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1,汤春玲2.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,(1):26-32
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童 晶1,汤春玲2 (1.中南林业科技大学 国际学院湖南 长沙 410004 2.中南林业科技大学 经济学院, 湖南 长沙 410004) 
中文摘要: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。
中文关键词: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
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.
keywords:operating target interest rate  MLF interest rates  overnight interest rate
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