货币政策对民间借贷利率的作用机制与实施效果

发布时间：2018-10-23 21:15

【摘要】：本文试图从机会成本渠道、资产替代渠道、资产负债表渠道及逆向选择渠道对货币政策影响民间借贷利率的作用机制进行理论解释,论文运用回归分析模型与中介效应检验方法,以"宏观货币政策实施→信贷市场变化→民间借贷利率调整"为分析路径,实证考察我国货币政策对民间借贷利率的实施效果。研究发现,紧缩性的货币政策立场将引导民间借贷利率上行,价格型与数量型货币政策效果存在差异。与存款准备金政策有所不同,贷款基准利率调整未能显著影响民间借贷利率。进一步基于中介效应的检验结果表明,在货币政策立场对民间借贷利率的传导路径中,以信贷利率、信贷规模及银行风险承担为中介变量的中介效应显著,表明信贷市场通过机会成本渠道、资产替代渠道及逆向选择渠道发挥了显著的中介效应。
[Abstract]:This paper attempts to explain theoretically the mechanism of the influence of monetary policy on private lending interest rate from opportunity cost channel, asset substitution channel, balance sheet channel and adverse selection channel. Using regression analysis model and intermediary effect test method, this paper analyzes the effect of monetary policy on private lending interest rate by taking "macro monetary policy implementation of credit market change and private lending interest rate adjustment" as the analysis path. It is found that the contractionary stance of monetary policy will lead to the increase of private lending interest rate, and the effect of price type and quantitative type of monetary policy is different. Different from the deposit reserve policy, the adjustment of the benchmark loan interest rate has not significantly affected the private lending rate. Furthermore, the test results based on intermediary effect show that, in the transmission path of monetary policy position to private lending interest rate, the intermediary effect with credit interest rate, credit scale and bank risk bearing as intermediary variable is significant. It shows that credit market plays a significant intermediary effect through opportunity cost channel, asset substitution channel and adverse selection channel.
【作者单位】：宁波大学商学院;温州大学金融研究院;
【基金】：国家社科基金重大项目“创新与完善我国民间金融监管协调机制研究”(14ZDA045)阶段性成果宁波大学人文社会科学培育项目研究成果
【分类号】：F822.0;F832.4

【相似文献】