地方政府债券发行如何影响贷款利率?
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引用本文:吴义虎1,陈小辉2.地方政府债券发行如何影响贷款利率?[J].财经理论与实践,2023,(6):69-76
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作者单位
吴义虎1,陈小辉2 (1.东北大学 工商管理学院辽宁 沈阳 1101672.宜宾学院 经济与工商管理学部四川 宜宾 644000) 
中文摘要:基于2015—2021年31个省(区、市)的面板数据,采用时间和个体双向固定效应模型实证检验地方政府债券发行如何影响贷款利率。结果发现,地方政府债券发行会通过影响上海银行间同业拆放利率(Shibor),促进贷款利率下行,尤其在西部欠发达地区的影响效应最为明显。鉴于此,应注重积极的财政政策与稳健的货币政策协调配合,合理安排地方政府债券发行的规模和频次,同时做好市场预期引导,增强货币政策调控效果。
中文关键词:地方政府债券  利率传导  贷款利率
 
How the Issuance of Local Government Bonds Affects Loan Interest Rates?
Abstract:Based on provincial quarterly data from 2015 to 2021, this paper empirically tests how local government bond issuance affect loan interest rates using a time and individual two-way fixed effect model. The results show that local government bond issuance will promote the decline of loan interest rates by influencing Shanghai Interbank Offered Rate (Shibor), especially in underdeveloped areas in the western region. In view of this, attention should be paid to the coordination and coordination of proactive fiscal policies and prudent monetary policies, the reasonable arrangement of the scale and frequency of local government bond issuance, and the guidance of market expectations to enhance the effectiveness of monetary policy regulation.
keywords:local government bonds  interest rate transmission  lending rate
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