操作目标利率的选择与传导——基于MLF利率与隔夜利率的实证检验  

Selection and Transmission of Operation Target Interest Rate:An Empirical Test Based on MLF Interest Rate and Overnight Interest Rate

作　　者：童晶[1] 汤春玲[2] TONG Jing;TANG Chunling(International College,Central South University of Forestry and Technology,Changsha,Hunan 410004,China;School of Economics,Central South University of Forestry and Technology,Changsha,Hunan 410004,China)

机构地区：[1]中南林业科技大学国际学院,湖南长沙410004 [2]中南林业科技大学经济学院,湖南长沙410004

出　　处：《财经理论与实践》2021年第1期26-32,共7页The Theory and Practice of Finance and Economics

基　　金：湖南省社会科学成果评审委员会课题(XSP20YBC392);湖南省教育厅科学研究优秀青年项目(18B183);中南林业科技大学引进人才科研启动基金项目(2019YJ055);教育部哲学社会科学研究重大课题攻关项目(17JZD015);湖南省教育厅科学重点研究项目(18A165)。

摘　　要：依据2014-2018年月度数据,运用VAR模型考量MLF利率与隔夜利率对贷款加权利率、商业银行行为以及金融市场利率与金融市场波动的影响。结果表明:MLF利率对贷款加权利率和商业银行行为的影响较大,隔夜利率对金融市场利率和金融市场波动的影响较大。鉴此,应利用MLF利率调节贷款加权利率与商业银行行为,利用隔夜利率调节金融市场利率与金融市场波动,当两种利率的调节效果收敛接近时,再最终确定唯一的操作目标利率。Based on monthly data from 2014 to 2018,MLF interest rate and overnight interest rate are selected as the alternative indicators of the operation target interest rate,and the VAR model is established to test the effects.The results show that:the impact of MLF interest rate on loan weighted interest rate and credit volume is stronger than that of overnight interest rate on loan weighted interest rate and credit volume.Also,the impacts of overnight interest rate on financial market interest rate and financial market volatility is stronger than the impacts of MLF interest rate on financial market interest rate and financial market volatility.

关 键 词：操作目标利率 MLF利率 隔夜利率 

分 类 号：F831.6[经济管理—金融学]