超额准备金、货币政策传导机制与调控方式转型——基于银行信贷市场的分析

发布时间：2018-02-14 02:01

本文关键词： 超额准备金率政策工具传导机制基础货币投放方式调控方式　出处：《世界经济研究》2017年06期 　论文类型：期刊论文

【摘要】：文章围绕超额准备金率时序特征展开,通过构建一个适于我国政策环境的政策工具传导机制的理论分析框架,对调控中需求端和供给端的传导机理进行了理论分析。研究发现:在经济增速和超储率双下滑的环境下,基准利率工具并不能通过风险承担机制影响银行贷款供给,其对信贷需求的调控效能会有所减弱。而准备金工具和公开市场操作则对信贷供给的传导效率有所增强。文章还使用结构变点单位根检验和SVAR模型对政策工具有效性进行了实证检验,结果支持了理论分析结论。文章认为在基础货币投放方式转变的当下,货币政策经历着从需求调控向供给调控方式的转型。而伴随着流动性收缩,价格型调控方式会得到进一步强化。
[Abstract]:Based on the temporal characteristics of excess reserve ratio, this paper constructs a theoretical analysis framework of the transmission mechanism of policy tools suitable for our country's policy environment. This paper theoretically analyzes the conduction mechanism between the demand side and the supply side in the regulation and control. It is found that the benchmark interest rate instrument can not affect the bank loan supply through the risk-bearing mechanism under the environment of economic growth rate and overstocking rate falling. The efficiency of regulation and control of credit demand will be weakened, while reserve instruments and open market operations will enhance the transmission efficiency of credit supply. The paper also uses structural change point unit root test and SVAR model to improve the efficiency of credit supply. The paper also uses the structural change point unit root test and SVAR model to improve the efficiency of credit supply. The validity is tested empirically. The results support the conclusion of theoretical analysis. This paper argues that monetary policy is undergoing a transition from demand regulation to supply regulation at the moment of the transformation of the basic money delivery mode, and accompanied by the contraction of liquidity. Price-based regulation will be further strengthened.
【作者单位】：西安交通大学经济与金融学院;
【分类号】：F822.0;F832

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