贷款额度对政策利率变动的敏感性——来自澳大利亚的经验  

The Price-sensitiveness of Different Sized-loan to Policy Rate Change:Evidence from Australia

作　　者：刘吕科[1] 张定胜[1] 

机构地区：[1]中央财经大学中国经济与管理研究院

出　　处：《投资研究》2012年第7期90-98,共9页Review of Investment Studies

基　　金：教育部科技创新工程重大项目培育资金项目(项目编号:708015);项目主持人:张定胜

摘　　要：本文采用澳大利亚1997年第3季度到2010年第4季度的数据,研究了不同额度贷款对利率变动的敏感性。我们的研究发现,政策利率的变化对不同额度贷款的影响不同,对中小额度贷款余额的影响较明显,而对大额贷款无显著影响。同时,相对于小额贷款,政策利率变化对中等额度贷款的影响程度更大。因此,中央银行在调整基准利率时,必须注意到各类贷款额度对利率敏感性的不同,以有效的控制信贷规模和方向。The paper investigates the different impact of adjusting policy rate on different size of loans using Australian data from the third quarter of 1997 to the fourth quarter of 2010. We find that changing policy rate has different influence on different size of loan. It has a significant influence on small and medial sized loan while it has little influence on the large sized loan. Compared to the small sized loan, adjusting policy rate has a bigger impact on the medial sized loan. So the central bank should consider the various sensitivity of different sized loan to policy rate adjusting in order to effective control the scale and direction ofcredit.

关 键 词：贷款额度 政策利率 敏感性 

分 类 号：F836.11[经济管理—金融学] F224