| The global financial crisis of2008shows that the central bank should not only pay attention to the target of "boosting growth, stabilizing jobs and acting against inflation", it also needs to guarantee the stability of macro financial environment, named by "the Basel Ⅲ" as "macro-prudential management"; According to "Tinbergen law", new macro financial stability goal asks the central bank to introduce new control variables in order to realize the balanced development of economy. Whereas paying interest on the deposit reserve policy can not only, by building the "interest rate corridor", achieve the purpose of stable prices of financial assets, it can also solve the inherent contradiction between traditional requirements management policy and financial supervision---the inevitable contradictions between countercyclical regulation and pro-cyclical financial risks.Taking2008for watershed of paying interest for the deposit reserves system, we review the double function change of deposit reserves system; And on the basis of paying interest for excess deposit reserve system, with the monthly data from1996to2012in our country, we use modern econometric methods to analyze "interest rate corridor" of people’s bank of China to with Chinese characteristics; At the end of the paper, there will be the policy of "interest rate corridor" which builds a stable interest rate system related to the category of financial supervision. By using the modified pigovian tax model, using nearly30years’ economic data in the process of market-oriented interest rate reform in our country and with the modern measuring methodgain, we find that the deposit reserves system can provide a stable base rate, which is helpful to build a stable interest rate system and promote macro-prudential financial regulation. |
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