关键词: 余额宝,存款利率市场化,鲇鱼效应,引致机制,倒逼机制

Abstract: Through the analysis of the triple game between Yu’ebao, banks and the regulators, this paper illustrates in theory the catfish effect of Yu’ebao in the promotion of deposit interest rate marketization, i.e., Yu’ebao can save transaction cost, lower the investment threshold, and attract a large number of depositors to shift their savings accounts. However, the passive response of the banks will increase their financing cost and drive up the social financing cost, thus it is critical to take the initiative response to advance deposit interest rate marketization, so as to improve the social welfare. The regulators have to exercise appropriate supervising on Yu’ebao, leaving space for financial innovation.

Key words: Yu’ebao; deposit interest rate marketization; catfish effect; inducing mechanism; forced?mechanism