本文關鍵詞：利率市場化進程中的利率調(diào)控機制研究　出處：《安徽財經(jīng)大學》2013年碩士論文　論文類型：學位論文

  更多相關文章： 利率市場化 利率調(diào)控機制 利率走廊 評價指標體系

【摘要】：利率市場化和利率調(diào)控是全球關注的利率問題,近些年在中國備受關注。我國利率市場化改革尚未完成,市場利率與管制利率并存一定程度上降低了利率調(diào)控的整體效果�，F(xiàn)有的文獻多是研究利率市場化問題,明確提出在利率市場化進程中構建利率調(diào)控機制的尚不多見,關于利率調(diào)控機制框架的研究更少。 本文以利率調(diào)控為主線,通過回顧近年來利率調(diào)控的相關文獻和理論并結合利率政策在我國的發(fā)展,為利率調(diào)控的實證分析奠定理論和現(xiàn)實基礎。分別選擇2005.1-2012.6和2007.1-2012.6的月度金融數(shù)據(jù),使用協(xié)整檢驗、脈沖響應和方差分解分析考察管制利率和市場利率的調(diào)控效果,實證結果表明：兩種利率與消費、投資、產(chǎn)出和物價指標的作用方向相同但大小不同,均對產(chǎn)出指標影響最小；管制利率與四個經(jīng)濟變量均不存在長期穩(wěn)定關系,市場利率僅與投資存在長期穩(wěn)定關系；管制利率對消費和物價的影響強于市場利率但不持久,市場利率對投資影響大且可持續(xù)；市場利率綜合調(diào)控效果優(yōu)于管制利率但影響仍較弱,而利率調(diào)控機制缺失正是市場利率調(diào)控效果不佳的重要原因。在此基礎上,進一步指出建立利率調(diào)控機制的必要性,并從貨幣市場基準利率選擇、利率走廊調(diào)控模式運用、利率傳導機制完善、評價指標體系建立及中央銀行作用強化五方面提出建立利率調(diào)控機制框架的構想。
[Abstract]:Interest rate marketization and interest rate regulation is a global interest rate issue, which has attracted much attention in China in recent years. China's interest rate marketization reform has not yet been completed. The coexistence of market interest rate and regulated interest rate reduces the overall effect of interest rate regulation to a certain extent. In the process of interest rate marketization, there are few researches on the framework of interest rate regulation and control mechanism. This article regards the interest rate regulation as the main line, through reviewing the related literature and theory of interest rate regulation in recent years and combining the development of interest rate policy in our country. To lay a theoretical and practical basis for the empirical analysis of interest rate regulation. Choose the monthly financial data of 2005.1-2012.6 and 2007.1-2012.6, using cointegration test. Impulse response and variance decomposition analysis are used to investigate the regulatory effect of regulated interest rate and market interest rate. The empirical results show that the direction of the two interest rates is the same as that of consumption, investment, output and price index, but the magnitude is different. All of them have the least influence on the output index; There is no long-term stable relationship between the regulated interest rate and the four economic variables, while the market interest rate only has a long-term stable relationship with the investment. The influence of regulated interest rate on consumption and price is stronger than that on market interest rate but it is not lasting. Market interest rate has great influence on investment and is sustainable. The market interest rate comprehensive regulation effect is better than the regulation interest rate but the influence is still weak, and the lack of the interest rate regulation mechanism is the important reason for the market interest rate regulation effect is not good. On this basis. Further points out the necessity of establishing the interest rate regulation mechanism, and from the money market benchmark interest rate choice, the interest rate corridor control mode application, the interest rate transmission mechanism consummates. The establishment of evaluation index system and the strengthening of the role of central bank put forward the conception of establishing the framework of interest rate regulation mechanism.
【學位授予單位】：安徽財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F822.0;F832.5

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