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导读：这是一篇美国范文，讨论了美国利率市场化。美国利率市场化的实质是银行业存款利率的自由化和市场化。在美国利率市场化的过程中，立法机构和金融监管机构起到了关键性的作用，它们一开始就制定出利率市场化完成的既定时间表，在反脱媒的产品创新过程中协助银行业起到全力支持作用，另外监管机构和美国财政部还为市场化后的利率合理定价奠定了市场化国债收益率曲线的重要基础和标杆体系。 The essence of American interest rate liberalization is the liberalization and marketization of bank deposit interest rate. Different from the current interest rate liberalization reform in China's financial industry, the lending rate of American Banks has been "unregulated" or liberalized. In fact, the American financial industry experienced several other landmark changes in the 1980s, such as the breakthrough in the cross-state operation of Banks and the breakthrough in the cross-industry operation structure of commercial Banks. 美国利率市场化的实质是银行存款利率的自由化和市场化。与目前中国金融业的利率市场化改革不同，美国银行的贷款利率已经“不受监管”或自由化。事实上，美国金融业在20世纪80年代经历了其他几个具有里程碑意义的变化，如银行跨国经营的突破和商业银行跨行业经营结构的突破。 In the late 1970s and 1980s, the interest rate liberalization of American banking industry was actually the liberalization of the deposit rate of American commercial Banks. To look at from the perspective of history, when the interest rate marketization process is due to the United States financial disintermediation and 70-80 - s of the 20th century after ultra high inflation, commercial banking counter disintermediation in the struggle for survival, intense wrangling with competitors and gain financial regulators to cooperate, and the result of basic abolishing rules "Q". 在20世纪70年代末和80年代，美国银行业的利率自由化实际上是美国商业银行存款利率的自由化。 从历史的角度来看，当利率市场化进程是由于美国的金融脱媒和20世纪70 - 80年代之后的超高通胀之后，商业银行反对在生存斗争中的脱媒，激烈的争论 与竞争对手和获得金融监管机构合作，以及基本废除规则“Q”的结果。 In the process of interest rate liberalization in the United States, the legislative and financial regulators play a key role. First, they began by setting a timetable for the completion of interest rate liberalization. Secondly, they assist the banking industry in the process of anti-disintermediation product innovation. Thirdly, regulators and the us Treasury Department have laid an important foundation and benchmark system for the market-oriented yield curve of Treasury bonds for the reasonable pricing of interest rates after marketization. In addition to the environment of financial disintermediation and interest rate liberalization, the macro-economic environment of the United States also faced the challenge of high inflation and economic cycle. Under such a complex and severe environment, American Banks, especially the big Banks, conducted all-round model transformation. The successful Banks have different transformation modes, among which, due to the proper coordination of the transformation to the road and corporate culture, Morgan finally comprehensively surpassed the competitors such as citigroup and chase, and became the only bank in the history of American banking to obtain the AAA rating of standard & poor's. In the 1980s, due to their different conditions, American commercial Banks adopted different strategies to cope with the complex external operating environment, including the epoch-making reform of the financial system of the liberalization of deposit interest rate, and there were both successful and unsuccessful cases. Successful strategies emerged mainly among the best Banks of the time. In the 1980s, the famous American investment bank KBW established a so-called "outstanding bank index" for the American banking industry. Banks that were then included in the KBW index had certain traits that allowed them to ride out the ups and downs of the economic cycle more smoothly. KBM selected 200 out of all the Banks, and the first six of them were the best of the American banking industry for the next 30 years, the old jpmorgan, wachovia, Cleveland national bank, NBD, sun trust, PNC financial. These Banks adopted the following strategies to cope with the interest rate liberalization environment: paying attention to credit culture and asset quality; Maintaining a competitive cost structure; Centralize the advantage and win the fee income in the characteristic market of your specialty, such as trust business, securities processing, credit card and debit card processing; Firmly grasping new technology trends to compete with non-traditional deposit institutions; Pay close attention to the source of deposits and so on. But at the same time, a number of Banks have adopted some ineffective strategies, such as blindly expanding through acquisitions. The second is credit or expansion in unfamiliar sectors, such as energy sector credit or the acquisition of non-bank companies they are unfamiliar with at home and abroad. In addition to the overall performance of the above Banks, there are a number of different areas of the performance of the bank. At that time, it was recognized by the industry as a bank that successfully transformed in some aspects. In terms of portfolio transformation, JP Morgan was relatively successful in the transformation of its business strategic portfolio. Its strategic transformation focused on investment Banks serving large multinational corporations and their related commercial banking businesses. Northern trust focuses its portfolio on private, trust and corporate services. Bank One and Norwest have been very successful in their strategy of transforming retail and micro-enterprise services through mergers and acquisitions. Fifth Third, Wells Fargo and PNC have all been successful in reasonably controlling costs. Core State, Bay Banks and Wells Fargo are boldly high-tech in their service channels and very effective. In the model of cross-selling or customer relationship bank, Norwest and Morgan are the best in private and public respectively. Wachovia, NBD and social bank manage credit risk pricing and risk control effectively. Firstly, the interest rate liberalization of American banking industry is totally different from that of Chinese banking industry. Although the interest rate liberalization in the United States is the deposit rate liberalization, the lending rate of its banking industry has already been deregulated and even marketized. China's loans and deposits face both liberalization and marketization in the first place. So the implication here is that the core of marketization is not just the government simply liberalizing interest rates. More importantly, when interest rates are liberalised, how should Banks' assets and liabilities be properly priced in accordance with the market-based mechanism? Before interest rate liberalization, we believe that China needs a market-oriented interest rate system, and the market-oriented Treasury bond market should be the starting point and core of all this. In addition, when promoting the process of interest rate liberalization, specific schedules, regulations and measures should be set up on the institutional arrangement, such as strengthening the important role of the Treasury bond market in interest rate pricing and so on. Secondly, financial disintermediation is an unavoidable and structural problem in the development of global financial industry. Before the implementation of interest rate liberalization, the us and Chinese Banks encountered severe challenges of financial disintermediation, but their rivals were different. Due to the influence of regulation and other factors, the competitors in the process of disintermediation will be quite different. At that time, the strongest competitor in the disintermediation of American banking industry was the securities industry. As mentioned earlier, the us securities industry also has an attractive insurance regime as does the banking industry. In contrast, the competitors in China's disintermediation environment are the capital market, trust industry and Internet finance, which is still relatively underdeveloped but still immature and free of deposit insurance. Faced with this gap of power, the us banking industry was aided by regulators in anti-disintermediation, a situation that seems unlikely in China in the near future. Therefore, we believe that the interest rate liberalization and marketization process of China's banking industry will have a completely different deductive process than that of the United States. In other words, China's Banks will face greater challenges as they transform themselves, not regulators. More importantly, the mixed operation of China's financial industry is not comparable to that of the us in the era of interest rate liberalization. The transformation of fee income structure of Chinese Banks will be much slower than that of American Banks at that time. Therefore, Chinese Banks should have enough psychological preparation. Thirdly, commercial banking, especially large Banks, needs rapid transformation. The financial disintermediation and subsequent deposit interest rate liberalization in the United States in the 1980s and the drastic fluctuations of the macroeconomic cycle at that time prompted the big American Banks to reposition and think about their income structure and global layout. While the major U.S. Banks have all made the transition, the truly successful ones are not in the majority. Banks should choose the most suitable transformation mode according to their comparative competitive advantages. However, the essence of JP Morgan's transformation -- to find a balanced strategy, carefully maintain the most suitable customer group, and closely cooperate and support it with measures on culture, salary, institution setting and personnel reform, plus active asset and liability management, etc., can be used as reference for China's banking transformation.#p#分页标题#e# To sum up, for China's financial industry which aims at market, what we expect to see is that the entire financial industry will continue to develop by resolving various contradictions under the supervision of regulators under the wrestling of various forces of disintermediation and anti-disintermediation. We expect to see further liberalization of interest rates and further improvement in the marketization process. At the same time, with the deepening of financial disintermediation, we hope that in the near future we will see the deregulation of cross-industry operations. Wise Banks should prepare for a new transformation in this area as soon as possible to be the real winners in the future. |
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