结构性货币政策工具的作用机理与实施效果——以中国央行PSL操作为例  

Mechanism and Effectiveness of Structural Monetary Policy Tools: The Case of PBC's Pledged Supplementary Lending

作　　者：余振[1] 顾浩[2] 吴莹[3] 

机构地区：[1]武汉大学经济发展研究中心 [2]武汉大学经济与管理学院世界经济专业 [3]中国人民银行武汉分行

出　　处：《世界经济研究》2016年第3期36-44,69,共10页World Economy Studies

基　　金：国家社会科学基金重大攻关项目"后金融危机时代中国参与全球经济再平衡的战略与路径研究"(项目编号:11&ZD008);武汉大学哲学社会科学优势和特色学术领域建设计划"后危机时代世界经济格局变动对中国的机遇和挑战"的阶段性研究成果

摘　　要：当前,中国整体流动性环境呈现出总量盈余和结构性短缺并存的状况,中国人民银行创新性地推出了多项结构性货币政策工具。文章以中国央行的PSL为例,分析其类型、目标和运行方式上的特征,并在阐释其作用机制的基础上,运用事件分析法研究了该操作的实施效果。实证结果显示,中国央行的PSL政策效果相对显著,在部分实施阶段能有效降低中期利率水平,减少社会融资成本,但在个别阶段效果相对较小且不稳定。因此,中国央行在进一步施行PSL这一类结构性货币政策工具时,需要更多地发挥市场调节作用,优化风险资产和优质资产比例,提高政策声明可信度。Currently,China's overall liquidity environment shows a coexistence of total abundance and structural shortage,so People's Bank of China introduced a number of innovative structural monetary policy tools. This paper takes PSL as an example to analyze its type,objectives and operation. Based on explanation of its mechanism,the paper also applies case study method to the research on PSL's implementation effect. The empirical results show that the policy effect of PSL is relatively significant,effectively reducing the medium-term interest rates and loweing social financing cost in part of the implementation phase,but the effect is relatively small and unstable in other phases. Therefore,the People's Bank of China needs to play a regulatory role through market mechanism,optimize the proportion of risk and high-quality assets,and improve the credibility of the policy statement.

关 键 词：结构性货币政策工具 中国人民银行 央行 操作 市场调节作用 结构性短缺 事件分析法 政策效果 

分 类 号：F822.0[经济管理—财政学]