利率走廊的国际经验与我国利率走廊构建研究

International Experiences on Interest Rate Corridor and the Construction Initiative in China

利率走廊是20世纪90年代兴起的货币政策实施框架,也是许多国际货币政策转型的主要方向。本文首先回顾了加拿大、欧洲央行和美国等国家利率走廊的实践经验,发现利率走廊和公开市场操作不是替代关系,而是互补关系,中央银行通过结合利率走廊和公开市场操作,可以更好地调控市场利率。对我国的实证研究表明:7天银行间质押式回购利率最适合成为我国利率走廊的操作对象;央行的常备借贷便利利率和超额存款准备金有可能成为未来我国利率走廊的上、下限。模拟分析发现,我国利率走廊仍然存在宽度较大的问题,不利于央行控制市场利率的波动。文章最后提出,我国目前适合建立以公开市场操作为主、利率走廊为辅的货币政策调控框架,并给出了我国利率走廊的构建路径。

Interest rate corridor is a new monetary policy framework emerged in the 1990s, and it is the transition direction of monetary policy for a lot of central banks. This paper first reviews the interest rate corridors in Canada, Europe and America. From the experience of these countries （regions）, we find that interest rate corridor can＇t substitute for open market operations. Central bank may control market rate better by combining interest rate corridor and open market operations. Then this paper finds that the collateralized repo interest rate in interbank market is most suitable to be the benchmark rate of interest rate corridor by empirical research, and the SLF rate and the rate of excess reserve of China＇s central bank may be the up and down limit of interest rate corridor. However, by modeling the interest rate corridor, we find that the interest rate corridor is too wide to control the volatility of market rate in China. At last, we suggest that the monetary policy framework should rely mainly on open market operations while take interest rate corridor as a secondary reliance in China. This paper also gives the route of the construction of interest rate corridor in China.