我国利率传导机制区域异化的内生逻辑  

The endogenous logic of regional alienation of interest rate transmission mechanism

作　　者：王德忠[1] 秦丽[2] 

机构地区：[1]四川师范大学经济与管理学院 [2]中国人民银行成都分行

出　　处：《财经科学》2008年第9期19-26,共8页Finance & Economics

基　　金：国家社会科学基金(项目编号:06XJL015)资助

摘　　要：本文以1990—2007年的数据为样本,进行实证检验后发现,我国利率与投资、利率与消费并不存在显著的因果关系。其深层次原因在于我国不适当的考评机制促成地方政府"增长冲动",导致地方政府成为影响投资的内生型因素,利率传导机制出现区域异化现象。利率传导异化的现实后果是,地方政府偏好宽松的货币政策,而对从紧的货币政策进行抵制。矫正利率传导机制异化的关键措施在于改变现行地方政府政绩考评机制,有效约束地方政府的干预行为。This paper carries out the analysis with the data of investment, consumption, GDP and interest rates from 1990 to 2007 in China. Our findings show that no unapparent causal relationship between interest rates and investment, interest rates and consumption. The deeper reason is that China＇s improper evaluation mechanism leads to the local government＇ s ＂growth impulses＂, which make the local government become the endogenous factor affecting investment, resulting in regional alienation of interest rates transmission mechanism. The serious consequence is that local government prefers the looser monetary policy while boycotts the fight monetary policy. The improved evaluation mechanism of local govemment is the key measure of correcting regional alienation of interest rates transmission mechanism, which can restrict the local governments＇ administrative interference effectively.

关 键 词：利率 传导机制 区域异化 内生逻辑 

分 类 号：F822.0[经济管理—财政学]