An Empirical Analysis Of The Impact Of China's Interest Rate Corridor Mechanism On The Macro Economy

Since 1990 s,China began to explore the interest rate market,seek the best mode of interest rate regulation.China can learn from the foreign advanced mode,combined with their own situation,based on the supply side reform,economic restructuring in the background,the interest rate corridor mechanism with the mechanism of supporting the completion of gradually on the right track.Since July 20,2013,the central bank meeting fully liberalized lending rates of financial institutions regulation,over the same period to determine the directional liquidity adjustment tool(Standing Lending-standing lending facilities Facility,SLF),to meet the policy bank and the Large commercial banks such as the main large sums of money demand in the short term.The people's Bank of Chinese in the interest rate adjustment process,adjust the interest rate corridor,the operating mechanism of the open market operation auxiliary plays a decisive role in China's current economic development.Based on the domestic and foreign research status,starting from the two theoretical and empirical direction.The analysis demonstrate the validity of the interest rate corridor operation mechanism in the interest rate stability,through the case analysis of foreign developed countries to provide a reference for the development of a new model of our country,and through empirical analyses of our country interest rate corridor mode,on the macro variables,especially economic growth promoting effect.Few of the current domestic research on interest rate corridor macroeconomic impact degree and the lag of the innovation of this paper is to represent the core target of monetary policy into the model of variable factors,SVAR model was used to analyze the stability of the Shibor effect on the macro economy degree and lag effect.Model research shows: the implementation of interest rate corridor I in China,reducing the money supply regulation of frequency and scale,stimulating economic growth,has a positive effect on reducing inflation,influence the process has to adjust two lag or a certain period of time is not in place,need to open market operations aided adjustment,Play the most important roleFirst of all,this article defines the interest rate corridor are defined in detail,describes the system operation mechanism of China's interest rate corridor,as the interest rate corridor ceiling SLF changes in interest rates and the size of the standing lending facilities identified,from 2013 to June this period of time at the beginning of2014,the standing lending convenience balance maintained at around 400 billion yuan,but after a long a period of time the balance is reduced to zero,showing more flexibility,impact on the regulation of the level of economic development is remarkable.At the same time,summed up the necessity of the implement mode,the effective implementation of the conditions and challenges.The several modes of the interest rate corridor is expounded,and analysis of the various modes The characteristics and advantages of different characteristics.The interest rate corridor operation mechanism to select representative national case analysis,taking the leading position in the world the United States,the European Union,the United Kingdom and Canada as an example.It shows that the advanced and effective interest rate corridor theoretically.Secondly,modeling on China's interest rate corridor mode,select the data after2013,China implemented after the analysis of the interest rate corridor,the interbank interest rate limit to economic growth and other macroeconomic variables as well as the effect of enhancing the role of monetary policy.Through the impulse response and variance decomposition of SVAR model,the implementation of interest rate corridor after the interest rate adjustment system can effectively stimulate economic growth in the long term,to reduce the use of the money supply,reduce the rate of inflation,increase net exports and employment rate,at the same time,stable economic growth provides a good economic environment,maintain the effective operation of the interest rate corridor,forming a A virtuous circleFinally,this paper summarizes the empirical influence of new model on economic growth speed variable results,and based on this,puts forward relevant suggestions to assist needs open market operations in the form of the interest rate corridor is insufficient,to build a more effective adaptation interest rate corridor operation modeof our country,the transformation of the escort for the supply side economic structure reform in the economic and financial system,ensure the steady,healthy development.