利率分层制度下央行数字货币利率的设计与政策含义  

Central Bank Digital Money Interest Rate Under the Interest Rate Stratification System:Policy Design and Implications

作　　者：黄祥钟 陈铭 Huang Xiangzhong;Chen Ming(School of Economics and Management,Fuzhou University,Fujian,Fuzhou 350108,China;School of Social Sciences,University of York,YO105DD,Yorkshire,England)

机构地区：[1]福州大学经济与管理学院,福建福州350108 [2]约克大学社会科学学院,英格兰约克郡Y0105DD

出　　处：《金融经济学研究》2021年第4期3-15,共13页Financial Economics Research

基　　金：福建省哲学社会科学规划项目成果(FJ2020MJDZ014);福建省教育厅教育科研项目(JAS19503)。

摘　　要：在中国央行数字货币现行发行框架下,参考欧洲和日本负利率政策的实现方式,以央行数字货币作为载体并限定其利率浮动范围,在尽量保证金融稳定的基础上通过利率分层制度将数字货币利率引入中国的利率体系,以探索一种新型的货币政策操作工具。通过构建一个包含四部门的、关于金融市场利率传导的均衡模型,在理论上推导限定条件下数字货币利率可能产生的政策效果,并通过TVP-VAR模型用仿真数据模拟政策效果,研究发现,特定条件下的央行数字货币利率能够在对原有存贷款利率、再贴现利率保持中性影响的基础上,通过调节企业债务融资市场利率,进一步引导企业的实际融资成本下降。Within the current framework of digital money issuance of the People’s Bank of China and referring to the negative interest rate policy practice in Europe and Japan,this study introduced the interest rate of digital money into China’s interest rate system through interest rate stratification while ensuring financial stability as much as possible.A new type of monetary policy instrument was explored,in which the Central Bank’s digital money is used as a carrier and its interest rate’s floating range is limited.A four-department equilibrium model of interest rate transmission in the financial market was constructed to theoretically derive the policy effects under constraints,which were further assessed with the TVP-VAR model using simulation data.It was found that under specific conditions,the Central Bank’s digital money interest rate could adjust the interest rate of the enterprise debt financing market and further lower enterprises’actual financial costs while keeping neutrality toward the original deposit and loan interest rate and rediscount interest rate.

关 键 词：央行数字货币利率 利率分层制度 超额存款准备金 利率传导均衡模型 TVP-VAR模型 

分 类 号：F832.31[经济管理—金融学]