我国货币政策利率传导效应研究

发布时间：2018-02-27 00:10

本文关键词： 货币政策利率市场化利率传导机制传导效应　出处：《天津财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：从1996年我国完成了同业拆借市场利率的市场化改革以来,利率的市场化程度不断深入,特别是在2013年,全面取消对贷款利率的限制,并实现了贷款基准利率的市场化形成机制,将我国利率的市场化改革又向前推进了一大步。由此利率的地位不断提高,随之货币政策的利率传导机制也日趋重要,但从一些实践情况看,有时利率传导效果并不理想。所以,探析我国货币政策利率传导效应,探寻阻碍因素,对于提高利率传导效应具有重要意义。为了为探究我国货币政策利率传导效应提供理论基础,文章首先概述了前人关于货币政策利率传导效应的相关研究,以及利率传导机制的经典理论。之后梳理了我国利率的市场化改革过程,并总结了我国当前的利率体系的主要特点,得知当前我国利率市场化改革尚未全面完成、官定利率和市场利率一并存在。在此基础上,为了进一步探究和检验当前我国利率传导的效应,文章从官定利率和市场利率角度进行实证分析,得出如下结论：我国货币政策利率传导部分失效,从作用方向看,官定利率和市场利率作用于各变量的方向很多时候是相反的,这在一定程度上抵消了货币政策利率传导的效用；从总体贡献程度看,市场利率的作用不断增强,但目前官定利率的贡献度仍强于市场利率,这说明市场利率的应有作用没有得到有效地发挥,当前货币当局还是主要通过对官定利率的调控来实现对实体经济的影响。基于以上,文章分别从我国当前利率未完全市场化、金融市场发展不完善、央行独立性不够等方面,分析导致我国货币政策利率传导部分失效的原因。并提出了相应对策包括进一步推进利率市场化、完善存款准备金制度、建立存款保险制度、发展金融市场、提高央行独立性等,有望为增强我国利率传导效果提供些许参考。
[Abstract]:Since 1996, when our country completed the marketization reform of interbank lending market interest rate, the degree of interest rate marketization has been deepening, especially in 2013, the restriction on loan interest rate has been completely removed, and the marketization mechanism of loan benchmark interest rate has been realized. The market-oriented reform of interest rate in our country has been pushed forward a big step forward. As a result, the interest rate transmission mechanism of monetary policy is becoming more and more important. However, from some practical situations, the interest rate transmission mechanism is becoming more and more important. Sometimes the effect of interest rate transmission is not ideal. In order to provide a theoretical basis for exploring the interest rate conduction effect of monetary policy in China, this paper first summarizes the previous studies on the interest rate conduction effect of monetary policy. And the classical theory of interest rate transmission mechanism. Then, it combs the process of interest rate marketization reform in China, summarizes the main characteristics of China's current interest rate system, and finds out that the current interest rate marketization reform in China has not yet been completed in an all-round way. Government interest rate and market interest rate exist together. On this basis, in order to further explore and test the effect of interest rate transmission in China, this paper makes an empirical analysis from the angle of government interest rate and market interest rate. The following conclusions are drawn: the transmission of interest rate of monetary policy in China is partially ineffective. In terms of the direction of action, the direction in which government interest rates and market interest rates act on various variables is often the opposite. This partly offset the effectiveness of the transmission of interest rates in monetary policy. In terms of the overall contribution, the role of market interest rates has been increasing, but at present the contribution of government interest rates is still stronger than that of market interest rates. This shows that the proper role of market interest rate has not been effectively brought into play. At present, the monetary authorities have mainly realized the impact on the real economy through the regulation and control of the official interest rate. Based on the above, this paper respectively starts from the fact that the current interest rate of our country is not completely market-oriented. In the aspects of imperfect development of financial market and insufficient independence of central bank, this paper analyzes the causes of partial invalidation of interest rate transmission of monetary policy in China, and puts forward corresponding countermeasures, including further promotion of interest rate marketization and perfection of deposit reserve system. The establishment of deposit insurance system, the development of financial market and the improvement of the independence of the central bank are expected to provide some references for enhancing the transmission effect of interest rate in China.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F822.0

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