Abstract:
Based on a credit rationing model, we put forward a hypothesis-whether the interest rate liberalization reform has broke “the iron law of interest rate restriction” that means rich farmers benefit more under restricted interest rate. Then, in the empirical chapters, using the data from the field survey, we respectively test the hypothesis’s mechanisms and conclusions. The empirical results show that interest rate liberalization reform does have a significant role in breaking “the iron law of interest rate restriction” in rural areas, however, due to the shift of the three effects during the process of interest rate liberalization, this role is dynamic and periodical. Finally, this paper gives an important policy implication that it is very necessary to periodically look at the role of interest rate liberalization reform and to strengthen the competition in rural financial market.
许月丽, 李文, 肖奎喜. 渐进利率市场化改革是否打破了“利率限制铁律”？——来自中国农户田野调查的证据[J]. 金融研究, 2017, 444(6): 50-63.
XU Yueli, LI Wen, XIAO Kuixi. Does the Interest Rate Liberalization Reform Change “The Iron Law of Interest Rate Restriction”?. Journal of Financial Research, 2017, 444(6): 50-63.
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