利率市场化背景下货币政策利率渠道有效性研究

发布时间：2018-03-22 13:24

本文选题：货币政策　切入点：利率期限结构　出处：《浙江理工大学》2017年硕士论文　论文类型：学位论文

【摘要】：货币政策传导机制是货币政策的核心内容,货币政策传导机制的效率直接影响货币政策调控宏观经济的效率。其中,货币政策利率传导机制是最为基础和重要的。在当前经济金融活动日益证券化、市场化和国际化的背景下,利率的作用显得尤为重要,利率也已经成为了货币政策能否传导到实体经济的关键因素。随着我国利率市场化的稳步推进,利率传导效应在我国货币政策传导过程中的作用将会越来越重要。进而,研究我国货币政策的利率传导机制有效性具有重要的现实意义,它有助于加深我们对中国宏观经济金融运行中的许多现实问题的认识,有助于我们弄清阻碍货币政策传导的体制性和制度性问题,从而为政府进一步深化金融改革提供理论依据。本文在整体结构上共分为以下六个部分:第一部分为绪论,主要包括本研究的背景、目标和意义,以及内容和方法。第二部分回顾了货币政策利率渠道相关研究的理论文献基础;综述了货币政策利率渠道的国内外最新研究状况,在利率市场化改革进程中货币政策利率渠道的影响以及国外金融自由化下的利率传导情况;并简要说明下目前的货币政策利率渠道研究可能存在的问题。第三部分结合中国的实际情况综合分析利率分割条件下的消费效应和投资效率,阐述其传导机制提出了假说;研究分析了利率期限结构在货币政策利率渠道传导中的影响;基于主流的利率期限结构理论,从而分析利率期限结构对货币政策利率传导渠道的影响。第四部分阐述了中国利率市场化进程;从利率与产出结构关系波动、金融市场分割下的利率分割以及不同利率期限结构与产出的关系波动上分析我国货币政策利率传导渠道传导的有效性程度及其变动趋势。第五部分运用计量模型来探讨我国货币政策利率渠道的有效性程度及利率期限结构对货币政策利率渠道的影响,并检验利率与消费效应、投资效率的理论假说。并分析货币政策利率传导渠道的有效性及不同利率期限结构对货币政策利率渠道的影响。第六部分根据第四部分实证分析得出研究结论:中国货币政策利率渠道在对实体经济的传导过程中的有效性有所增强,利率期限结构对货币政策的实施和通货膨胀预期变得更为有效;并提出政策建议:继续发展并培育市场化的基准利率体系;加强货币市场和资本市场之间的联动反应机制。
[Abstract]:Monetary policy transmission mechanism is the core content of monetary policy. The efficiency of monetary policy transmission mechanism directly affects the efficiency of monetary policy regulation and control of macro economy. The transmission mechanism of interest rate of monetary policy is the most basic and important. Under the background of increasing securitization, marketization and internationalization of economic and financial activities, the role of interest rate is particularly important. Interest rate has also become a key factor in whether monetary policy can be transmitted to the real economy. With the steady progress of interest rate marketization in China, the effect of interest rate conduction will become more and more important in the transmission process of monetary policy in China. It is of great practical significance to study the effectiveness of the interest rate transmission mechanism of China's monetary policy, which is helpful to deepen our understanding of many practical problems in China's macroeconomic and financial operation. It is helpful for us to find out the institutional and institutional problems that hinder the transmission of monetary policy, so as to provide the theoretical basis for further deepening the financial reform. This paper is divided into the following six parts in the overall structure: the first part is the introduction. The second part reviews the theoretical basis of monetary policy interest rate channel research, summarizes the latest domestic and foreign research situation of monetary policy interest rate channel. The influence of monetary policy interest rate channel in the process of interest rate marketization reform and the transmission of interest rate under foreign financial liberalization; The third part analyzes the consumption effect and investment efficiency under the condition of interest rate segmentation, and puts forward the hypothesis of the transmission mechanism. This paper analyzes the influence of term structure of interest rate on the transmission of interest rate channel of monetary policy; based on the mainstream theory of term structure of interest rate, Then it analyzes the influence of term structure of interest rate on the transmission channel of interest rate of monetary policy. The fourth part expounds the process of interest rate marketization in China, and analyzes the fluctuation of the relationship between interest rate and output structure. This paper analyzes the validity of the transmission of interest rate transmission channel in China's monetary policy and its changing trend in terms of the interest rate segmentation under the segmentation of the financial market and the fluctuation of the relationship between the term structure of different interest rates and the output. The fifth part uses the econometric model. To explore the effectiveness of the interest rate channel of monetary policy in China and the influence of the term structure of interest rate on the interest rate channel of monetary policy. And examine interest rates and consumption effects, The theoretical hypothesis of investment efficiency, and the analysis of the effectiveness of monetary policy interest rate transmission channel and the different interest rate term structure on the monetary policy interest rate channel. The effectiveness of interest rate channels in China's monetary policy has increased in the transmission process to the real economy. The term structure of interest rate becomes more effective to the implementation of monetary policy and the expectation of inflation, and puts forward some policy suggestions: to continue to develop and cultivate the market-oriented benchmark interest rate system, and to strengthen the linkage reaction mechanism between the money market and the capital market.
【学位授予单位】：浙江理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F822.0;F832.5

【相似文献】