对我国货币市场利率体系传导机制的实证研究

A Positive Study on The Transmission Mechanism of China's Money Market Rate System

本文对我国货币市场利率体系传导机制在Shibor推出前后进行研究分析,通过实证检验发现:Shi-bor推出前我国货币市场利率体系传导机制相对比较紊乱,缺乏一个权威的基准利率体系;Shibor推出后,有力地促使货币市场利率体系之间有序传导。文章结论指出,Shibor的成功推出,逐步体现了政策制定者的意图,但实证检验结果表明其距离基准利率仍有一定的距离。

The article compares the transmission mechanism of China＇s money market rate system after the launch of Shibor with that before the launch of Shibor. It finds out through positive test that before the launch of Shibor, the transmission mechanism of money market rate system is disturbant because of the lack of benchmark rate system. While from 2007, the system began to establish an orderly transmission mechanism after the introduction of Shibor. The article then concludes that the launch of Shibor is a strategic step to realize the policy maker＇s intention, but there＇s still long way to go before the benchmark rate system is finally established.