利率市场化对通货膨胀的影响

发布时间：2018-01-06 02:19

本文关键词：利率市场化对通货膨胀的影响　出处：《天津财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：利率是资金的价格,它作为金融市场最重要的价格信号之一,对经济中的很多因素都有很大的影响。其中作为宏观经济目标之一的物价稳定就与利率密切相关,国家在治理通货膨胀时,经常用的手段之一就是调节利率,可是利率机制改革一直是我国一系列市场化改革中比较滞后的一环。我国的利率一直以来都是由政府部门管制着,这种制度严重地弱化了市场机制在调节社会资源配置中的基础性作用。随着我国金融制度深化改革以及市场经济进程的进一步深入,利率市场化已是大势所趋。在我国通货膨胀压力长期存在的现实背景下,利率市场化会给通货膨胀带来什么样的影响,这正是本文试图回答的问题。我国特殊的产权结构决定了国有企业与非国有企业可能对利率的反应不同,国有企业与非国有企业对利率不同的敏感程度决定了利率市场化下利率的基本变动趋势,这种变动趋势又决定了我国经济的一般均衡特征。为了能够揭示市场利率与通货膨胀的关系,我们借用IS-LM模型的分析框架,通过对IS-LM模型的扩展,构建了基于名义变量的一般均衡模型,并分别讨论了利率管制与利率市场化下利率与通胀两者之间的关系。最后,本文还分别结合我国存贷款利率与银行同业拆借利率的实际数据,对相关的理论结论进行了实证验证,同时还结合利率市场化下利率的变动趋势对我国的通货膨胀特征进行了展望,并相应提出了控制通货膨胀的政策建议。
[Abstract]:Interest rate is the price of funds. As one of the most important price signals in financial market, interest rate has a great influence on many factors in the economy, among which price stability, as one of the macroeconomic objectives, is closely related to interest rate. One of the ways the country often uses to control inflation is to regulate interest rates. However, the reform of interest rate mechanism has been a relatively backward link in a series of market-oriented reforms in China. The interest rate in our country has always been regulated by government departments. This system has seriously weakened the fundamental role of market mechanism in regulating the allocation of social resources. With the deepening of the reform of the financial system and the further deepening of the process of market economy in China. The marketization of interest rate is the trend of the times. Under the background of inflation pressure in China for a long time, what kind of influence interest rate marketization will bring to inflation is the question this paper tries to answer. The special property right structure of our country determines the different reaction of state-owned enterprises and non-state-owned enterprises to interest rate. The sensitivity of state-owned enterprises to interest rates is different from that of non-state-owned enterprises, which determines the basic trend of interest rate changes under the marketization of interest rates. In order to reveal the relationship between market interest rate and inflation, we use the analytical framework of IS-LM model. By extending the IS-LM model, this paper constructs a general equilibrium model based on nominal variables, and discusses the relationship between interest rate regulation and interest rate marketization and inflation. This paper also combined with the actual data of deposit and loan interest rate and interbank offered rate in China to verify the relevant theoretical conclusions. At the same time, combined with the trend of interest rate change under the marketization of interest rate, the paper forecasts the inflation characteristics of our country, and puts forward corresponding policy suggestions to control inflation.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F224;F822.0;F822.5

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