An Empirical Study On The Stickiness Of China's Commercial Bank Loan Interest Rate And Its Transmission Mechanism

If the commercial bank loan interest rate is sticky,when the money market interest rate changes,the loan interest rate cannot respond immediately.This will hinder the transmission of monetary policy,making monetary policy not work well on the real economy,causing changes in indicators such as consumption,output,and investment.Under the background of interest rate marketization in China,it is of great significance to the commercial banks and monetary authorities whether the loan interest rate has stickiness or not.On the one hand,China's commercial banks still take the deposit-loan interest rate spread as the main profit source,so whether the commercial banks' loan interest rate has stickiness and what role it plays in the process of interest rate policy transmission is of great importance to China's commercial banks.On the other hand,the interest rate marketization in our country starts late,is not perfect,compared with the foreign research has the unreplicability,therefore studies in the interest rate marketization process loan interest rate stickiness and its change,it is also significant to analyze the process of interest rate marketization in China,guide the Monetary Authority to choose the monetary policy,and to perfect the Macroeconomic regulation and control.Therefore,under the circumstance of China's interest rate marketization,in order to better understand China's commercial banks loan interest rate stickiness and the real situation of the interest rate policy transmission mechanism,this paper carries on the empirical analysis to it.First of all,in the first and second chapter,this paper's discussion about the Commercial Bank loan interest rate stickiness and the policy transmission mechanism of the relevant literature review and theoretical analysis,provides the research status and theoretical basis for the analysis of this paper.Secondly,in the third chapter,the paper empirically analyzes the existence of loan interest rate stickiness of China's commercial banks.In this part,the paper selects the monthly data from 2008 to 2018,and takes July 2013 as the time node to make an empirical analysis of the two periods before and after the interest rate liberalization so that we can get the change of loan interest rate stickiness under the condition of interest rate marketization.Moreover,we know that if the loan interest rate stickiness exists,it will hinder the transmission of the interest rate policy channel and affect its effectiveness.Therefore,in the fourth part of this paper,we still select the monthly data from 2008 to 2018,and takes the time of the opening of loan interest rate as the time node to make an empirical analysis on the effectiveness of the transmission mechanism of interest rate policy in China,with a view to finding out the correlation between the loan interest rate stickiness of commercial banks and the transmission of interest rate policy in China,the factors affecting the effectiveness of the transmission mechanism of interest rate policy,and with the deepening of the marketization process,obtains the change of the effectiveness of the transmission mechanism of interest rate policy in China.Finally,on the basis of the above empirical analysis,combined with China's economic and financial environment,this paper puts forward effective policy recommendations for optimizing China's interest rate policy transmission.