金融市场结构与货币政策成本传导渠道效应分析

以我国金融市场特征为变量,通过衡量利率传导程度以确定我国金融市场结构特征,运用三部门DSGE模型,分析成本渠道在货币传导机制中的表现.尽管我国利率传导程度不高,但是利率冲击对产出和价格的作用是显著的.成本渠道在发展中金融市场和发达金融市场中的表现差异较大,反映出我国金融市场体制不够健全,还存在着一定的市场摩擦,这提高了厂商与银行的交易成本;我国的制造业以劳动密集型企业为主,这种生产模式提高了企业对融资成本的敏感程度,增加了成本渠道在我国经济中的影响力.

An Analysis of Financial Market Structure and Monetary Policy Cost Transmission Channel Effects

With China financial market features as variable and by measuring the degree of interest rate conduc- tion, China financial market features are determined while the performance of cost channel in monetary transmission mechanism is analysed by adopting the DSGE model high, the impact of interest rate on output and price Though the degree of interest rate conduction in China is not so is significant. The performances of cost channel in developing and developed financial markets are greatly different, which indicates that the mechanism of China financial market is not sound and there exist some market frictions, resulting in higher transaction costs from manufacturers and banks. Because China＇ s manufacturing industries are mainly labor-intensive, such kind of production model increa- ses both the sensitivity of enterprises to financing costs and the influence of cost channel on China economy.