利率市场化下我国中央银行利率调控机制的转型

Study on the Transformation of Central Bank Interest Rate Regulation Mechanism under the Background of Interest Rate Liberalization

利率市场化完成之后,中央银行用什么方法来调控货币市场利率以及如何影响金融机构存贷款利率,成为我国当前需要研究的重要问题。本文立足于货币当局的角度,重点研究中央银行如何以市场化的手段来调控作为货币政策操作目标的货币市场短期利率。在我国利率市场化完成之后,中央银行的调控手段主要包括两种:一种是基于利率市场对货币市场短期利率的调控,研究结果表明,中央银行可以通过调节市场流动性来调控货币市场短期利率;另一种是中央银行直接运用所掌握的利率工具来影响货币市场短期利率,研究结果表明,政策性利率和市场利率之间存在动态调整关系。

After the interest rate liberalization, the central bank will use more market- oriented means to control short - term money market rates , which act as the operational target of monetary policy, this regulation includes two aspects, on the one hand, interest rates will be regulated on the short - term money market; on the other hand, the central bank directly use interest rate instruments to affect short - term money market interest rates. This paper base on the perspective of the central bank and use empirical analysis, focusing on how central bank effectively guide the shortterm money market rates in the circumstances of interest rate liberalization, and thus indirectly affect the deposit and loan interest rates in financial institutions. On the study of this field, the central bank will have the confidence to continue to liberalize interest rates, and further promote the liberalization of interest rates.