货币政策冲击影响利率的国际差异分析

International disparity analysis under the impact of shock of monetary policy

分析美国、日本、英国、中国、巴西、墨西哥、委内瑞拉、印度、菲律宾和南非10个国家国内货币政策冲击和外国货币政策冲击对本国利率的影响,结果表明:本国货币政策冲击对本国利率的影响,一些国家是先正后负,而有的是先负后正,有的则是一直都是正向或者负向的影响;3个发达国家的货币政策冲击对7个发展中国家利率的影响,也与本国货币政策冲击的影响类似,不能找到10个国家共有的特性。

This paper analyzes the domestic monetary policy shock and foreign monetary policy shock＇s impact on domestic interest rate. The data are from ten countries, including the United States, Japan, the United Kingdom, China, Brazil, Mexico, Venezuela, Indi- a, the Philippines and South Africa. The results show that domestic monetary policy shock directly influences this country＇s interest rate, at first positive and then negative in some countries, at first negative then positive in other countries, all the same positive or negative influence in some countries. Three developed countries＇ monetary policy shock has influence on seven undeveloped countries and is similar to domestic shock and there are no common characteristics.