借贷便利货币政策工具能有效引导市场利率走势吗

Can Lending Facilities of China's Central Bank Guide the Trend of Market Interest Rates Effectively

针对近年来我国中央银行频繁采用的借贷便利货币政策工具,在理论分析该类操作工具对市场利率影响机制的基础上,采用事件分析法实证检验借贷便利货币政策工具对短期货币市场利率和中长期国债收益率的影响。结果表明,在流动性投放操作方面,短期流动性调节工具显著降低了短期货币市场利率水平,而中期借贷便利则显著降低了长期国债收益率水平;在利率调整方面,中央银行被动下调常备借贷便利和中期借贷便利的利率并不能有效引导市场利率的下降。为更好地发挥借贷便利政策工具引导市场利率走势的作用,中央银行还需进一步完善借贷便利工具的操作方式,提高借贷便利工具的可得性和透明性,加强市场预期引导。

In recent years,China's central bank has frequently implemented lending facilities of monetary policy to regulate the market interest rates. Based on the theoretical analysis of the mechanisms of such facilities on the money market interest rates,this paper examines the impacts of lending facilities on the levels of different interest rates in short-term money market and long-term treasury bond market by using event study.The results show that the use of short-and long-term lending facilities by China's central bank significantly brings down the corresponding short-and long-term market interest rates,whereas the decline in interest rates of lending facilities could not lower the market interest rates consistently. To play a better role in regulating market interest rates and stabilize the interest rate volatilities,the central bank still needs to further improve the operation mode of lending facilities,raise the transparency and applicability of lending facilities and strengthen the expectation management.