分层系统下的短期利率调控:机理、经验及启示  

Short-term Interest Rate Control in a Tiering System:Experience,Mechanisms,and Implications

作　　者：王文汇 WANG Wenhui(Chinese Academy of Social Sciences Evaluation Studies,Beijing 100732,China)

机构地区：[1]中国社会科学评价研究院

出　　处：《金融评论》2024年第2期135-154,158,共21页Chinese Review of Financial Studies

摘　　要：2008年国际金融危机驱使全球货币政策框架向流动性过剩条件叠加长期低(负)利率立场转变,继而引发银行间同业拆借市场交易萎缩、机构盈利能力受损等问题。在此背景下,分层系统调控模式应运而生。本文通过构建同业拆借市场准备金需求模型,剖析了不同类型分层系统对短期利率的调控机理;然后在梳理新西兰、丹麦、挪威、欧元区、瑞士和日本政策实践的基础上,探讨了分层系统的主要优势、定位及在我国的应用前景。结果表明,附带分层系统的利率走廊能同时实现引导短期利率、刺激同业拆借市场交易和保护银行盈利的目的,其行之有效的关键在于合理设计惩罚性低利率豁免规则。对于我国而言,尽管当前暂无设立分层系统的必要性,但不妨将其作为应对自然利率长期下行趋势、助力央行数字货币平稳落地的备选之策。本文研究结论可为进一步完善适合我国国情、适应经济高质量发展、适配中国式现代化需要的货币政策框架提供参考。Following the 2008 financial crisis,global monetary policy shifted towards a pattern marked by low or negative interest rates and ample liquidity,precipitating challenges like a contraction in interbank market activity and reduced institutional profitability.In response,tiering systems emerged as a solution.This paper constructs reserve demand models for the interbank market to examine how different tiering systems impact short-term interest rates.Subsequently,it reviews tiering system policies in New Zealand,Denmark,Norway,the Eurozone,Switzerland,and Japan,discussing their advantages and roles,and exploring potential applications in China.The analysis reveals that an interest rate corridor featuring a tiering system effectively guides short-term interest rates,boosts market transactions,and safeguards bank profitability.The efficacy of such a system hinges on the design of exemption rules.While there is presently no imperative for China to implement a tiering system,it could be considered as a strategic option to address the prolonged downward trend of the natural rate and facilitate the smooth introduction of the central bank's digital currency.The conclusions of this study offer insights for enhancing China's monetary policy framework,tailored to its national context,conducive to high-quality economic development,and aligned with the requirements of modernization with Chinese characteristics.

关 键 词：分层系统 利率走廊 货币政策操作 流动性管理 

分 类 号：F832[经济管理—金融学]