Interest Rate Regime Change Research (1949-2005)

The renowned British economist Mr. J.M.Keynes once had it:"Whichever factor that's taken from the economic system, bears a certain relation with the interest rate."It's true that interest rate is the most important price variable, and the interest rate system plays the part of central nerves in a nation's economic system. In the 1970s and 1980s, the financial liberalization was launched, focusing on interest rate deregulation in a large number of developed and developing countries and the results of the reform turned out totally different, leaving much room for reflection.As China's financial reform stepped into a critical stage in the 1990s, the world has kept its eyes on China, especially highlights the interest rate liberalization called the last barrier of China's financial reform, also a century-turning enduring hot issue for research..So far, the academic circle has made a relatively comprehensive and thorough exploration into China's interest rate system reform, and made a good many achievements. In general, these studies are primarily based on the theories of financial restraint and financial deepening initiated by R.I.Mckinnon and E.S.Shaw, either stressing the urgency of China's interest rate liberalization, its international experience, target orientation, mode selection, sequencing, conditional creation, risk control and the transformation of the monetary policy conduction mechanism, or such problems as the effect of reform on each economic party, positive examination of the real interest rate, savings mobilization, investment quality, relativity between the variables in economic growth as well as the interest rate sensibility in economic sectors of different ownerships.China's interest rate reform characterizes the government-led institutional change, while it's regrettable that the academic circle, both at home and abroad, has barely paid attention to it; if any, superficial and incomplete. Thus this thesis, by means of new institutional economics, attempts to make a comprehensive analysis of the whole change...