货币市场利率对商业银行存贷款利率的传导效果研究

The Research on the Conduction Effect of Monetary Market Interest Rates on the Deposit and Loan Interest Rates of Commercial Banks

2017年以来,货币市场资金价格快速抬升。截至6月末,6个月Shibor利率较年初上升近120个基点,1年期国债收益率较年初上升近90个基点。为研究货币市场利率向商业银行存贷款利率传导效率,本文从FTP机制建设与运用的角度对江西省6家具有代表性的地方法人金融机构进行调查,认为市场利率传导总体有效但存在时滞,且贷款利率传导效果要强于存款利率,在此基础上提出了提高传导效率的政策建议。

The price of the monetary market funds has been rising rapidly since 2017. At the end of June, six-month Shibor rate rose nearly 120 basis points from the start of the year, and one-year yield of the state bond was up nearly 90 basis points from the start of the year. For the study of the efficiency of the conduction from the monetary market interest rate to deposit and lending interest rates of commercial banks, the paper makes an investigation on six typical local corporate financial institutions in Jiangxi province from the angle of the construction and use of FTP mechanism, concludes that the market rates conduction is effective in all, but there exists a lag, and the conduction effect of deposit interest rates is better than that of the lending interest rates. Finally, the paper puts forward pol- icy recommendations on proving the conduction efficiency.