The Impact of LPR Reform on the Interest Rate Transmission Efficiency of Medium-term Lending Facility
This paper analyzes the impact of the medium-term lending facility rate on bank loan interest rates through empirical analysis and examines the effectiveness of the LPR reform in improving the efficiency of China's monetary policy rate transmission.The results show that after the LPR reform,the medium-term lending facility rate has a significant impact on bank loan interest rates,with smaller and medium-sized banks being more affected.This indicates that the LPR reform can reduce financing costs for enterprises,especially for small and medium-sized enterprises,thereby improving the efficiency of monetary policy rate transmission.Mechanism analysis shows that the replacement of the LPR quotation benchmark,the integration of the LPR into the bank's internal funds transfer pricing(FTP)and MPA assessment are the main mechanisms for improving the efficiency of monetary policy rate transmission through the LPR reform.The impact factor analysis found that the low level of deposit interest rate marketization is a major factor affecting the efficiency of monetary policy rate transmission in China at present.Therefore,to further improve the efficiency of monetary policy interest rate transmission.the marketization reform of deposit rates should be an important content of the next stage of reform.At the sametime,monetary authorities and regulatory departments should properly handle the relationship between interesrate marketization reform and financial risk.
万方数据
维普
