我国银行间债券市场属性研究

发布时间：2018-11-01 19:02

【摘要】：银行间债券市场是传导货币政策的重要环节,2009年成为应对国际金融危机的适度宽松货币政策的重要微调传导渠道。对其属性的正确判断,直接影响到货币当局选择政策工具的准确性和分析政策效果的可靠性。理论分析表明,银行间债券市场具有资本市场属性并且不断加强,是金融体系为适应经济发展要求而进行金融功能自我强化的必然结果;实证结果表明:我国银行间债券市场属性正处于一个在保持原有货币市场属性的基础上,资本市场属性不断加强的阶段。银行间债券市场资本市场属性的增强容易造成货币流通速度不稳定,可能会削弱原有货币政策工具作用效力,影响货币政策的有效性,这将为今后货币政策的制定和实施带来新的挑战。
[Abstract]:Interbank bond market is an important link in conducting monetary policy. In 2009, it became an important transmission channel of moderately loose monetary policy in response to the international financial crisis. The correct judgment of its attributes directly affects the accuracy of monetary authorities' choice of policy tools and the reliability of the analysis of policy effects. The theoretical analysis shows that the inter-bank bond market has the property of capital market and it is the inevitable result of self-strengthening of financial function of the financial system in order to meet the requirements of economic development. The empirical results show that the properties of the interbank bond market in China are at a stage in which the attributes of the capital market are constantly strengthened on the basis of maintaining the original attributes of the money market. The enhancement of the capital market attributes in the interbank bond market can easily lead to the instability of the velocity of money circulation, which may weaken the effectiveness of the original monetary policy instruments and affect the effectiveness of the monetary policy. This will bring new challenges to the formulation and implementation of monetary policy in the future.
【作者单位】：对外经济贸易大学金融学院;
【基金】：对外经济贸易大学“211工程”三期重点学科建设项目(33036)
【分类号】：F832.51

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