利率市场化机制研究

发布时间：2018-01-30 02:36

本文关键词： 利率市场化基准利率传导机制　出处：《长春工业大学》2014年硕士论文　论文类型：学位论文

【摘要】：利率作为资金的价格,宏观经济的中介变量,也是经济体系中的重要杠杆。利率对一国的实体经济市场,金融市场和对外经济市场有着重大的影响,所以利率能否正确的反映出市场信息对一国的经济整体的资源配置的效率高低产生重要影响。从金融发展理论的提出以来,利率市场化的改革作为其中重要的一环对于改善经济中的资源配置,理顺价格结构等起到了促进作用,并从国际经济发展的趋势来看,利率市场化往往能改善一国的经济结构,提高国际经济市场地位。但是改革往往伴随着风险,推进利率市场化是一个渐进的过程,不能一蹴而就,否则会像曾经的拉美国家一样反而有损经济的发展。对于一国利率的机制来说,其主要包括利率体系的构建,基准利率的选取和建设,还有利率的传导这几个方面。本文将基于我国的改革发展现状从时间的角度进行利率体系的构建,以美国为样本对利率市场化的机理进行说明。接着就我国现阶段的利率的机制进行总结,然后从实证的角度对我国利率的传导途径利率用格兰杰因果分析的方法进行分析,最后得出结论和建议。本文共分为六个部分,第一部分是绪论,对国内外研究现状进行了总结概括。第二部分是对利率市场化的相关理论进行概述,分为金融发展理论,利率决定理论和利率市场化理论,分别对为什么要进行利率市场化和利率市场化的形成与传导,利率市场化所必须具备的的条件进行说明。第三部分是对我国的利率市场化的现状进行描述,从时间的角度对利率进行分类,从而构建我国的利率体系。第四部分主要是对利率市场化的机制进行描述。本文选取了市场化程度最高的美国作为样本,对利率的机制机理作出说明。然后对我国现阶段的利率机制进行了叙述,并与美国的现状进行了比较。第五部分是结合我国的数据对利率市场化的传导机制进行实证研究,样本选取的是2007年1月份到2013年6月份的月度数据,共78个样本点,采用格兰杰因果分析的方法进行数据处理。第六部分是在总结我国的利率体系和利率传导上结合实证分析的结果进行总结并提出对策建议。
[Abstract]:Interest rate as the price of funds, the intermediary variable of macroeconomic, is also an important lever in the economic system. Interest rate has a significant impact on a country's real economy market, financial market and foreign economic market. So whether the interest rate can correctly reflect the market information has an important impact on the efficiency of the overall allocation of resources of a country's economy since the financial development theory was put forward. The reform of interest rate marketization, as an important part of the reform, has played a promoting role in improving the allocation of resources and straightening out the price structure in the economy, and from the perspective of the trend of international economic development. Interest rate marketization can often improve the economic structure of a country and improve the status of international economic market. However, reform is often accompanied by risks, and it is a gradual process to promote interest rate marketization, which cannot be achieved overnight. Otherwise, it will harm the economic development just like the former Latin American countries. For a country's interest rate mechanism, it mainly includes the construction of the interest rate system, the selection and construction of the benchmark interest rate. There are several aspects of interest rate transmission. Based on the current situation of China's reform and development, this paper will build the interest rate system from the point of view of time. Take the United States as a sample to explain the mechanism of interest rate marketization. Then summarize the mechanism of interest rate at the present stage in China. Then from the perspective of empirical analysis of the transmission of interest rates in China with the Granger causality analysis method, finally draw conclusions and recommendations. This paper is divided into six parts, the first part is the introduction, the domestic and foreign research on the status quo is summarized. The second part is to summarize the relevant theories of interest rate marketization, divided into the theory of financial development. The interest rate decision theory and the interest rate marketization theory, respectively why should carry on the interest rate marketization and the interest rate marketization formation and the transmission. The third part describes the current situation of interest rate marketization in China and classifies the interest rate from the point of view of time. In order to construct the interest rate system of our country. 4th part is mainly to describe the mechanism of interest rate marketization. This paper selects the United States, which has the highest degree of marketization, as the sample. The mechanism of interest rate mechanism is explained, and then the interest rate mechanism of our country is described at the present stage. And compared with the current situation of the United States. 5th part is based on the data of our country to carry on the empirical research on the transmission mechanism of interest rate marketization. The sample selected from January 2007 to June 2013 monthly data, a total of 78 sample points. Granger causality analysis is used to process the data. Part 6th is to summarize the interest rate system and interest rate transmission in our country combined with the results of empirical analysis and put forward countermeasures and suggestions.
【学位授予单位】：长春工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.1

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