价格型调控转型背景下我国利率传导效应研究  

Research on the Transmission Effect of China’s Interest Rate under the Background of Price-based Regulation and Transformation

作　　者：毕海霞[1] 王彧婧[1] Bi Haixia;Wang Yujing

机构地区：[1]河北金融学院金融创新与风险管理研究中心

出　　处：《价格理论与实践》2022年第6期86-90,193,共6页Price:Theory & Practice

基　　金：“河北金融学院金融创新与风险管理研究中心开放基金项目:新常态下京津冀区域金融风险的特征与防范对策研究(2018JDKF015)”课题成果。

摘　　要：畅通的货币政策传导机制是我国构建现代货币政策框架的主要内容之一。当前我国货币政策调控不断向价格型调控转型推进,以利率为核心的价格型传导效果逐步增强,这对于推动我国经济高质量发展具有重大意义。本文通过构建VAR模型分析价格型调控转型背景下的利率传导效果,研究结果表明:政策利率的短期传导效果较为显著,其在货币市场的传导效果优于债券市场和信贷市场,但债券市场和信贷市场之间的传导有待进一步顺畅,进而提升政策利率对实体经济的促进作用。对此,我国需要增强金融市场之间的联动性,提高政策利率到实体经济的传导效率,进一步疏通利率传导机制,健全价格型货币政策调控体系,实现我国宏观经济的平稳增长。A smooth monetary policy transmission mechanism is one of the main contents of China’s construction of a modern monetary policy framework. At present, China’s monetary policy control is continuously transforming into price-based control, and the price-based transmission effect with interest rates as the core is gradually increasing, which is of great significance for promoting the high-quality development of China’s economy. This paper analyzes the effect of interest rate transmission under the background of price-based regulation transition by constructing a VAR model. The research results show that the short-term transmission effect of the policy rate is more significant, and its transmission effect in the money market is better than that in the bond market and the credit market. However, the transmission between the bond market and the credit market needs to be further smoothed, so as to enhance the promotion effect of policy interest rates on the real economy. In this regard, China needs to strengthen the linkage between financial markets, improve the transmission efficiency of policy interest rates to the real economy, further unblock the interest rate transmission mechanism, and improve the price-based monetary policy control system to achieve stable growth of China’s macro economy.

关 键 词：政策利率 利率传导机制 金融市场 VAR模型 

分 类 号：F822.0[经济管理—财政学]