文献出处: Ahmed S, Zlate A. A Comparative Study on the Marketing of Interest Rate in the United States and Japan [J]. Journal of International Money and Finance, 2015, 48: 221-248.原文A Comparative Study on the Marketing of Interest Rate in the United States and JapanAhmed S, Zlate A.AbstractInterest rates as one of the most important means of regulating financial markets, more and more attention to by national finance, the development of the national financial markets since the 1970 s and the easing of financial regulation, the interest rate mercerization has gradually become the mainstream of national financial market development trend. Interest rate mercerization emphasize the independence of financial institutions in a market economy, this independence will make financial institutions in the market competition get more profits, but at the same time, with greater risks, therefore, this article is based on market-oriented concept, meaning, significance and the theory in this paper, based on the United States and Japan two studies successfully promote market-oriented interest rate countries, through a smooth transition to complete the process of financial liberalization, then promote the deepening of financial reform in our country. The United States and Japan to promote interest rate mercerization is built on a solid market foundation, in advance, step by step a breakthrough advance step by step, finally achieved success.Key words: Interest rate marketization; Commercial Banks; Financial markets; A comparative study1 A general analysis of interest rate liberalizationFinancial market development cannot leave the financial regulation, financial regulation must use the corresponding adjustment means. In the operation of the financial market and development process, the interest rate is closely related to thefinancial market development adjustment means, only implemented to meet the needs of the financial markets objectively interest rate policy to ensure the sustainable development of financial markets, so the interest rate to discuss how to work in relation to the whole financial market sustainable development effectively, and the current "interest rate mercerization" already became the various countries' financial markets, especially discusses the financial market in China is an important part of reform and development.Interest rate mercerization should at least include the following contents:(1)Financial transactions subject have interest rate decisions. The financial activities were funds of funds between surplus and deficit departments trading activities. Financial transactions subject should have the right to the money transaction scale, price and the way of repayment period, guarantee terms to bargain, bargaining way may be interview, bidding, may also be a money supply and demand both sides repeatedly weigh between different customers or service providers and choice. The interest rate transmission mechanism flexible and effective. In market economy countries, the central bank set the benchmark interest rate; the benchmark interest rate is usually with reference to the interbrain market interest rates, interest rates, relying on the market transaction into the money market and capital market transmission and ultimately affects the economy.(2) The amount of interest rate, term structure and risk structure should be chosen by the market spontaneous. As with any commodity, there is also a financial transaction of wholesale and retail price difference; it’s different, the price of money transactions also there should be a time difference and the risk difference.(3) The government (or central bank) has indirectly influence the power of the financial asset rates. Does not mean interest rate liberalization of interest rate liberalization, not completely rejected the government's financial control ability, the central bank in the relaxation of the direct control of interest rates also need to strengthen the indirect regulation ability, as well as market economy does not reject the government's macroeconomic regulation and control.2 McKinnon and Shaw’s theory of "financial repression" and "financial deepeningtheory"McKinnon and Shaw, through to the developing countries economic condition and examination of the financial system, found that there are developing countries financial repression phenomena, its basic characteristics are low real interest rates and selective credit allocation. Real interest rates are limited by the government of developing countries at very low level; excessively low interest rates lead to low savings and investment needs strong, the government to curb the excessive demand of cheap money and guide the limited funds to the government plan priority department and take the plan to allocate money. Low interest rates are the root of financial repression. Financial repression in the economy, the financial market is divided into two: one is the government regulation of market, the main capital flow into inefficient state-owned enterprises and government agencies. Another is that there is no formal control of the free market; the interest rate is far higher than the former, small and medium-sized private enterprises through internal accumulation or high cost of financing by the market. In such a serious price discrimination and market conditions, market allocation efficiency is low, market behavior and rent-seeking behavior lead to corruption, ultimately affect the economic development of developing countries. Therefore, to get rid of the backward economy must remove financial repression; implement market-based reform of interest rates.3 The significance of implementation of interest rate mercerizationThe condition of the realization of the mercerization of interest rate is the interest rate control breakthrough unceasingly, under the condition of interest rate control, resource allocation lost the important measure of capital price leverage, that should have guiding effect to the investment and financing behavior and public consumption can't according to the market adjustment, the mechanism of the rigid interest rates also make the macroeconomic regulation and control has been curbed, make it difficult to through the control of the money supply in the macro administration and realize the goal of its monetary policy, etc.Situations where conditions permit, therefore, the major countries are trying to promote the mercerization of interest rate. Interest rate mercerization in promoting economic development occupies an important position,especially for commercial Banks.In the process of implementation of market-oriented interest rate, the interest rate risk of commercial Banks and the interest rate management difficulty will gradually increase. Interest rate risk is one of the types of financial risk, is due to fluctuations in interest rates, the asset gains and value relative to the debt cost and value asymmetry changes caused by the bank risk of loss of income and assets. In the process of mercerization of interest rates, many factors that affect interest rates, interest rate fluctuation frequency and amplitude is greatly increased, the term structure of interest rates and more complex, compared with the interest rate under control, the influence of the fluctuations in market interest rates for bank management is bigger, it is harder to identify and control interest rate risk. But also it is because the interest rate risk increase, its profitability also will increase.4 The US-Japan promote the comparative analysis of interest rate liberalizationThe United States and Japan to promote market-oriented interest rate reform in both countries to effectively promote the solution of the problem for the country's financial, from the above analysis, it can be seen that the two countries in advancing this process, there are some commonness and difference, this section is to summarize the commonness and difference.4.1 The US-Japan introduce the effect of interest rate mercerizationBy comparing the United States and Japan in the implementation of market-oriented interest rate, you can see that some of the economic indicators before and after the two countries in promoting interest rate mercerization process showed the biggest characteristic is to maintain the stability of the economic development. First, macroeconomic continue to maintain steady growth. The United States, Japan's GDP growth rate showed more negative after interest rate mercerization and the change trend of relatively stable. Second, the rate of inflation was effective control. Before and after interest rate mercerization small variations in the inflation rate of the two countries, is on the decline but relatively stable. The United States, Japan, in front of the mercerization of interest rate change the rate of inflation was stable, the two countries after interest rate mercerization in inflation downward trend, but the changeis small, stable. Third, the financial markets showed good growth. Before and after the mercerization of interest rate showed a relatively steady growth trend. The United States, Japan's financial deepening rate before and after the mercerization of interest rate showed a steady growth trend.4.2 America and Japan share the common characteristics of interest rate mercerizationFirst of all, the interest rate mercerization is a process of continuous development of new financial products and means.Marketization of interest rate in the United States to the innovation of financial products and means: has allowed Banks to introduce from the interest rate control money market account, can transfer large negotiable certificates of deposit and withdrawal notice account. Japan is by introducing a large negotiable certificates of deposit of mercerization of interest rate as the deposit first, interest rate mercerization is a process of continuous development of new financial products and means.Marketization of interest rate in the United States to the innovation of financial products and means: has allowed Banks to introduce from the interest rate control money market account, can transfer large negotiable certificates of deposit and withdrawal notice account. Japan is by introducing large negotiable certificates of deposit of mercerization of interest rate as its deposit us-Japan bilateral interest rate mercerization can say begins with innovation, to undertake and complete, with every step of interest rate mercerization development innovation.Second, the mercerization of interest rate of the two countries is following the step-by-step process.Interest rate is very important economic lever in a country's economy, with the influence of "holding a launch whole body”. So, in the process of interest rate mercerization, must adopt prudent, step by step. At the same time, pay attention to all kinds of form a complete set of financial system reform.” We want to realize the mercerization of interest rate in managed idea is unrealistic and extremely dangerous, light person lead to social and economic turmoil, serious still can cause huge economic recession. From the above Japan is in the process of mercerization of interest rate, we can see that the United States and Japan adopt the incrementalprocess of interest rate mercerization, and achieved success. First of all, find a proper breakthrough.Marketization of interest rate in the United States from negotiable certificates of CD issuance and trading, while Japan from issuing bonds trading interest rates and interest rates liberalization, then by stages. The time interval between each stage, can make the society has a process of digestion and adapt, can also be found in the process of mercerization need coordinated reform, reform for the next step to lay a good foundation.Once again, choose the appropriate timing of interest rate marketization.From Japan can be seen in the process of market-oriented interest rate reform, interest rate mercerization reform in the United States and Japan are both in the domestic economic situation is stable, and the development of the economy to relax under the background of interest rate regulation put forward the urgent request. Right timing to the success of market-oriented interest rate reform has laid a good foundation. Timing is often is a key factor in the success or failure of the reform. Timing should not only consider the macro factors, and to consider the micro factors. Under the condition of stable macroeconomic situation, many reformers to choose success or progress smoothly, and macroeconomic instability cases, reform more. In the steady economic growth, stable macroeconomic situation, policymakers are initiative to change the government regulation in the financial system is not adapt to the economic development of the local reality, so reform is relatively smooth, easy to succeed.Finally, in the process of interest rate mercerization, the government should strengthen the regulation of financial markets. While in the United States and Japan in the mercerization of interest rates are also some problems have occurred, but in terms of interest rates, it should be said that had been there a wide range of relatively large fluctuations, the competition between each big financial institutions are orderly. The two countries in the financial market regulation as inseparable.译文利率市场化比较研究:美国和日本的案例分析作者：Ahmed S, Zlate A.摘要利率作为金融市场最为重要的调节手段之一，越来越为各国金融界所关注，自20 世纪70 年代各国金融市场的发展和金融管制的放松，利率市场化逐渐成为各国金融市场发展的主流趋势。
