利率决定理论——利率市场化理论基础之一.pdfVIP

探 索 与 争 鸣 VIEWS POINTS v 利率决定理论 ——利率市场化理论基础之一* Interest rate determination mechanism: Theoretical foundation for interest rate marketization 雷 曜 王亮亮 作者简介 雷 曜，中国人民银行金融研究所政策研究室 　　王亮亮，中国人民银行金融研究所政策研究室 Authors Lei Yao, Policy Research Office, Financial Research Institute, People’s Bank of China Wang Liangliang, Policy Research Office, Financial Research Institute, People’s Bank of China 摘 要 利率市场化是指金融机构在货币市场经营融资的利率由市场供求来决定。它包括利率决定、利率传导、利率结构和利率管理的 市场化。推进利率市场化的理论基础涉及利率决定理论、利率传导理论以及剖析利率结构和利率管理的金融发展理论。本文重点介 绍了利率决定相关理论的核心思想，这些理论包括古典利率决定理论、马克思的利率决定理论、凯恩斯利率决定理论、可贷资金论 以及IS-LM模型等。研究表明，平均利润率、资金的供求关系、通货膨胀率、央行的货币政策、国际金融市场利率等都会影响一国 利率水平。 Abstract Interest rate marketization suggests that the interest rates for financial institutions to finance in the money market are determined by market supply and demand. It includes the marketization of interest rate determination, transmission, structure and management. The theoretical foundation for interest rate marketization involves interest rate determination, transmission and financial development theories on interest rate structure and management. This article highlights the core ideas of the relevant interest rate theories, including classical model, Marx’s theory, Keynesian theory, loanable funds theory, IS-LM model and others. The studies show that the average rate of profit, money supply and demand, inflation rate, monetary policy, interest rate in the international market and other factors will have an impact on the interest rate level of a country. 一、利率决定理论简述 相等时，资本供给与需求达到均衡状态。马克思认为，