摘要
文章基于LPR改革前后金融机构一般性贷款利率变化情况,从货款发放期限、机构等不同维度分析LPR对商业银行贷款利率传导效果。结果表明,LPR改革一年来,总体传导效果明显,但对存贷款、贷款的不同期限、不同机构的传导存在差异;LPR变动可有效传导至非市场化负债,但存款的期限变化产生对冲效应。文章就此提出进一步提升LPR传导效果的相关建议。
Based on his understanding of changes in general lending rates of financial institutions before and after the LPR reform,the author analyzes LPR’s transmission effects on lending rates of commercial banks from perspectives of loan terms and lending institutions.The results show that the overall transmission effects have been quite obvious in the past year following the LPR reform,discrepancies still exist between loans and deposits,and among different maturities and institutions.LPR changes can be effectively transmitted to non-marketized liabilities,but changes in deposit maturity can produce a hedging effect.This article puts forward relevant suggestions on how to improve LPR transmission effects.
