利率政策对货币市场的“非对称性”传导  

The Study of "Asymmetry" Conduction of Interest Rate Policy to Monetary Market

作　　者：陈红霞[1] 袁显平[2] 

机构地区：[1]西安交通大学经济与金融学院,陕西西安710061 [2]西安科技大学管理学院,陕西西安710054

出　　处：《广东金融学院学报》2011年第4期25-33,共9页Journal of Guangdong University of Finance

基　　金：陕西省软科学研究计划项目(2009KRM090);陕西省教育厅项目(2010JK217);西安科技大学校内培育基金(200838)资助

摘　　要：运用事件研究法,检验了2007~2010年在通胀和危机背景下中国10次调整存贷款基准利率对同业拆借市场利率的影响。研究发现,利率调整对市场利率存在非对称性传导效应,主要表现在,降息会使市场利率下降,加息却对短期市场利率产生显著的负向效应。究其原因在于,中国利率市场化程度不高和货币超经济发行导致银行体系内流动性过剩。This paper used event study methodology testing empirically the transmission efficiency of China central bank adjusting interest rates 10 times to inter-bank market rates in the context of inflation and crisis 2007-2010.We found that adjusting deposit and lending rates had asymmetry conduction effects on market interest rates,that is,lowering interest rates led market interest rates to drop while raising interest rate had negative effect significantly.The reason was that China interest rate liberalization lever was not high,and monetary issue exceeded the economy development＇s needs which has led to excess liquidity in the banking system.

关 键 词：利率政策 市场利率 预期效应 学习效应 

分 类 号：F821.0[经济管理—财政学]