我国利率走廊机制实践效果研究——基于利率水平和利率波动性视角

Research on the Practical Effect of Interest Rate Corridor Based on Two Dimensions

中国人民银行在2018年第四季度货币政策执行报告中指出"要强化央行政策利率体系的引导功能,完善利率走廊机制,增强利率调控能力,疏通央行政策利率向信贷利率的传导"。利率走廊作为价格型货币政策调控方式,其作用日益凸显。本文从引导利率走势和降低利率波动性两个方面来实证分析我国利率走廊建设情况,结果表明:我国短期利率波动呈现聚集效应,利率走廊建立后短期利率波动显著降低;现有利率走廊体系可以调控短期利率水平,传导货币政策意图,但其调控效果有待进一步加强。

In the fourth quarter of 2018,the Monetary Policy Report pointed out that"the guiding function of the central bank policy interest rate system should be strengthened,the interest rate corridor mechanism should be improved,and enhance the ability of interest rate adjustment".The role of the interest rate corridor mechanism in the adjustment of monetary policy in China is becoming increasingly important.This paper empirically analyses the construction of interest rate corridor in China from two dimensions:the effectiveness of reducing short-term interest rate volatility and the effectiveness of regulating short-term interest rate level.The empirical results show that the short-term interest rate volatility in China shows a clustering effect,and the short-term interest rate volatility significantly decreases after the establishment of the interest rate corridor.The existing interest rate corridor system can regulate the short-term interest rate level and transmit monetary policy intentions,but its regulatory effect needs to be further strengthened.