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| The Study of Interest Rate Liberalization Based on Mitigation of Market Risk |
| GUO Qi, PENG Jiangbo
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| Jinan Branch,the People’s Bank of China |
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Abstract The interest rate liberalization means that the mode of financial regulation is transforming from “price control, quantity control ”into “price liberalization, moderate scale”. Market risk will rise in the foreseeable period of time and to have a significant impact on the systemic risk. In this paper, we built a market risk curve reflecting the relationship between the changes of interest rate and market risk, using DSGE model to simulate the impact of interest rate changing to the welfare of major economic entities which is based on the financial interests. Our main conclusions are as follows: The liberalization of deposit interest rate would have a greater impact on market risk and should be carefully promoted in the current effective range of changes in interest rates; Deviating of the management of interest rate from the equilibrium level exacerbates the impaction of interest rate fluctuations to the market risk; The interest rate liberalization sets up a mechanism of cost-sharing among various kinds of economic agents through the changes of financial interests such as financial cost and investment income; A corresponding interest rate liberalization mechanism should be established which is risk-related and can promote the agents’ ability of self-mitigation of risk.
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Received: 14 August 2014
Published: 19 April 2018
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