利率双轨制与中国货币政策实施

发布时间：2018-07-06 15:01

本文选题：中国人民银行 + 货币政策传导　；参考：《金融研究》2011年12期

【摘要】：中国经济目前处于利率双轨制之下:银行体系中被管制的存贷款利率和基本由市场决定的货币和债券市场利率共存。利率双轨制是中国渐进式改革的一部分,也是理解中国货币政策框架的关键。以存款利率上限为核心的利率双轨制决定了中国货币政策中数量与价格工具并存的特点,也意味着中国货币政策传导机制不同于发达国家。本文通过一个新的理论模型来解释利率双轨制下的中国货币政策传导机制,描述了在不同情形下,货币政策目标如何通过各种政策工具传导至市场利率,并和信贷总规模一起实现货币政策对实体经济的调控。该理论模型的基本思路是:价格管制带来的扭曲需要由数量管制来纠正。实证模型结果显示:首先市场利率对基准存款利率调整最敏感,其次是存款准备金率的调整,公开市场操作在利率双轨制下效果则不太显著。
[Abstract]:China's economy is now under a two-track interest rate system: regulated deposit and loan rates in the banking system coexist with basically market-determined money and bond market rates. The dual-track interest rate system is part of China's gradual reform and the key to understanding China's monetary policy framework. The dual-track system of interest rate with the upper limit of deposit interest rate determines the coexistence of quantity and price instruments in China's monetary policy, which also means that the transmission mechanism of monetary policy in China is different from that in developed countries. This paper explains the transmission mechanism of China's monetary policy under the two-track interest rate system through a new theoretical model, and describes how monetary policy objectives can be transmitted to the market interest rate through various policy instruments under different circumstances. And together with the total size of credit to achieve monetary policy on the real economy regulation. The basic idea of the theoretical model is that the distortion caused by price regulation needs to be corrected by quantitative control. The empirical results show that, first, the market interest rate is most sensitive to the adjustment of the benchmark deposit interest rate, the second is the adjustment of the deposit reserve ratio, and the effect of the open market operation under the two-track interest rate system is not obvious.
【作者单位】：香港金融管理局香港金融研究中心;
【分类号】：F822.0

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