利率市场化、银行竞争与货币政策传导——基于住房抵押贷款视角的研究

Interest Rate Marketization,Bank Competition and Monetary Policy Transmission——Based on the Perspective of Housing Mortgage

利率市场化是金融供给侧结构性改革的重要组成部分,对商业银行自身经营以及宏观经济均具有重要影响。本文构建包含商业银行竞争的DSGE模型,刻画经济体中家庭以住房抵押获得融资、企业以资产抵押获得融资这两类信贷抵押约束。研究发现:住房抵押贷款端的利率市场化改革冲击能有效引导存贷款利率变动,提高经济体中的信贷供给量;增强住房贷款市场的竞争程度,有助于疏通价格型货币政策的微观传导渠道,提升货币政策传导效率。

The marketization of interest rates is an important part of the structural reform of the financial supply side,and it has an significant impact on the operation of commercial banks and the macro economy.This paper constructs a DSGE model that includes commercial bank competition,and depicts the two types of credit mortgage constraints in the economy that households obtain financing through housing mortgages and enterprises obtain financing through asset mortgages.The research finds that the impact of the market-oriented reform of interest rates on housing mortgage loans can effectively guide changes in deposit and loan interest rates and increase the supply of credit in the economy.Meanwhile,enhancing the degree of competition in the housing loan market can help dredge the micro transmission channels of price-based monetary policy and improve the efficiency of monetary policy transmission.