新型货币政策工具对货币市场利率的影响研究  

Research on the Impact of Innovative Monetary Policy Tools on Money Market Interest Rate

作　　者：谭桂芳 魏琪 TAN Guifang;WEI Qi

机构地区：[1]重庆工商大学金融学院

出　　处：《中国证券期货》2022年第3期64-75,共12页Securities & Futures of China

摘　　要：在我国流动性环境发生大变化的情况下,中国人民银行创设了一系列新型货币政策工具来调节市场流动性,以稳定金融市场。本文以常备借贷便利、抵押补充贷款和中期借贷便利为研究对象,通过构建VAR模型来实证检验此三类货币政策工具对货币市场短期以及中期利率的影响。研究结论表明:常备借贷便利在短期内能够降低货币市场短期利率,但这种作用并不显著;抵押补充贷款在短期内能够显著降低货币市场中期利率,长期中,这种影响会逐渐减弱;不同期限的中期借贷便利对货币市场利率的引导作用存在异质性,同类期限的中期借贷便利对不同期限的同类货币市场利率产生不一致的影响。进一步研究发现,1年期的中期借贷便利对同期限不同类型的货币市场利率的影响存在异质性,常备借贷便利、抵押补充贷款以及6月期的中期借贷便利对不同类型货币市场利率的影响存在相似性。本文提出央行应该进一步提升新型结构性货币政策利率传导的有效性,加强传导的连贯性。加强借贷便利类工具的信息披露程度以及各借贷便利类工具的作用对象等建议。With the great changes in China’s liquidity environment, the central bank has created a series of new monetary policy tools to regulate market liquidity and stabilize the financial market.In this paper, standing loan facility, mortgage supplementary loan and medium-term loan facility are taken as research objects, and the VAR model is constructed to empirically test the impact of these three monetary policy tools on short-term and medium-term interest rates in money market.The results show that LSF can reduce the short-term interest rate of money market in a short time, but this effect is not significant;PSL can significantly reduce the medium-term interest rate of money market in the short term, and this effect will gradually weaken in the long term;MLF of different periods has heterogeneity in guiding interest rates in money market, and MLF of the same period has inconsistent influence on interest rates in the same money market of different periods.Further research shows that the effects of one-year MLF on different types of money market interest rates in the same period are heterogeneous, and the effects of SLF,PSL and June MLF on different types of money market interest rates are similar.This paper proposes that the central bank should further enhance the effectiveness of interest rate transmission of structural monetary policy, strengthen the continuity of transmission, strengthen the information disclosure degree of lending facilities and the role objects of various lending facilities.

关 键 词：货币市场利率 中期借贷便利 常备借贷便利 抵押补充贷款 

分 类 号：F83[经济管理—金融学]