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英文文献：Financial sector reforms and interest rate liberalization: The Kenya experience-金融部门改革和利率市场化:肯尼亚的经验
英文文献作者：R.W. Ngugi,J.W. Kabubo
英文文献摘要：
For financially repressed economies, financial liberalization was expected to allow for positive real interest rates, and for stimulating the mobilization and efficient allocation of domestic financial resources. At the same time, as the market becomes competitive the costs of intermediation go down, an indication of efficiency in the intermediation of financial assets. But, for successful liberalization, prerequisites must be put in place together with proper sequencing procedures. The study explored the sequencing and actions so far taken in the liberalization process in Kenya. The study also examined the interest rate levels, spreads and determining factors, as an indicator of financial sector response to the reform process. The study found that although much had been accomplished, the financial system was characterized by repression factors including negative real interest rates, inefficiency in financial intermediation and underdeveloped financial markets. This may indicate that the economy is facing secondary financial repression. Interest rates were more responsive to the policy activities during the period than to the fundamentals. Interest rates were a monetary phenomenon with an adjustment speed of 77% to disequilibrium in the monetary sector. The study concluded that there are several loose knots that need to be tightened for the economy to experience significant positive effects of financial liberalization.
对于财政受到抑制的经济来说，预期金融自由化会使实际利率为正，并刺激国内财政资源的调动和有效分配。与此同时，随着市场竞争的加剧，中介成本下降，这表明金融资产中介的效率。但是，要使自由化取得成功，必须具备先决条件和适当的先后程序。该研究探讨了肯尼亚自由化进程中迄今采取的先后次序和行动。研究还考察了利率水平、利差和决定因素，作为金融部门对改革进程反应的指标。研究发现，虽然已经取得了许多成就，但金融系统的特点是抑制因素，包括负实际利率、金融中介效率低下和金融市场不发达。这可能表明，中国经济正面临二级金融抑制。在此期间，利率对政策活动的反应比对基本面因素的反应更大。利率是一种货币现象，对货币部门非均衡的调整速度为77%。这项研究得出的结论是，要让经济体验到金融自由化的显著积极影响，有几个松散的环节需要收紧。
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