价格型货币政策操作框架:利率走廊的条件、机制与实现

发布时间：2017-12-26 20:33

本文关键词：价格型货币政策操作框架:利率走廊的条件、机制与实现　出处：《经济理论与经济管理》2015年06期 　论文类型：期刊论文

【摘要】：随着商业银行产权市场化水平的提高,以及金融创新的不断涌现,数量型货币政策操作框架的有效性开始下降。本文通过对商业银行行为的分析,基于其极大化经营利润的诉求,论证了利率走廊系统的运行条件及机制。研究认为,完善的制度安排、商业银行的市场主体地位、充分竞争的市场、高效的实时清算系统等是利率走廊系统发挥作用的基础条件;在利率走廊系统运行过程中,当货币市场被注入过多流动性时,其可能转化成地板系统;价格型货币政策操作框架能够实现分别进行资金价格调控与资金数量调控,从而使货币政策操作的针对性与有效性得到提高。由此论文从利率走廊系统的构建、中央银行的职责、商业银行的行为等方面,提出我国货币政策操作框架从数量型调控向价格型调控转型的路径。
[Abstract]:With the improvement of the market level of property rights in commercial banks and the continuous emergence of financial innovation, the effectiveness of the operational framework of quantitative monetary policy has begun to decline. In this paper, through the analysis of the behavior of commercial banks, its operating profit maximization based on the demands of demonstration operation conditions and mechanism of interest rate corridor system. Research thinks, arrangement and perfect system of commercial bank market dominant position, fully competitive market, efficient real-time clearing system is the basic condition to play the role of the interest rate corridor system; in the interest rate corridor in the running process of the system, when the money market is injected too much liquidity, which could be transformed into the floor price system; the framework of monetary policy can be achieved respectively the amount of capital price regulation and financial regulation, so that the operation of monetary policy the effectiveness of improved. Therefore, from the aspects of building the interest rate corridor system, the responsibilities of central banks and the behavior of commercial banks, this paper puts forward the transformation path of China's monetary policy operation framework from quantitative regulation to price regulation.
【作者单位】：南京大学经济学院;
【基金】：国家社会科学基金项目 “‘影子银行’交叉传染风险度量及控制机制研究”(14BGL031)的资助
【分类号】：F822.0
【正文快照】： 一、引言数量调控与价格调控是央行进行货币政策操作时可供选择的两种模式。鉴于中国自然演化而成的经济金融结构与特征,为熨平经济发展的波动,多年以来中国人民银行主要利用数量调控模式进行货币政策操作。突出体现在通过调整存款准备金率、公开市场操作等手段,借助信贷渠道

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