受銀行 貸款優(yōu)質(zhì)客戶競(jìng)爭(zhēng)加劇、經(jīng)濟(jì)仍處于下行調(diào)整階段及地方債務(wù)重組等因素影響， 貸款利率上升幅度有限。 另一方面，在經(jīng)濟(jì)結(jié)構(gòu)調(diào)整、 增長(zhǎng)方式轉(zhuǎn)變的大背景下， 未來(lái)社會(huì)總體流動(dòng)性將呈總體偏緊態(tài)

47、勢(shì)，商業(yè)銀行存款增速也將出現(xiàn)趨勢(shì)性放 緩。 2012 年以來(lái)外匯占款形勢(shì)的變化及 2013 年貨幣市場(chǎng)的緊張局面，充分說(shuō) 明了這一點(diǎn)。長(zhǎng)期以來(lái)， 商業(yè)銀行主要以存款作為資金來(lái)源， 而銀行業(yè)務(wù)轉(zhuǎn)型需 要一定的過(guò)程， 未來(lái)銀行間負(fù)債業(yè)務(wù)競(jìng)爭(zhēng)壓力將進(jìn)一步加大， 存款利率將上升得 更為明顯， 市場(chǎng)化的存款利率水平將逐步上升并接近理財(cái)收益率。 許多國(guó)家在過(guò) 去幾十年內(nèi)先后實(shí)現(xiàn)了利率市場(chǎng)化，對(duì)金融體系產(chǎn)生了較為深遠(yuǎn)的影響。2 美國(guó)利率市場(chǎng)化改革的背景與經(jīng)驗(yàn)2.1 利率市場(chǎng)化改革的背景美國(guó)的利率市場(chǎng)化改革發(fā)端于 20 世紀(jì) 70 年代中期， 正式啟動(dòng)的標(biāo)志是 1980 年 吸收存款機(jī)構(gòu)放松管制和貨幣控制法的

48、頒布。 放松利率管制是適 應(yīng)經(jīng)濟(jì)發(fā)展形勢(shì)和金融市場(chǎng)演進(jìn)的必然選擇， 并通過(guò)各項(xiàng)政策和法案的完善來(lái) 逐步推動(dòng)。 利率市場(chǎng)化的過(guò)程， 實(shí)際上是一個(gè)不斷放松 20 世紀(jì) 30 年代大危 機(jī)后頒布的 Q 條例的管制， 金融體系逐步實(shí)現(xiàn)自由化的過(guò)程。 Q 條例的主要 目的在于通過(guò)限制銀行的存款利率上限來(lái)控制銀行經(jīng)營(yíng)成本， 保障銀行利潤(rùn)， 避免倒閉。 但從 20 世紀(jì) 60 年代起美國(guó)通貨膨脹率開始不斷走高， 70 年代 兩次石油危機(jī)導(dǎo)致經(jīng)濟(jì)增速放緩、 通脹加劇， 利率管制使商業(yè)銀行無(wú)法應(yīng)對(duì)高 通脹高利率的宏觀經(jīng)濟(jì)環(huán)境。 1974 年底美國(guó)通脹率高達(dá) 12.3%， 1980 年 3 月 飆升至 14.8%

49、的新高， 與此同時(shí)， 市場(chǎng)利率快速上升， 美國(guó) 3 個(gè)月期國(guó)庫(kù)券 利率在 20 世紀(jì) 80 年代初最高達(dá) 15%左右。 但銀行存款利率最高限制遠(yuǎn)低于 市場(chǎng)利率， 導(dǎo)致了銀行資金來(lái)源的緊張， 利率管制已由早期的對(duì)銀行利潤(rùn)的保 護(hù)， 變?yōu)閷?duì)銀行正常經(jīng)營(yíng)的制約。 蓬勃發(fā)展的金融創(chuàng)新對(duì)利率市場(chǎng)化也形成 “倒 逼 ”。 20 世紀(jì) 70 年代 ， 貨幣市場(chǎng)共同基金等規(guī)避利率管制的金融工具快速 增長(zhǎng)， 與此同時(shí)， 商業(yè)票據(jù)、 資本市場(chǎng)等快速發(fā)展， 都對(duì)存款機(jī)構(gòu)的資金來(lái) 源形成沖擊。2.2 利率市場(chǎng)化改革的進(jìn)程美國(guó) 20 世紀(jì) 80 年代之前的利率管制主要是 Q 條例對(duì)存款利率上限的 管制， 部分州政府還規(guī)

50、定了貸款利率上限。 市場(chǎng)化改革基本遵循以下順序： 取 消大額存款利率上限、 取消貸款利率上限、 分階段取消一般存款利率上限、 放 寬業(yè)務(wù)范圍等。從 20 世紀(jì) 70 年代早期開始， 美國(guó)先后取消了不同額度的大額可轉(zhuǎn)讓存 單和定期存款利率的上限管制， 允許部分期限的儲(chǔ)蓄存單利率與國(guó)庫(kù)券利率掛 鉤。 1980 年出臺(tái)了 吸收存款機(jī)構(gòu)放松管制和貨幣控制法 ， 以法規(guī)形式確 定了利率市場(chǎng)化的發(fā)展方向， 主要內(nèi)容包括： 從 1980 年 3 月 31 日起， 經(jīng) 6 年到 1986 年 3 月 31 日為止， 分階段取消 “ Q 條例” 對(duì)一切存款機(jī)構(gòu)持 有的定期和儲(chǔ)蓄存款的利率限制； 取消貸款利率上限； 允許儲(chǔ)蓄機(jī)構(gòu)在全國(guó)范 圍內(nèi)開展 NOW 賬戶和自動(dòng)提款賬戶業(yè)務(wù)。但在改革初期， 銀行資金來(lái)源仍然 受 Q 條例的限制， 脫媒效應(yīng)并未從根本上得到遏制。為此， 1982 年 10 月， 出臺(tái)了 加恩 -圣杰曼吸收存款機(jī)構(gòu)法 ， 該法案詳細(xì)制定了解除 Q 條例的步 驟， 存款機(jī)構(gòu)可提供貨幣市場(chǎng)存款賬戶（ MMDA ）， 商業(yè)銀行可發(fā)行按市場(chǎng)利 率水平付息的超級(jí)可轉(zhuǎn)讓存單 （SNOW）， 這些措施大大加速了利率市場(chǎng)化進(jìn) 程。 1986 年 4 月， 隨著存折儲(chǔ)蓄賬戶利率上限的取消， 所有的存款利率限 制均被取消。 除住宅貸款、 汽車貸款等極少數(shù)