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| Does the Interest Rate Liberalization Reform Change “The Iron Law of Interest Rate Restriction”? |
| XU Yueli, LI Wen, XIAO Kuixi
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School of Economics and Trade, Guangdong University of Foreign Studies;
School of Economics and Management, Zhejiang Science and Technology University |
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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.
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Received: 07 November 2016
Published: 18 January 2018
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