Research On The Market Interest Rate Adjustment Effect Of Medium-term Lending Facilitation Tools

After the financial crisis,the asset structure of central banks around the world has changed dramatically,and the composition of the assets and liabilities of the People 's Bank of China has also changed.In addition,the rapid development of the huge market has created a higher demand for financial policies,and the social financing structure urgently needs to be updated.With the change of national conditions,China's central bank's traditional monetary policy tools are unable to meet the new economic requirements.In the process of the central bank's regulation of the market interest rate level and the release of liquidity,the over-reliance on quantitative monetary policy has been ineffective.Therefore,in recent years,the People's Bank of China Constantly innovating and launching new monetary policies,aiming at establishing a perfect price-type regulatory framework to stabilize market fluctuations,and developing a variety of borrowing convenience tools based on different maturities and different operating objectives,including the objective of guiding the market's medium-term interest rate.Medium-term borrowing facilities facilitate the adjustment of market medium-term financing costs and market expectations.This article takes medium-term borrowing facilities as the research object.In order to further study its market interest rate adjustment effect,it first sorts out the relevant theories of innovative monetary policy instruments,especially the related research on monetary policy transmission mechanisms,and the status quo and emergence of new monetary policy instruments in China.In the background,the effects of traditional monetary policy tools are flawed,and a comparative analysis of the choice of Chinese and American monetary policies.Secondly,focusing on the role and problems of medium-term borrowing facilities,taking the operation of medium-term borrowing facilities during China's new type of coronary pneumonia epidemic prevention and control in 2020 as an example,rationalize its policy connotation and mechanism.Then,conduct an empirical analysis on the regulatory effects of the medium-term lending convenience policy tools,select a suitable sample of operational events and representative market interest rates,and study its role in guiding interest rates in different markets and different maturities to determine whether its liquidity operation Achieve the desired effect of policy tools.Finally,combined with the previous research on China 's medium-term lending facilities,the corresponding policy recommendations are provided,starting from the monetary policy transmission mechanism,coordination with macro-prudence,and combining traditional policy tools as the starting point to provide theoretical advice to the central bank and the government.In this paper,through in-depth research on the medium-term borrowing facilities created by our country's central bank,on the basis of fully explaining the relevant theories,this paper conducts a data-based empirical analysis of the instrument's market interest rate adjustment effect.It can effectively guide the decline of interest rates in some markets,and plays an important role in improving the transmission of medium and long-term interest rates.To some extent,it stabilizes financial market fluctuations,increases credit scale for the real economy,and exerts policy effects.However,there are still problems such as the time lag of the effect and the significant gap in the adjustment process.These provide new ideas for subsequent central banks on how to improve the convenience of medium-term lending and how to unblock the policy transmission mechanism.Therefore,as an important regulatory means of the central bank,on the basis of maintaining the original use experience,lending facilities need to be continuously improved and improved,to grasp its laws of action,and to differentiate between different economic regulation objectives.