| 操作目标利率的选择与传导
——基于MLF利率与隔夜利率的实证检验 |
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| 引用本文： | 童晶,汤春玲.操作目标利率的选择与传导
——基于MLF利率与隔夜利率的实证检验[J].财经理论与实践,2021,42(1):26-32. |
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| 作者姓名： | 童晶 汤春玲 |
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| 作者单位： | 中南林业科技大学 国际学院,湖南 长沙 410004;中南林业科技大学 经济学院,湖南 长沙 410004 |
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| 基金项目： | 湖南省教育厅科学研究优秀青年项目;湖南省教育厅科学重点研究项目;湖南省社会科学成果评审委员会课题;教育部哲学社会科学研究重大课题攻关项目;中南林业科技大学引进人才科研启动基金项目 |
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| 摘 要： | 依据2014-2018年月度数据,运用VAR模型考量MLF利率与隔夜利率对贷款加权利率、商业银行行为以及金融市场利率与金融市场波动的影响.结果表明:MLF利率对贷款加权利率和商业银行行为的影响较大,隔夜利率对金融市场利率和金融市场波动的影响较大.鉴此,应利用MLF利率调节贷款加权利率与商业银行行为,利用隔夜利率调节金融市场利率与金融市场波动,当两种利率的调节效果收敛接近时,再最终确定唯一的操作目标利率.
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| 关 键 词： | 操作目标利率 MLF利率 隔夜利率 |
Selection and Transmission of Operation Target Interest Rate: An Empirical Test Based on MLF Interest Rate and Overnight Interest Rate |
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| TONG Jing,TANG Chunling.Selection and Transmission of Operation Target Interest Rate: An Empirical Test Based on MLF Interest Rate and Overnight Interest Rate[J].The Theory and Practice of Finance and Economics,2021,42(1):26-32. |
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| Authors: | TONG Jing TANG Chunling |
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| Abstract: | Based on monthly data from 2014 to 2018, MLF interest rate and overnight interest rate are selected as the alternative indicators of the operation target interest rate, and the VAR model is established to test the effects. The results show that: the impact of MLF interest rate on loan weighted interest rate and credit volume is stronger than that of overnight interest rate on loan weighted interest rate and credit volume. Also, the impacts of overnight interest rate on financial market interest rate and financial market volatility is stronger than the impacts of MLF interest rate on financial market interest rate and financial market volatility. |
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| Keywords: | operating target interest rate MLF interest rates overnight interest rate |
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