美国利率市场化(附录)解析.doc

附录 I. the U.S. interest rate market processes and procedures U.S. interest rate market process tortuous, long time. General can be divided into two phases. The first stage is brewing in the preparation phase, after over 10 years; second stage is the implementation stage , after about five years before . ( A ) preparation phase Research first, detailed argumentation; Among the many objections and resistance, and perseverance to seek legal permission. First, the organization of specialized agencies to demonstrate in detail the advantages and disadvantages of interest rate controls. Provide arguments in favor of market-oriented interest rate reform. In 1970, U.S. President Richard Nixon orders the establishment of Financial Structure and Control Committee (Commissionon Fiancial Structure and ReguIation), the pros and cons of financial regulation requires a detailed demonstration. The Commission, after investigation proposed Presidential Commission report on the financial structure and regulation ( ie, Hunt Report , Hunt Report) in 1971. Q report for the adverse consequences of the rules made ??convincing circumstantial evidence, come to depository institutions plus free competition and less regulation to promote optimal allocation of capital , and help build a stable financial and monetary system conclusion. Hunter investigation team recommended that the implementation of the economic crisis after the 1930s aimed at limiting the number of depository institutions competing government control regulations, including the abolition Q rules limiting the rate of savings and time deposits. Second, many of the objections and resistance, persistently pursuing legal permission in the early 1970s. For all aspects of the concerns of Congress, the Federal Reserve System, savings and loan associations, state governments and individual deposits in the financial system, such as security and order considerations and personal (departments) are opposed to the interests of the loss