我国银行间债券市场属性研究

Study on the Attribute of China Inter-bank Bond Market

银行间债券市场是传导货币政策的重要环节,2009年成为应对国际金融危机的适度宽松货币政策的重要微调传导渠道。对其属性的正确判断,直接影响到货币当局选择政策工具的准确性和分析政策效果的可靠性。理论分析表明,银行间债券市场具有资本市场属性并且不断加强,是金融体系为适应经济发展要求而进行金融功能自我强化的必然结果;实证结果表明:我国银行间债券市场属性正处于一个在保持原有货币市场属性的基础上,资本市场属性不断加强的阶段。银行间债券市场资本市场属性的增强容易造成货币流通速度不稳定,可能会削弱原有货币政策工具作用效力,影响货币政策的有效性,这将为今后货币政策的制定和实施带来新的挑战。

Inter-bank bond market is an important part of the conduction of monetary policy; the judgment of its attribute has a direct impact on the accuracy of policy instruments chosen by the monetary authorities and the reliability of analysis of the policies effects. The theoretical analysis shows that Inter-bank bond market has capital markets attribute, which is constantly strengthening. This is inevitable outcome that financial system self-reinforces its financial functions to meet the requirements of economic development. The empirical results show that the attribute of China Inter-bank bond market is at the stage where it maintains its original attribute and strengthens its capital market attribute. The enhancement of capital market attribute of Inter-bank bond market will easily cause instability of money circulation and may weaken effectiveness of original policy instruments. This will bring about new challenges when monetary authorities formulate, also implement monetary policies in the future.