统计研究 ›› 2004, Vol. 21 ›› Issue (4): 17-4.

• 论文 • 上一篇    下一篇

中央银行再贷款利率与同业拆借利率的非对称动态传导机制

徐寒飞   

  1. 复旦大学
  • 收稿日期:1900-01-01 修回日期:1900-01-01 出版日期:2004-04-15 发布日期:2004-04-15

  • Received:1900-01-01 Revised:1900-01-01 Online:2004-04-15 Published:2004-04-15

Abstract: The interest rate is an important tool for the monetary policy, while in China it is not as effective as which the macroeconomics theory has expected. This paper makes a nonsymmetrical error correction model for the re-loan rate and inter-bank rate, to research the dynamic transmission mechanism of the relation of these interest rates. The significant nonsymmetrical relation is found between the two interest rates and it is the nonsymmetrical relation that has great influence in the transmission effect of the interest rate policy, furthermore, the economics explanation of the nonsymmetrical relation is the arbitrage of the banks and the single direction of the re-loan rate.