商业银行同业业务对货币政策效率的影响  

The Impact of Commercial Bank Business on Monetary Policy Efficiency

作　　者：王文烈[1] 南钦文 

机构地区：[1]上海文化广播影视集团财务有限公司,上海200041 [2]浙江大学经济学院,浙江杭州310058

出　　处：《浙江金融》2017年第3期38-46,73,共10页Zhejiang Finance

摘　　要：近年来,我国商业银行同业业务发展迅速,表现出增长速度快、合作范围广、品种多样化等特征,但也存在干扰货币政策和扰乱金融秩序等问题。本文在概括我国商业银行同业业务发展情况的基础上,以2005-2016年的数据为样本,从理论及实证两个方面论证了同业业务的发展干扰货币政策有效性的问题。结果显示,同业业务的发展,会削弱利率水平对货币政策目标的反向抑制作用,并加强狭义货币供应量对货币政策目标的正向促进作用,因此需要得到更为规范的监管。In recent years,China＇s interbank business has developed rapidly.However,interbank business interferes monetary policy efficiency and financial order when it progresses in scale and types.Based on the generalization of the development of interbank business,we focus on the impacts of interbank business on monetary policy efficiency and financial stability during the period of 2005-2016 theoretically and empirically.The results show that interbank business would weaken the negative effect of the interest rate on the objectives of monetary policy,and would strengthen the positive effect of money supply on the objectives of monetary policy.So the interbank business needs strict supervision.

关 键 词：同业业务 货币政策 

分 类 号：F822.0[经济管理—财政学]