利率市場化對通貨膨脹的影響
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本文關(guān)鍵詞:利率市場化對通貨膨脹的影響 出處:《天津財經(jīng)大學(xué)》2013年碩士論文 論文類型:學(xué)位論文
更多相關(guān)文章: 利率市場化 名義利率 通貨膨 IS-LM模型 菲利普斯曲線
【摘要】:利率是資金的價格,它作為金融市場最重要的價格信號之一,對經(jīng)濟中的很多因素都有很大的影響。其中作為宏觀經(jīng)濟目標(biāo)之一的物價穩(wěn)定就與利率密切相關(guān),國家在治理通貨膨脹時,經(jīng)常用的手段之一就是調(diào)節(jié)利率,可是利率機制改革一直是我國一系列市場化改革中比較滯后的一環(huán)。我國的利率一直以來都是由政府部門管制著,這種制度嚴(yán)重地弱化了市場機制在調(diào)節(jié)社會資源配置中的基礎(chǔ)性作用。隨著我國金融制度深化改革以及市場經(jīng)濟進程的進一步深入,利率市場化已是大勢所趨。在我國通貨膨脹壓力長期存在的現(xiàn)實背景下,利率市場化會給通貨膨脹帶來什么樣的影響,這正是本文試圖回答的問題。 我國特殊的產(chǎn)權(quán)結(jié)構(gòu)決定了國有企業(yè)與非國有企業(yè)可能對利率的反應(yīng)不同,國有企業(yè)與非國有企業(yè)對利率不同的敏感程度決定了利率市場化下利率的基本變動趨勢,這種變動趨勢又決定了我國經(jīng)濟的一般均衡特征。為了能夠揭示市場利率與通貨膨脹的關(guān)系,我們借用IS-LM模型的分析框架,通過對IS-LM模型的擴展,構(gòu)建了基于名義變量的一般均衡模型,并分別討論了利率管制與利率市場化下利率與通脹兩者之間的關(guān)系。最后,本文還分別結(jié)合我國存貸款利率與銀行同業(yè)拆借利率的實際數(shù)據(jù),對相關(guān)的理論結(jié)論進行了實證驗證,同時還結(jié)合利率市場化下利率的變動趨勢對我國的通貨膨脹特征進行了展望,并相應(yīng)提出了控制通貨膨脹的政策建議。
[Abstract]:Interest rate is the price of funds. As one of the most important price signals in financial market, interest rate has a great influence on many factors in the economy, among which price stability, as one of the macroeconomic objectives, is closely related to interest rate. One of the ways the country often uses to control inflation is to regulate interest rates. However, the reform of interest rate mechanism has been a relatively backward link in a series of market-oriented reforms in China. The interest rate in our country has always been regulated by government departments. This system has seriously weakened the fundamental role of market mechanism in regulating the allocation of social resources. With the deepening of the reform of the financial system and the further deepening of the process of market economy in China. The marketization of interest rate is the trend of the times. Under the background of inflation pressure in China for a long time, what kind of influence interest rate marketization will bring to inflation is the question this paper tries to answer. The special property right structure of our country determines the different reaction of state-owned enterprises and non-state-owned enterprises to interest rate. The sensitivity of state-owned enterprises to interest rates is different from that of non-state-owned enterprises, which determines the basic trend of interest rate changes under the marketization of interest rates. In order to reveal the relationship between market interest rate and inflation, we use the analytical framework of IS-LM model. By extending the IS-LM model, this paper constructs a general equilibrium model based on nominal variables, and discusses the relationship between interest rate regulation and interest rate marketization and inflation. This paper also combined with the actual data of deposit and loan interest rate and interbank offered rate in China to verify the relevant theoretical conclusions. At the same time, combined with the trend of interest rate change under the marketization of interest rate, the paper forecasts the inflation characteristics of our country, and puts forward corresponding policy suggestions to control inflation.
【學(xué)位授予單位】:天津財經(jīng)大學(xué)
【學(xué)位級別】:碩士
【學(xué)位授予年份】:2013
【分類號】:F224;F822.0;F822.5
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