CAJ | 학술논문

推进利率市场化改革、培育金融市场基准利率是进一步建立中国社会主义市场经济的重中之重。本文系统性地讨论了Shibor在中国货币政策中的传导功能，并首次将Shibor引入DSGE模型，分析其对实体经济的影响。研究结果表明本文建立的DsGE模型同实际经济的主要特征具有较好的一致性，央行能够通过Shibor对经济进行微调，从而为政府在“十二五”期间推进金融市场基准利率体系的建设，进一步发挥Shibor的基准作用提供了理论和实证的支持。
추진리솔시장화개혁、배육금융시장기준리솔시진일보건립중국사회주의시장경제적중중지중。본문계통성지토론료Shibor재중국화폐정책중적전도공능，병수차장Shibor인입DSGE모형，분석기대실체경제적영향。연구결과표명본문건립적DsGE모형동실제경제적주요특정구유교호적일치성，앙행능구통과Shibor대경제진행미조，종이위정부재“십이오”기간추진금융시장기준리솔체계적건설，진일보발휘Shibor적기준작용제공료이론화실증적지지。
Interest rate marketization and developing the financial benchmark interest rate are one of the most important things to further consolidate Chinese socialist market economy. This Paper systematically analyzes the transmission function of Shibor in China＇s monetary policy and set Shibor into a DSGE model to analyze its effects on real economy. The results show that our DSGE model＇s main characteristics are coincident with the real economy and the centra[ bank can do fine tuning through Shibor. So it means that this paper makes the theoretical and empirical supports for our government＇s construction of financial benchmark interest rate and consolidation of the benchmark role of Shibor in the 12th Five- Year Plan.