摘要
利率问题是金融市场分析和金融管理领域的敏感问题,利率传导反映了货币政策由现行的直接控制型传导机制向间接控制型传导机制的过渡。利率传导机制与宏观经济和微观经济主体的运行密切相关。本文从利率市场化生成制度因素,即货币冲击因子、利率跨业和业内传导特征、利率对实体经济传导和利率传导的经济波动四个方面分析了利率传导机制,并运用结构性VAR模型,对利率变动对实体经济的传导效应进行了实证分析,验证了利率传导在不同利率灵敏度产业中的差异。
Interest rate is a sensitive topic in the fields of financial market analysis and financial supervision and interest rate transmission reflects the transition of monetary policy transmission mechanism from the present direct control transmission to indirect control transmission. Interest rate transmission is closely related to the operation of the main bodies of macro economy and micro economy. Based on interest rate market generating mechanism, the authors analyze the mechanism of interest rate transmission from the four aspects of monetary shock factor, characteristics of interest transmission between different industries and within the industry, transmission of interest rate to entity economic sectors and economic fluctuations of interest rate transmission, with structural VAR model make an empirical analysis of the transmission effect of interest rate on entity economy and test the differences of interest rate transmission in industries with different sensitivities to interest rate.
出处
《经济经纬》
CSSCI
北大核心
2009年第3期124-128,共5页
Economic Survey
基金
国家社科基金项目(01BJL012)
关键词
利率传导
金融市场
机制
向量自回归
interest rate transmission
financial market
mechanism
VAR
