LPR reform is a milestone event in China's interest rate marketization process,which is of great significance in promoting market-oriented pricing of credit interest rates and improving the efficiency of interest rate transmission mechanisms.This paper empirically studies the impact of LPR reform on bank credit interest rates using the generalized DID model based on data from the listed banks as samples.The results show that LPR reform has significantly driven down the credit interest rates of commercial banks in China,and the degree of impact gradually deepens over time,indicating a significant transmission mechanism of medium-term policy interest rates in China.To compare the impact of LPR as an anchor and loan benchmark interest rate as an anchor on credit interest rates,this paper uses synthetic control method for counterfactual analysis and finds that the guiding effect of LPR reform on credit interest rates is significantly better than the pricing model anchored by credit benchmark interest rates,further supporting the reform effect of LPR.This paper provides empirical support for the effectiveness of mid-term policy interest rates and LPR reform,and based on this,proposes countermeasures and suggestions to further optimize the LPR quotation mechanism and enhance the effectiveness of interest rate transmission mechanism.
LPR ReformCredit Interest RateGeneralized DIDSynthetic Control Method
NETL
NSTL
万方数据
