中美货币市场基准利率传导效应比较研究  

Comparative Study on Sino-US Money Market Benchmark Interest Rate Conduction Effect

作　　者：刘义圣[1] 王世杰[2,3] 

机构地区：[1]泉州师范学院中国经济研究中心 [2]华东交通大学经管学院 [3]福建师范大学

出　　处：《亚太经济》2015年第5期25-31,共7页Asia-Pacific Economic Review

基　　金：国家社科基金项目"利率市场化背景下基准利率问题研究(14BGL028)"的部分研究成果

摘　　要：我国利率市场化之前,基准利率不是市场决定但又离不开金融市场参与;利率市场化后,基准利率由货币金融市场决定但又必须承担政府调控的非市场化特征。通过分析利率市场化前后中美两国基准利率的市场传导效应,可以发现基准利率的确定并不是利率市场化的前提。利率市场化的推进有赖于基准利率是通过何种方式形成,更有赖于中央银行在利率市场化进程中扮演的合理角色。At present, China is in a transition period of the interest rate market-oriented reforms, The benchmark interest rate monetary authorities designated by the Government change to be formed of by the finan- cial markets. Regardless before or after the interest rate market, the benchmark interest occupy a dominant posi- tion in the interest rate system. Before the interest rate market, the benchmark interest rate is not a market deci- sion but can not be separated from the financial market participation; After the interest rate market, the bench- mark interest rate is determined by the monetary and financial markets, but it must be controlled by the govern- ment. Through the analysis of the interest rate market before and after the benchmark interest rate of the market conduction effect, it can be found that the benchmark interest rate is not the premise of the interest rate market. The advance of the interest rate market depends on the formation of the benchmark interest rate, but also depends on the proper role of the central bank in the process of interest rate market.

关 键 词：基准利率 中央银行 利率市场化 

分 类 号：F830.3[经济管理—金融学]