摘要
我国常备借贷便利工具(SLF)创设于2013年,它不仅可对流动性进行有针对性的调节,其利率还能作为利率走廊的上限引导市场利率走势。常备借贷便利的引入降低了市场利率的波动性,但在引导利率走势方面仍存在一些问题,如其利率作为利率走廊的上限时有时会被回购利率或拆借利率突破。本文构建了一个纳入抵押品因素的简单理论模型,对这一现象的原因进行具体分析,探讨抵押品、声誉成本、机构准入和申请数量限制等因素的影响。提出为增强常备借贷便利利率作为利率走廊上限的作用,应扩大常备借贷便利的使用范围、扩大抵押品的种类、优化常备借贷便利利率的设定方法等。
China’s Standing Lending Facility( SLF) was created in 2013. It can not only adjust the liquidity in a targeted manner,but also guide the market interest rate trend as the upper limit of the interest rate corridor. The introduction of Standing Lending Facility has reduced the volatility of market interest rates,but there are still some problems in guiding the interest rate trend. For example,when the interest rate is used as the upper limit of the interest rate corridor,it will sometimes be broken by the repo rate or the lending rate. This paper constructs a simple theoretical model incorporating collateral factors,analyzes the causes of this phenomenon in detail,and explores the impact of collateral,reputation costs,institutional access and application quantity limits. In order to enhance the SLF rate as the upper limit of the interest rate corridor,it is proposed to expand the scope of use of SLF,expand the types of collateral,and optimize the setting method of the SLF rate.
作者
宋芳秀
宫颖
Song Fang-xiu;Gong ying(School of Economics,Peking University,Beijing 100871)
出处
《经济纵横》
CSSCI
北大核心
2018年第12期69-77,共9页
Economic Review Journal
基金
北京市社会科学基金研究基地项目"京津冀银行服务业的地区差异
变动趋势及其经济影响"(编号:15JDJCB070)的成果
关键词
常备借贷便利
利率走廊
抵押品
Standing Lending Facility
Interest Rate Corridor
Collateral
