利率市场化条件下的中央银行基准利率——兼论价格型货币调控机制

Central Bank Benchmark Rate after Interest Rate Liberalization——and the Price-based Monetary Mechanism

利率市场化不仅意味着利率由市场供求决定,还要求利率调控方式的市场化。随着利率管制的完全放开,中央银行应进一步发挥利率价格机制的作用,明确市场化条件下的中央银行基准利率,货币政策实现由数量为主到以价格为主的调控方式转型。本文对利率市场化条件下中央银行基准利率的含义进行了界定,并说明了与之相关的几个重要理论问题。通过梳理有关文献和比较各国实践经验,分析了以中央银行基准利率调整为手段的货币政策运行机制。在对中国主要货币市场利率、中央银行利率体系和公开市场操作进行全面考察的基础上,本文还就适应利率市场化条件下的中国中央银行基准利率选择和利率调控模式进行了讨论。

It is important for a successful interest rate liberalization reform to play the role of interest rate price mechanism, clarify the central bank benchmark rate under new circumstances, and transform monetary policy from quantity-based to price-based. In this paper, we analysis the connotation of the central bank benchmark rate in an interest rate liberalization environment and explain some related aspects. With the review of theory and international comparisons, we expound the price-based monetary policy by the adjustment of central bank benchmark rate. We also take a short glance of China's monetary market rates, current central bank rate system and the open market operations, and then discuss the future reform on the choice of central bank benchmark rate and the arrangements of interest rate policy under the interest rate liberalization circumstances.