A Comparative Study On The Marketing Of Interest Rate In The United States And Japan

As the finance control of every country in the world relaxes, the way of adjusting and control on the financial market has changed. Since 1970's some countries' financial markets, such as U.S.A., Japan, etc. have pursued the marketing of interest rate to reform, and achieved success. The marketing of interest rate is becoming one of the trends of development of financial market gradually. The important position of financial market in the modern economic life, it is to pay close attention to enable development of the financial market by the governments of various countries, The marketing of interest rate is even more that governments of various countries are making the key developing strategically of financial market, So the article is passed to the market-oriented concept of interest rate, meaning and theoretical exposition, to research and analyze to background, course, characteristic of marketing of U.S.A. and Japan's interest rate, summarize experiences of their pursuing, and on the basis of analyses to of the necessity, feasibility and obstacle quality of pursuing the marketing of interest rate in china. And the article proposed the strategy on marketing of interest rate to meet the development of financial market of our country. The article divides into five parts altogether:The first part analyzes the basis theory on the marketing of interest rate. Explain the concept, basic content, theoretical foundation, meaning and condition on marketing of interest rate, etc. mainly. The marketing of interest rate is what that financial institution's interest rate is determined by the market supply and demand in money market, it includes the marketing of determining, conducting, structure and management of interest rate. The theory that the article introduce includes two theories. One is the classical theories of economics, the other is the "finance suppresses theory" and "finance deepens the theory". The two theories emphasizes that the development of the financial market would be limited if the interest rate has been controlled, and would influence the whole economic life. The meaning of pursuing marketing of interest rate shows mainly that promotes the financial institution introducing new financial tool, the financial product and financial service consciousness, establish the managing independently position of the financial institution, and realize the financial market from the low-level transformation to the high-level. The article proposes the conditions to pursue the marketing of interest rate too at the same time. They are the steady macroeconomic, the financial supervision, the complete financial market and the financial marketing institution of, etc.The second part explains the course of the marketing of interest rate to U.S.A., and summarizes its characteristics to pursue marketing of interest rate. The evolution of marketing of interest rate in U.S.A. has experienced allowing unrestrained freedom and gets to controlled, course to reach marketing again. U.S.A breaks through the Q rule and realizes the marketing of interest rate in the 1970s, the Q rule is stabilizing U.S.A.'s finance incurred after the 1930s'finance great crisis, but inhibited the further developments in finance, impel U.S.A. government pursue interest rate reform. On the base of the studying, U.S.A. realize "free competition and controlled little promote the deposit fund most right to assign by organization by government, help and set up one a piece of steady financial currency of systems". Through the reforms to meet the market, relaxed the controlling to the interest rate of the financial institution step by step, and realized the marketing of interest rate in 1986 at most last, In the course of pursuing the marketing of interest rate, U.S.A demonstrates characteristic of the supervise the violation of the financial institution especially, breaks through with innovation combining together, following in order and advance step by step and the base of the spontaneous foundation of the market, etc.The third part explains...