基础货币被动投放下利率与货币供应量的关系

What is the Relationship between Interest Rate and Money Supply when Base Money is Passively Released

货币供应量是我国货币政策的中介目标,影响货币供应量的一个关键变量是利率。一般来讲,利率与一国的货币供应量为反相关关系,但这一关系在我国基础货币被动投放的情况下需要重新考量。鉴于我国处在利率市场化的过渡时期,管制利率与正在培养中的市场基准利率Shibor并存,应该通过Shibor作为中间变量来分析央行调控管制利率对货币供应量的影响。

Money supply is the intermediate objective of China＇s monetary policy. One of the essential variables that influence money supply is interest rate. Generally speaking, the interest rate is negatively related to a country＇s money supply, however, this relationship needs to be reexamined in China where the monetary base is passively released to the economy. Consider that China is in the transition period of the interest rate marketization, when the regulated interest rate coexists with the benchmark interest rate Shibor which is now developing, it is necessary to use Shibor as the intermediate variable to analyze the influence of the change of regulated interest rate on the money supply.