| Since 1980, the international community starts relax the interest ratecontrol gradually, promoting the market-oriented reform of interest rate.Up to the present, most countries have completed the interest rate systemreform in the world. At the same time, the commercial banks of thedeveloped countries have coped with the interest rate risk actively andformed the perfect interest rate risk management technique. In recentyears, the risk management techniques of commercial bank havedeveloped into overall risk management that includes the credit risk,market risk (including the interest rate risk), and the operation risk. Theinternational banking risk management techniques are developingquickly. Looking upon present conditions of the risk management incommercial banks of our country,the risk management still includesmainly the credit risk management and modern risk management methodssuch as duration management,VAR management,net cash flowmanagement, dynamic analog analysis etc. are seldom adopted.management to the overall risks just start in commercial banks. After our country's accession to the WTO, The market-orientedreform of interest rate will be speeded up soon. So it has become thefocus of the banking and the theoretical circles whether the state-ownedcommercial banks can manage their own interest rate risk and completethe overall management of the bank risk. This paper consists of 5 parts as following: Ⅰ.Summarization of theories about market-oriented reform ofinterest rate to promote the economic growth. The thesis makes use of the research method that combines togetherthe theories and demonstrations, which discusses the detailed theoriesof the interest rate liberalism to promote the economical increase. At first, the interest rate risk is defined. Then the thesis explains theabundant content of market-oriented reform of interest rate. Secondly, the paper elaborates academic model that themarket-oriented interest rate promotes the economic growth, in virtue ofintroduction and deduction of the four models, including the M- S modelK- M model, G model and endogenous growth model. Subsequently itsummarizes the mechanism how interest rate market-oriented reformpromotes the economic growth. Then it carries on summarizing thedemonstration conclusions made at home and abroad.At the end of thepart, it raises the defect and development of the interest ratemarket-oriented theories. This thesis mainly put forward some criticalopinions to the interest rate liberalization of the Mckinnon, R. andEdwards,S., while it discusses those critical opinions from the newstructuralism and the idea of interest rate function weakening under theinformation dissymmetry condition. We think that these theories did notprove the usefulness of finance repression, but perfected the interest ratemarket-oriented theory from another side only. Ⅱ.The fulfillment of interest rate market-oriented reform abroad The induction and antitheses is used largely in this part. By virtue of the review of the interest rate market-oriented reform ofthe United States,the thesis recognizes the process of the interest ratemarket-oriented of developed countries, which can lend itself to Chineseinterest rate market-oriented reform. In the next place, the paper investigates the interest ratemarket-oriented reform of the developing countries with antitheses. Thepaper draws a conclusion that the reform may succeed according to someprinciples. By contrast between the interest rate market-oriented reforms ofdeveloping countries and those of developed countries, the thesisindicates every country should arrange itself reform in accord to nativeactual conditions. In the end, the policy arrangement of the interest rate reform isgiven out in a developing country. Ⅲ.The process and the risk of the our country's interest ratemarketed-oriented reform At first, the main reason of our country interest rate market-orientedreform is introduced. The first cause is the rigidity of the interest ratemechanism; the second cause is that the ability to manage i... |
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