中國貨幣政策的利率傳導(dǎo)效力研究
本文選題:貨幣政策利率傳導(dǎo)機(jī)制 切入點(diǎn):傳導(dǎo)效力 出處:《華東師范大學(xué)》2013年碩士論文
【摘要】:貨幣政策的利率傳導(dǎo)路徑是貨幣政策的傳導(dǎo)渠道之一。該渠道主要指中央銀行運(yùn)用各種貨幣政策工具,對貨幣供給量產(chǎn)生沖擊,導(dǎo)致實(shí)際利率水平的改變,影響投資和消費(fèi)的資本成本和機(jī)會成本,從而最終導(dǎo)致總產(chǎn)出的變化。20世紀(jì)90年代以來,隨著利率市場化進(jìn)程的推進(jìn),我國的宏觀環(huán)境發(fā)生了重大變化,貨幣政策逐漸成為我國的主要調(diào)控手段,貨幣政策的利率傳導(dǎo)渠道在中央銀行的宏觀調(diào)控過程中也發(fā)揮著越來越重要的作用。因此,貨幣政策的利率傳導(dǎo)機(jī)制及其效力強(qiáng)度分析成為學(xué)術(shù)界及決策部門普遍關(guān)注的問題。研究社會主義市場經(jīng)濟(jì)條件下貨幣政策的利率傳導(dǎo)機(jī)制,分析我國貨幣政策的利率傳導(dǎo)機(jī)制的原理及效力,不僅可以更加明確具體的傳導(dǎo)路徑,還可以探究傳導(dǎo)過程中存在的導(dǎo)致效力減損的環(huán)節(jié)和癥結(jié)所在,對進(jìn)一步的利率市場化改革和提高貨幣政策的傳導(dǎo)效力的舉措具有理論和實(shí)踐意義。 本文理論和實(shí)踐相結(jié)合,在對貨幣政策的利率傳導(dǎo)機(jī)制進(jìn)行充分認(rèn)識的基礎(chǔ)上,運(yùn)用一系列的實(shí)證方法分階段研究貨幣政策的利率傳導(dǎo)效力。首先,對貨幣政策的利率傳導(dǎo)機(jī)制及效力的決定因素進(jìn)行探究,并充分認(rèn)識我國目前的貨幣政策利率傳導(dǎo)機(jī)制現(xiàn)狀;實(shí)證分析部分分為三個(gè)階段對利率傳導(dǎo)過程進(jìn)行分析,發(fā)現(xiàn)造成傳導(dǎo)路徑梗阻的原因;最后,從制度因素、金融市場和相關(guān)經(jīng)濟(jì)主體等角度發(fā)現(xiàn)現(xiàn)實(shí)經(jīng)濟(jì)中存在的導(dǎo)致效率減損的因素,并提出相應(yīng)建議。
[Abstract]:The interest rate transmission path of monetary policy is one of the transmission channels of monetary policy. Capital cost and opportunity cost, which affect investment and consumption, finally lead to the change of total output. Since 1990s, with the advancement of interest rate marketization, the macro environment of our country has changed greatly. Monetary policy has gradually become the main means of regulation and control in China, and the transmission channel of interest rate of monetary policy is playing a more and more important role in the macro-control process of the central bank. The interest rate transmission mechanism of monetary policy and its effectiveness intensity analysis have become a common concern of academic circles and policy-making departments. This paper studies the interest rate transmission mechanism of monetary policy under the condition of socialist market economy. By analyzing the principle and effectiveness of the interest rate transmission mechanism of monetary policy in China, we can not only clarify the specific transmission path, but also explore the link and crux of the transmission process which leads to the loss of effectiveness. It has theoretical and practical significance for further reform of interest rate marketization and improvement of transmission effect of monetary policy. This paper combines theory with practice, on the basis of fully understanding the mechanism of interest rate transmission of monetary policy, uses a series of empirical methods to study the effect of interest rate transmission of monetary policy in stages. This paper probes into the interest rate transmission mechanism of monetary policy and the determinant factors of its effectiveness, and fully understands the present situation of interest rate transmission mechanism of monetary policy in China, and the empirical analysis is divided into three stages to analyze the interest rate transmission process. Finally, from the perspective of institutional factors, financial markets and relevant economic subjects, we find out the factors that lead to the loss of efficiency in the real economy, and put forward corresponding suggestions.
【學(xué)位授予單位】:華東師范大學(xué)
【學(xué)位級別】:碩士
【學(xué)位授予年份】:2013
【分類號】:F822.0
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