利率走廊与准备金制度的互动效应及中国选择

发布时间：2019-06-22 18:07

【摘要】：作为利率调控的主要制度,利率走廊和准备金制度之间并不是完全竞争的关系,它们之间实际存在不可忽视的互动关系:一方面,准备金制度对利率走廊运作模型与实施效果有影响;另一方面,利率走廊对准备金制度的功能深化与形式变化也有影响。为此,在利率走廊机制的影响下,要想充分发挥准备金制度对市场利率的间接调控功能,就可能需要推动准备金制度由法定准备金制度向自愿准备金制度转型。基于这点考虑,在中国货币政策框架从数量型向价格型转变过程中构建利率走廊机制,除了要理顺利率结构体系,明确同业拆借利率的调控目标功能;完善市场体系建设,培育商业银行的风险中性特征;特别关键的一点是要推动准备金制度转型,为商业银行提供接近对称的机会成本,以简化商业银行和中央银行的储备决策管理。
[Abstract]:As the main system of interest rate regulation and control, the relationship between interest rate corridor and reserve system is not completely competitive, and there is an interaction between them that can not be ignored: on the one hand, reserve system has an impact on the operation model and implementation effect of interest rate corridor; on the other hand, interest rate corridor also has an impact on the function deepening and form change of reserve system. Therefore, under the influence of interest rate corridor mechanism, in order to give full play to the indirect regulation and control function of reserve system to market interest rate, it may be necessary to promote the transformation of reserve system from legal reserve system to voluntary reserve system. Based on this consideration, the construction of interest rate corridor mechanism in the process of the transformation of China's monetary policy framework from quantitative to price should not only straighten out the interest rate structure system, clarify the regulation and control target function of interbank lending rate, perfect the construction of market system, cultivate the risk-neutral characteristics of commercial banks, but also improve the construction of market system and cultivate the risk-neutral characteristics of commercial banks. The key point is to promote the transformation of reserve system and provide commercial banks with nearly symmetrical opportunity costs in order to simplify the reserve decision management of commercial banks and central banks.
【作者单位】：福建社会科学院;泉州师范学院中国经济研究中心;
【基金】：国家社科基金项目“利率市场化后的央行基准利率问题研究”(14BGL028)的资助
【分类号】：F822.0

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