| English prestigious economist Keynes said"it must have relationship with interest rate if any single factor of economic system is put."American famous economist Henry Kaufman said:"in some sense, so far, any change in financial market showed the importance of interest rate."Thus, interest rate is one of the most important tools for government to control and manipulate economy.In the past two years, our country is manipulating macroeconomic situation by using interest rate as a monetary tool, besides period of interest rate up, now we experience interest rate down period in order to confront with international financial crisis. Whether interest rate really takes effect directly shows whether interest rate transmission is fluent and marketing's degree, this paper research interest rate liberalization mathematically based on the condition of financial system and institution by analysis on interest rate transmission.The first chapter of this paper summarizes topic-changing background,meaning,related theory and paper research with which domestic and overseas experts came up , second chapter outlines process of interest rate and characteristics of interest rate, thinking that interest rate in our country is still under strict control; the third inspects interest rate transmission in financial market mathematically and come to conclusion that interest rate can transmit fluently throughout the financial market and interact with other rate, but the transmission of rate to the product economy is still not good, the fourth analyzes the reason why the degree of interest rate liberalization is still low, including lack of core bench rate, not forming determination and calling system and bank's relationship with state owned enterprise and so on; the fifth proposes some suggestions concerning the condition that rate liberalization need, including expanding dimension and depth of money market, enhancing core bench rate and reforming of national company and so forth. |
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