利率市场化下央行货币政策操作目标的选择——来自日本的经验与启示
The Choice of Operational Target under the Marketization of Interest Rates:Experience and Enlightenment from Japan
汪洋 1刘腾华 2曹晴2
作者信息
- 1. 江西师范大学财政金融学院,江西 南昌 330022
- 2. 江西财经大学金融学院,江西 南昌 330013
- 折叠
摘要
发达经济体央行在货币政策实践中不断对操作目标进行了优化,为包括中国在内的新兴市场经济体利率调控操作目标的确立提供了丰富的经验与启示.以操作目标为切入点,日本自利率市场化改革完成以来,其货币政策实践及理论传导机制是货币政策适时优化的典型代表.基于TVP-SV-VAR模型对不同时期 日本货币政策的调控效果及货币政策操作目标与中间变量的联动性检验结果表明,可从日本不断调整货币政策操作目标的实践中汲取经验教训,根据日本银行的实践经验,收益性曲线控制是非常规的过渡性制度安排,在常规利率调控下货币市场隔夜利率宜作为操作目标.
Abstract
In the practice of monetary policy,central banks in developed economies have continuously op-timized their operational targets,providing rich experience and insights for emerging market economies,including China,in establishing operational targets under interest rate regulation.This paper takes the op-erational target of monetary policy ts as a point of departureto summarize the typical facts and theoretical transmission mechanisms of Japan's monetary policy practice since the completion of interest rate marketi-zation reform.It employs the TVP-SV-VAR model to examine the regulatory effects of Japan's monetary policy in different periods and the interlinkage between the operational targets of monetary policy and in-termediate variables.The paper also summarizes the lessons and insights from Japan's flexible adjustment of its monetary policy operational targets.Drawing from the practical experiences of the Bank of Japan,the control of the yield curve represents is an unconventional transitional institutional arrangement.Under the conventional interest rate regulation,the overnight interest rate in the money market should be adopted as the operational target.
关键词
利率市场化/货币政策操作目标/隔夜利率/中长期利率调控/日本Key words
interest rate marketization/operational target of monetary policy/overnight rate/medium and long-term interest rate regulation/Japan引用本文复制引用
出版年
2025
NETL
NSTL
万方数据