公开市场业务到利率走廊:我国利率调控模式的实然与应然

发布时间：2018-05-18 01:40

本文选题：利率调控模式 + 公开市场操作　；参考：《社会科学研究》2017年06期

【摘要】：与公开市场操作相比,利率走廊系统具有明显优势,但是构建所要求的条件十分苛刻。我国已基本取消利率管制,货币调控政策的重心也逐渐转向利率调控,然而社会、经济和技术等方面尚不完全具备实施利率走廊调控的条件,需要立足国情探索一条公开市场业务向利率走廊逐渐过渡的道路,既非实行纯粹的公开市场业务,亦非实施纯粹的利率走廊,而是"公开市场业务+利率走廊",通过利率走廊将市场利率控制在其区间内,同时借助公开市场操作对利率进行精确调控,使其逼近基准利率。未来我国有希望建立纯粹的利率走廊机制,但需要完善存款准备金制度,降低法定准备金,简化和完善商业银行对常备借贷便利的使用。
[Abstract]:Compared with the open market operation, the interest rate corridor system has obvious advantages, but the construction requirements are very harsh. China has basically abolished the interest rate control, and the focus of monetary control policy has gradually shifted to interest rate control. However, the social, economic and technical aspects are not fully equipped to implement the interest rate corridor regulation. There is a need to explore a path towards a gradual transition from open market operations to interest rate corridors based on national conditions, which is neither a pure open market business nor a pure interest rate corridor. It is called "Open Market Business interest rate Corridor", which controls the market interest rate in its range through the interest rate Corridor, and makes it approach the benchmark interest rate by means of the precise regulation of the open market operation. In the future, China is hopeful to establish a pure interest rate corridor mechanism, but it is necessary to perfect the system of deposit reserve, reduce the legal reserve, simplify and perfect the use of standing loan facilities by commercial banks.
【作者单位】：泉州师范学院中国经济研究中心;福建师范大学经济学院;
【基金】：国家社会科学基金项目“利率市场化后央行基准利率问题研究”(14BGL028)
【分类号】：F822.0

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