摘要
中国货币政策调控正在从数量调控为主向价格调控为主转变的过程中,价格调控越来越重要。完善央行利率调控体系、畅通利率传导机制是货币政策调控转型过程中提升价格调控效率的关键,也是健全货币政策和宏观审慎政策双支柱调控框架的重要内容。本文沿着央行利率调控、利率传导路径,从中央银行调控工具与政策利率,到中介主体金融机构与金融市场以及中间目标市场利率,再到最终目标实体经济以及微观主体企业与居民,全面地、详细地梳理分析利率传导各个环节存在问题,并相应地借鉴国际主要经济体的央行利率调控与利率传导机制的经验,最后针对性提出政策建议。
China’s monetary policy regulation is changing from quantity regulation to price regulation,and price regulation is becoming more and more important.Improving the central bank’s interest rate control system and unblocked interest rate transmission mechanism are the key to improving the efficiency of price control in the process of monetary policy regulation and transformation,and also the important content of improving the dualpillar regulatory framework of monetary policy and macro-prudential policy.Following the path of interest rate regulation and transmission of interest rate by the central bank,this paper combs and analyses all links of interest rate transmission comprehensively and detailedly from the tools and policy interest rates regulated by the central bank,to the interest rates of intermediary financial institutions and financial markets,as well as intermediate target markets,to the ultimate target real economy and micro enterprises and residents.There are some problems,and lessons are drawn from the experience of interest rate regulation and transmission mechanism of central banks in major international economies,and finally policy recommendations are put forward.
作者
牛润盛
周乙彬
NIU Runsheng;ZHOU Yibin(Business School and Research Center of Quantitative Economy of Jilin University;PBOC,Shanwei Sub-branch)
出处
《当代金融研究》
2019年第4期9-22,共14页
Journal of Contemporary Financial Research
基金
国家社科基金重点项目《新常态下中国系统性区域性金融风险新特征及防范对策研究》(16AJY024)阶段性研究成果
关键词
利率市场化
货币政策调控
利率走廊
政策利率
市场基准利率
Interest Rate Marketization
Monetary Policy Regulation
Interest Rate Corridor
Policy Interest Rate
Market Benchmark Interest Rate
