常备借贷便利与逆回购操作对货币市场利率的影响

The Influence Mechanism of Standing Lending Facility Rate and Reverse Repo Weighted Interest Rate on Money Market Interest Rate

本文基于我国平均法定准备金制度,从理论模型和实证结果上分析了常备借贷便利与央行逆回购操作对货币市场利率的影响。研究发现:(1)由不同期限,按其投放数量作为权重得出的逆回购加权利率的上升,会对货币市场利率产生正效应的影响;(2)银行局部流动性水平与开展逆回购操作概率的变化,使常备借贷便利与逆回购加权利率的调整对货币市场利率的影响具有时变特征;(3)逆回购加权利率对货币市场利率的影响在50%左右,常备借贷便利的影响弱于逆回购,但随着常备借贷便利申请数量的上升,其影响不断增强;(4)与银行间质押式回购加权利率和上海银行间同业拆放利率相比,隔夜存款类机构质押式回购加权利率对货币政策的传导最顺畅,因此可作为央行利率操作目标。

Based on the average legal reserve system of China,the paper analyzes the influence of the standing lending facility and the reverse repo operation of the central bank on the interest rate of the money market with the theoretical model and the empirical results.We find that:(1)the rise of the reverse repo weighted interest rate which is calculated by reverse repurchase rates in different periods according to the amounts has a positive effect on money market rates;(2)The impact of standing lending facility and reverse repo weighted interest rate adjustment on money market rate shows time?varying characteristics due to the individual liquidity level of the bank and the probability of the central bank to carry out the reverse repo;(3)The impact of the reserve repo weighted interest rate on the money market rate is about 50%,and the impact of the standing lending facilities is weaker than the reverse repo,but as the number of the standing lending facilities applications grows,the impact of the standing lending facilities increases.(4)Compared with the interbank pledged repo weighted interest rate and the Shanghai Interbank Offered Rate,the overnight deposit pledged repo interest rate ensures smoother transmission of monetary policy,so it can be used as the target of the interest rate operation of the central bank.