CAJ | 학술논문

文章通过构建包含流动性因素的货币信贷模型，以研究中国的货币政策工具调控信贷的动态影响机制，并结合中国的相关季度数据，构建时变参数状态空间模型进行实证分析。研究结果表明：信贷利率、法定存款准备金率、再贴现率和银行间同业拆借利率对中国信贷调控的影响与理论模型分析得到的动态影响机制比较一致；由于中国金融市场的特殊性，使得债券利率在调控信贷中的作用在2010年后出现失效的现象。建议中国在调控信贷方面还应以贷款利率、法定存款准备金率、再贴现率和银行间同业拆借利率的综合手段为主。
문장통과구건포함류동성인소적화폐신대모형，이연구중국적화폐정책공구조공신대적동태영향궤제，병결합중국적상관계도수거，구건시변삼수상태공간모형진행실증분석。연구결과표명：신대리솔、법정존관준비금솔、재첩현솔화은행간동업탁차리솔대중국신대조공적영향여이론모형분석득도적동태영향궤제비교일치；유우중국금융시장적특수성，사득채권리솔재조공신대중적작용재2010년후출현실효적현상。건의중국재조공신대방면환응이대관리솔、법정존관준비금솔、재첩현솔화은행간동업탁차리솔적종합수단위주。
The article by constructing a credit model with liquidity factors to study the dynamic effect mechanism of monetary policy instruments on the credit regulation, and build time - varying parameter state space model for empirical research with Chinese quarterly data. Study found that： The effect of Chinese credit rate, the statutory deposit reserve ratio, the discount rate and the interbank rate on credit regulation is same with the theoretical analysis of the dynamic effects mechanism; Particularity as Chinese financial markets, make the effect of the bond rate on bank credit regulation lose after 2010, so the use of bond rate need be further studied. Suggest that the credit rate, the statutory deposit reserve ratio, the discount rate and the interbank rate of mix measures should be used to regulate Chinese the bank credit.