本文關鍵詞： 貨幣政策 利率市場化 利率傳導機制 傳導效應　出處：《天津財經(jīng)大學》2014年碩士論文　論文類型：學位論文

【摘要】：從1996年我國完成了同業(yè)拆借市場利率的市場化改革以來,利率的市場化程度不斷深入,特別是在2013年,全面取消對貸款利率的限制,并實現(xiàn)了貸款基準利率的市場化形成機制,將我國利率的市場化改革又向前推進了一大步。由此利率的地位不斷提高,隨之貨幣政策的利率傳導機制也日趨重要,但從一些實踐情況看,有時利率傳導效果并不理想。所以,探析我國貨幣政策利率傳導效應,探尋阻礙因素,對于提高利率傳導效應具有重要意義。為了為探究我國貨幣政策利率傳導效應提供理論基礎,文章首先概述了前人關于貨幣政策利率傳導效應的相關研究,以及利率傳導機制的經(jīng)典理論。之后梳理了我國利率的市場化改革過程,并總結了我國當前的利率體系的主要特點,得知當前我國利率市場化改革尚未全面完成、官定利率和市場利率一并存在。在此基礎上,為了進一步探究和檢驗當前我國利率傳導的效應,文章從官定利率和市場利率角度進行實證分析,得出如下結論：我國貨幣政策利率傳導部分失效,從作用方向看,官定利率和市場利率作用于各變量的方向很多時候是相反的,這在一定程度上抵消了貨幣政策利率傳導的效用；從總體貢獻程度看,市場利率的作用不斷增強,但目前官定利率的貢獻度仍強于市場利率,這說明市場利率的應有作用沒有得到有效地發(fā)揮,當前貨幣當局還是主要通過對官定利率的調控來實現(xiàn)對實體經(jīng)濟的影響�；谝陨�,文章分別從我國當前利率未完全市場化、金融市場發(fā)展不完善、央行獨立性不夠等方面,分析導致我國貨幣政策利率傳導部分失效的原因。并提出了相應對策包括進一步推進利率市場化、完善存款準備金制度、建立存款保險制度、發(fā)展金融市場、提高央行獨立性等,有望為增強我國利率傳導效果提供些許參考。
[Abstract]:Since 1996, when our country completed the marketization reform of interbank lending market interest rate, the degree of interest rate marketization has been deepening, especially in 2013, the restriction on loan interest rate has been completely removed, and the marketization mechanism of loan benchmark interest rate has been realized. The market-oriented reform of interest rate in our country has been pushed forward a big step forward. As a result, the interest rate transmission mechanism of monetary policy is becoming more and more important. However, from some practical situations, the interest rate transmission mechanism is becoming more and more important. Sometimes the effect of interest rate transmission is not ideal. In order to provide a theoretical basis for exploring the interest rate conduction effect of monetary policy in China, this paper first summarizes the previous studies on the interest rate conduction effect of monetary policy. And the classical theory of interest rate transmission mechanism. Then, it combs the process of interest rate marketization reform in China, summarizes the main characteristics of China's current interest rate system, and finds out that the current interest rate marketization reform in China has not yet been completed in an all-round way. Government interest rate and market interest rate exist together. On this basis, in order to further explore and test the effect of interest rate transmission in China, this paper makes an empirical analysis from the angle of government interest rate and market interest rate. The following conclusions are drawn: the transmission of interest rate of monetary policy in China is partially ineffective. In terms of the direction of action, the direction in which government interest rates and market interest rates act on various variables is often the opposite. This partly offset the effectiveness of the transmission of interest rates in monetary policy. In terms of the overall contribution, the role of market interest rates has been increasing, but at present the contribution of government interest rates is still stronger than that of market interest rates. This shows that the proper role of market interest rate has not been effectively brought into play. At present, the monetary authorities have mainly realized the impact on the real economy through the regulation and control of the official interest rate. Based on the above, this paper respectively starts from the fact that the current interest rate of our country is not completely market-oriented. In the aspects of imperfect development of financial market and insufficient independence of central bank, this paper analyzes the causes of partial invalidation of interest rate transmission of monetary policy in China, and puts forward corresponding countermeasures, including further promotion of interest rate marketization and perfection of deposit reserve system. The establishment of deposit insurance system, the development of financial market and the improvement of the independence of the central bank are expected to provide some references for enhancing the transmission effect of interest rate in China.
【學位授予單位】：天津財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F822.0

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