关键词: 利率市场化, 经济增长, 利率扭曲, 市场分割

Abstract: Although lending and deposit rates controls have been cancelled, but in the transition period, there still exists some degree of interest rate distortion and market segmentation in the credit market. There are two types of credit institutions-commercial banks and the similar bank institutions. Commercial banks’ interest rate is low and they mainly supply loans for traditional enterprises, while most non-traditional enterprises’ financing depends on the similar bank institutions with high interest rate. From the view of interest rate distortion and market segmentation, this paper constructs a DSGE model of heterogeneous financial sectors and enterprise sectors, and studies the effects of deepening interest rate liberalization reform. It is illustrated that deepen the reform will cause interest rates to return to equilibrium, eliminate regulatory arbitrage and thus maintain financial stability. At the same time, it will also optimize the allocation of financial resources, reduce the leverage of the enterprise and promote high quality development of economy. However, deepen the reform will have different influence on different types of the financial and enterprise sectors, which will upgrade the industrial structure and drive commercial Banks and traditional enterprises to speed up business transformation. Moreover, after the reform, the economy is more robust in face of external shocks. By comparing the policy effects of different reform processes, it is found that if the reform process is too fast, the risk of economic and financial fluctuations may be increased in the short term. Therefore, the reform should follow a gradual and orderly manner.

Key words: Interest Rate Liberalization, Economic Growth, Interest Rate Distortion, Market Segmentation