基于SVAR的常备借贷便利工具传导机制有效性研究

Effectiveness Research on the Transmission Mechanism of Standing Lending Facility——Based on the SVAR Model

本文在"信贷可得性理论"基础上,建立包含6变量的结构向量自回归(SVAR)模型,检验常备借贷便利(SLF)的传导效果。结果显示:通过SLF构造利率走廊上限,能有效降低货币市场利率,提高信贷可得性,从而增加银行贷款;利率走廊的"资产负债表效应""预期效应"传导效果明显,能显著刺激投资,但"托宾q效应""财富效应"表现不足,对消费刺激作用有限。因此,为了提高SLF的传导效果,建议扩大SLF交易对象,放宽借款期限和抵押品范围,并灵活搭配传统和新型货币政策工具,如SLO、PSL,提高货币政策对"新常态"经济结构转型及供给侧改革的调控效果,增强流动性向实体经济的传导效率。

Based on the credit availability theory, we build a SVAR model which contains 6 variables to test the transmission effectiveness of standing lending facility（SLF）.Results showed that by constructing interest rate corridor ceiling, SLF operations can effectively reduce monetary market interest rate, increase credit availability and thus increase bank loans; The interest rate corridor＇s ＂balance sheet effect＂ and ＂expected effect＂ are obvious and investment is effectively stimulated; But the ＂wealth effect＂ and ＂Tobin q effect＂ are unapparent and stimulating effect on consumption is limited. Therefore, in order to improve the effect of SLF, we suggest expanding SLF transaction object, relaxing loan term and range of collateral, and implementing flexible collocation of traditional and new monetary policy tools to improve the effect of monetary policy on new normal economic structure transformation and the reform of supply- side and enhance the transmission efficiency of liquidity to the real economy.