The Macro-effect Analysis Of National Interest Rate Reform

In the seventies of the twentieth century, Ronald·Mckinnon and Edward·Shaw as the representatives of some economists started a movement towards global financial liberalization. With this atmosphere, China also woke up to the harmness of the financial restraint and its necessary to financial deepening. And China began to hard interest rate reform at the beginning of the eighties. In this twenties years, although the pace of national interest rate reform wasn't too big, it does exert a subtle influence on national economy. At the same time,according to WTO, the schedule of national financial opening is more and more pressing. So now, it's very necessary to have a systemic positivism analysis about the national interest rate reform happened during recent twenty years. As the experiment of national financial reform ,Wenzhou keeps ahead on interest rate reform whose range and extent are both higher than those of national level. So the interest rate reform in Wenzhou provides plentiful experience and information for national interest rate reform. Established on above analysis, this paper will try to explain two questions:"How much achievement does the interest rate reform obtain ", "How many questions does the interest rate reform bring ". So this paper will analysize this thesis from two aspects. Firstly, analysizing the positive effect of interest rate reform, including investment effect, saving effect and consumption effect. Secondly, analysizing the negative effect of interest rate reform. Simultaneously, this paper recalls the progress of national interest rate reform and Wenzhou's and analysize the effect of investment, saving and consumption in theory and positivism. For the further analysis, this paper also analysizes the effect of interest rate reform in Wenzhou and contrast that with the countrywide effect .Based on above series of analysis, we have the following conclusions. Firstly, the interest rate reform indeed enhance lever action of interest rate in economy. Secondly, general effects of the interest rate reform haven't attained the anticipative effect, because our economic system haven't formed a well macro and micro foundation for interest rate to effectually exert it's lever effect, besides, the reform extension in practically operation also didn't reach the reform desire.Finally, this paper make some suggestions, and wish it benefit the further interest rate inform.