Study On The Effect Of Standing Lengding Facility On The Building Of Interest Rate Corridor Regulation Mechanism

With the advancement of China's marketization process of interest rate as well as the emerging negative effect from the quantitative monetary policy(such as high legal deposit reserve rate),the central bank began to increasingly emphasize the importance of price-based monetary policy tools in regulation and control.The central Bank of China has also added a new monetary policy tools in the column of monetary policy tool—Standing Lending Facility,intending to form the base of ceiling of interest rate corridor.As a new way of monetary policy,interest rate corridor,in theory,is thought to have a control run short-term market interest rates,reduce the role of short-term market interest rate fluctuations.In this paper,the author analyzes the regulation mechanism of the monetary policy tool and the interest rate corridor,and expounds the transmission mechanism of the Standing Lending facility.This article first analyses the theories of the Standing Lending Facilities and interest rate corridor monetary policy model,and then discusses what conditions we have got and should have for establishing the monetary policy pattern of Interest rate corridor.As a new way of monetary policy,interest rate corridor,in theory,is thought to have the effect that regulate and control short-term market interest rates and also reduce the short-term market interest rate fluctuations.On the basis of the above theoretical analysis,the municipal parts are divided into two parts.The first part of the market,the shibor overnight lending rate,was chosen as a short-term market rate,using the Garch model to compare the results to the reality.The results show that the short-term market rate fluctuation rate is lower than before the implementation of the common reserve lending facility.Second part using SVAR model combined with the theoretical part of the transmission mechanism analysis empirically try effect of regular lending facilities in our country,and by using impulse response function of stock lending facilities for detailed analysis of the influence of economic variables.Finally,draw lessons from foreign implementation of interest rate corridor monetary policy model and combining the current situation of the development of monetary market in China,for our country set up the mechanism of interest rate corridor regulation puts forward relevant policy Suggestions.