人民币国际化背景下我国货币政策金融市场传导效应研究  

Research on the Conduction Effect of Monetary Policy and Financial Market in China under the Background of RMB Internationalization

作　　者：苏阳[1] 郭敏[1] 安立波[1] 易扬[1] 姚林华[1] 陈文杰[1] 蓝梓豪 

机构地区：[1]中国人民银行南宁中心支行,广西南宁530028

出　　处：《区域金融研究》2016年第3期4-14,共11页Journal of Regional Financial Research

摘　　要：本文通过引入人民币国际化指数,构建向量自回归模型(VAR),研究人民币国际化背景下我国金融市场对货币政策的传导效应。实证结果表明:在人民币国际化步伐加快背景下,流动性和利率调控政策对股票市场的持续传导效应有所减弱,对债券市场传导效应开始逐渐显现,对黄金市场的传导效应微弱;在流动性和利率波动影响下,同业拆借市场和外汇市场的波动幅度出现了一定的放大;股票、债券、同业拆借三个子市场间存在一定的联动效应。最后,结合实证结果和美元国际化进程中货币政策与金融市场关系,从进一步提高货币政策有效性、加快发展高效金融市场和稳步推进人民币国际化等方面提出相应的政策建议。This paper introduces the index of RMB internationalization to construct VAR model and studies the conduction effect of monetary policy and financial market under the background of RMB internationalization. Empirical results show that ： under the background of RMB internationalization acceleration, conduction effect of liquidity and in- terest rate policy on the stock market continuous weakened, effects on bond market began to appear, but conduction ef- fect of monetary policy on the gold market is weak ; the volatility of the interbank market and the foreign exchange mar- ket has been enlarged. There are certain linkage effects among the three sub market including stock, bond and inter- bank lending market, Finally, combined with relationship of monetary policy and financial market in the process of dollars internationalization, the paper puts forward policy recommendations on further improving the effectiveness of monetary policy, accelerating the development of efficient financial markets, steadily promoting the internationalization of RMB.

关 键 词：人民币国际化 货币政策 金融市场 传导效应 

分 类 号：F821.0[经济管理—财政学]