摘要
研究货币政策利率传导旨在完善货币政策利率调控体系,提高信贷资源配置效率。金融危机后,各类金融摩擦因素成为学界研究的重点,将信贷摩擦引入传统货币政策传导理论,可以更好地理解货币政策传导不畅的原因。首先,基于微观主体最大化问题构建货币政策利率传导分析框架,并提出研究假设。然后,使用2010—2019年上市银行季度数据进行实证检验。结果表明,货币政策利率对商业银行贷款利率具有正向影响,而信贷摩擦对货币政策利率的传导起到了阻碍作用。最后,从金融科技和完善信贷市场机制的角度提出政策建议。创新之处在于,试图从信贷摩擦的角度研究货币政策利率传导,为解决提高货币政策有效性提供新的思路。
The study of interest rate transmission of monetary policy aims to improve the efficiency of credit allocation.After the financial crisis,financial friction has become the focus of academic research.Introducing credit friction into the traditional monetary policy transmission theory can better understand the reasons for the less efficiency of monetary policy transmission.Firstly,an analytical framework of monetary policy interest rate transmission is constructed,and research hypotheses are put forward.Then,the quarterly data of listed banks from 2010 to2019 are used for empirical test.The results show that the monetary policy interest rate has a positive impact on the credit interest rate of commercial banks,while the credit friction has a negative impact on the efficiency of monetary policy transmission.Finally,some suggestions are put forward from the perspective of fin-tech and improving the credit market mechanism.The innovation of this research is trying to explore the interest rate transmission of monetary policy from the perspective of credit friction,which provides new ideas for improving the effectiveness of monetary policy.
作者
李向前
贺卓异
LI Xiang-qian;HE Zhuo-yi(School of Finance,Tianjin University of Finance and Economics,Tianjin 300222,China)
出处
《经济问题》
CSSCI
北大核心
2021年第3期48-55,共8页
On Economic Problems
基金
天津市社科规划项目“金融摩擦与我国货币政策传导机制研究”(TJYJ20-005)
国家社会科学基金青年项目“美国摆脱经济长期性停滞的财政政策路径对中国的溢出效应研究”(17CGJ010)。
关键词
信贷摩擦
货币政策
贷款利率
credit friction
monetary policy
loan interest rate
