中期政策利率传导机制研究——基于商业银行两部门决策模型的分析

发布时间：2018-10-15 09:59

【摘要】：当金融市场不完美时,短期利率向中长期利率传导会遇到阻碍,因此发达经济体在应对国际金融危机中使用了非常规货币政策调控中长期利率。我国金融市场发展还不成熟,利率市场化还在进行之中,为此中央银行创新了作为央行利率的中期政策利率进行间接调控。本文基于我国商业银行内部相互分割的两部门决策机制,建立了三阶段博弈的理论模型,分析了中央银行以中期政策利率先后影响信贷市场以及货币市场和债券市场的传导机制,将市场化因素引入商业银行资产负债表,从而建立了不完美金融市场条件下市场化货币政策传导机制的微观基础。模型结论表明央行中期政策利率对引导商业银行贷款数量和利率具有显著作用,其效果明显优于央行短期政策利率。
[Abstract]:When the financial market is not perfect, short-term interest rates to the medium and long term interest rate transmission will encounter obstacles, so developed economies in response to the international financial crisis in the use of non-conventional monetary policy to regulate the medium and long term interest rates. China's financial market is not mature, interest rate marketization is still in progress, so the central bank has innovated the intermediate policy interest rate as the central bank interest rate to carry on indirect regulation. Based on the two-department decision-making mechanism of internal division of commercial banks in China, this paper establishes a three-stage game theory model. This paper analyzes the transmission mechanism of the central bank influencing the credit market, the money market and the bond market successively with the medium-term policy interest rate, and introduces the market-oriented factors into the balance sheet of the commercial bank. Thus, the micro-foundation of the transmission mechanism of market-oriented monetary policy under imperfect financial market conditions is established. The conclusion of the model shows that the medium-term policy interest rate of the central bank plays a significant role in guiding the amount of loans and interest rates of commercial banks, and its effect is obviously superior to the short-term policy interest rate of the central bank.
【作者单位】：中国人民银行金融研究所;北京大学经济学院;
【分类号】：F832.33

【相似文献】