公开市场操作对债券市场的影响研究

Influences of Open Market Operations on Bond Markets

选取2007年1月1日~2014年2月28日为研究区间,观察央行公开市场操作对债券市场的影响,用以判断该货币政策手段所产生的效果。研究发现,在全样本中,无论是放松还是收紧银根的操作,对债券市场的影响均只表现在个别市场,而且影响滞后、较弱。单独研究长期品种操作的结果发现,央行公开市场紧缩操作对债券市场的影响显著,方向与预期一致;而公开市场放松操作在债券市场几乎没有反应,说明没有通过债券市场的传导产生政策效果。

Choosing the time period from 01/01/2007--02/28/2014 as the study window,this paper conducts event studits to make clear whether the open market operations achieved their goals through the influence on bond markets. The empirical results show that both tightening and easing of money operations have little influence on bonds markets on the whole sample. When taking the subsample of long-term vehicles operations, the results show that the bond market sig- nificantly reflected the tightening operation, while having no reflection to easing of money operation, as that of the whole sample case, which means that this kind of open market operations did not hit its targets through bond markets.