中国货币政策的利率传导效力研究

发布时间：2018-03-29 21:30

本文选题：货币政策利率传导机制　切入点：传导效力　出处：《华东师范大学》2013年硕士论文

【摘要】：货币政策的利率传导路径是货币政策的传导渠道之一。该渠道主要指中央银行运用各种货币政策工具,对货币供给量产生冲击,导致实际利率水平的改变,影响投资和消费的资本成本和机会成本,从而最终导致总产出的变化。20世纪90年代以来,随着利率市场化进程的推进,我国的宏观环境发生了重大变化,货币政策逐渐成为我国的主要调控手段,货币政策的利率传导渠道在中央银行的宏观调控过程中也发挥着越来越重要的作用。因此,货币政策的利率传导机制及其效力强度分析成为学术界及决策部门普遍关注的问题。研究社会主义市场经济条件下货币政策的利率传导机制,分析我国货币政策的利率传导机制的原理及效力,不仅可以更加明确具体的传导路径,还可以探究传导过程中存在的导致效力减损的环节和症结所在,对进一步的利率市场化改革和提高货币政策的传导效力的举措具有理论和实践意义。本文理论和实践相结合,在对货币政策的利率传导机制进行充分认识的基础上,运用一系列的实证方法分阶段研究货币政策的利率传导效力。首先,对货币政策的利率传导机制及效力的决定因素进行探究,并充分认识我国目前的货币政策利率传导机制现状；实证分析部分分为三个阶段对利率传导过程进行分析,发现造成传导路径梗阻的原因；最后,从制度因素、金融市场和相关经济主体等角度发现现实经济中存在的导致效率减损的因素,并提出相应建议。
[Abstract]:The interest rate transmission path of monetary policy is one of the transmission channels of monetary policy. Capital cost and opportunity cost, which affect investment and consumption, finally lead to the change of total output. Since 1990s, with the advancement of interest rate marketization, the macro environment of our country has changed greatly. Monetary policy has gradually become the main means of regulation and control in China, and the transmission channel of interest rate of monetary policy is playing a more and more important role in the macro-control process of the central bank. The interest rate transmission mechanism of monetary policy and its effectiveness intensity analysis have become a common concern of academic circles and policy-making departments. This paper studies the interest rate transmission mechanism of monetary policy under the condition of socialist market economy. By analyzing the principle and effectiveness of the interest rate transmission mechanism of monetary policy in China, we can not only clarify the specific transmission path, but also explore the link and crux of the transmission process which leads to the loss of effectiveness. It has theoretical and practical significance for further reform of interest rate marketization and improvement of transmission effect of monetary policy. This paper combines theory with practice, on the basis of fully understanding the mechanism of interest rate transmission of monetary policy, uses a series of empirical methods to study the effect of interest rate transmission of monetary policy in stages. This paper probes into the interest rate transmission mechanism of monetary policy and the determinant factors of its effectiveness, and fully understands the present situation of interest rate transmission mechanism of monetary policy in China, and the empirical analysis is divided into three stages to analyze the interest rate transmission process. Finally, from the perspective of institutional factors, financial markets and relevant economic subjects, we find out the factors that lead to the loss of efficiency in the real economy, and put forward corresponding suggestions.
【学位授予单位】：华东师范大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F822.0

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