And, though it continues to guide interest rates on deposits, banks can easily evade these regulations by selling depositors off-balance-sheet wealth-management products, on which returns are not capped. Increases in the cost of funds’ sources increase the costs of the funds’ uses – that is, credit to enterprises.
利率自由化加剧了这一状况。中国已经取消了贷款利率的所有管制。而尽管存款利率继续接受指引，但银行可以向储户兜售表外理财产品（回报率不封顶）轻易地规避监管。资金资源成本增加导致资金使用成本增加，亦即企业信用成本增加。