| The inter-bank market plays an important role in the process of financial institutions borrowing funds and the macro-control of the central bank.The interest rate formed in the inter-bank market is usually determined by the central bank as the benchmark interest rate.At present,China’s central bank is in the process of transforming from quantity control to price control and from aggregate control to structural control.The smooth realization of the transformation requires the central bank to effectively control the inter-bank market interest rate by using structural monetary policy tools.Theoretically,the central bank,as the main source of liquidity supply in the interbank market,can regulate the interest rate of the interbank market by changing the liquidity supply situation in the interbank market,so that it can reach the target level.However,interest rate,as the price of funds,depends not only on the supply of liquidity in the interbank market,but also on the demand for liquidity.Therefore,if the central bank wants to effectively regulate the interest rate in the interbank market through structural monetary policies,it needs to pay timely attention to the changes in the demand for funds in the interbank market.Liquidity in the interbank market demand,in recent years by buying of resold,for trade,trade certificates of deposit,represented by increasing the size of the trade business,the development of trade business may increase the degree of financial institutions period mismatch of assets and liabilities,which further increases the financial institutions in the inter-bank market liquidity demand uncertainty,it is bad for the stability of the inter-bank market interest rates.In the process of the development of inter-bank business,did the structural monetary policy tools used by the central bank contribute to the development of inter-bank business?Does inter-bank business interfere with the central bank’s structural monetary policy tools in regulating interbank market interest rates?This is exactly what this paper studies.This paper studies the effect of structural monetary policy on interbank market interest rate from the perspective of inter-bank business.Through constructing the theoretical model including structural monetary policy and inter-bank business,relevant hypotheses are put forward,and the impact of structural monetary policy on inter-bank business development is verified through empirical tests.Through constructing the theoretical model including structural monetary policy,inter-bank business and inter-bank market interest rate,relevant hypotheses are put forward,and the impact of structural monetary policy and inter-bank business on inter-bank market interest rate is empirically tested.First of all,the present situation part analyzes the characteristics of China’s structural monetary policy,the characteristics of interbank market interest rate volatility,the characteristics of interbank market interest rate volatility and structural monetary policy,inter-bank business.First of all,since China’s Central bank began to gradually use structural monetary policy tools after 2014,the characteristics of the central bank’s monetary policies before and after 2014 were sorted out in the analysis of the current situation,and how China’s central bank used structural monetary policies in different economic situations were summarized.Secondly,based on the different monetary policies adopted by central banks around 2014,the paper analyzes the volatility characteristics of interest rates in the interbank market,mainly analyzing the level and volatility characteristics of interest rates in the interbank market.Finally,the paper puts forward that the characteristics of interest rate fluctuation in interbank market may be related to structural monetary policy and inter-bank business.In the theoretical part,this paper analyzes the influence mechanism of structural monetary policy and interbank business on interbank market interest rate.Firstly,from the aspect of liquidity supply in the interbank market,the influence mechanism of structural monetary policy on the interbank market interest rate is analyzed.Secondly,from the liquidity demand of the interbank market,the influence mechanism of interbank business on the interbank market interest rate is analyzed.Then,the paper analyzes the potential impact of structural monetary policy on inter-bank business by constructing a theoretical model and puts forward relevant hypotheses.Finally from the perspective of inter-bank business,a local equilibrium model of the influence of structural monetary policy on inter-bank market interest rate is constructed,and the determining conditions of inter-bank market interest rate under equilibrium state are obtained,and relevant assumptions are put forward.In the empirical part,based on the previously proposed assumptions,the dynamic panel model,EGARCH model and event analysis method are respectively constructed to analyze:(1)The structural monetary policy of the central bank has a heterogeneous influence on the total amount of inter-bank business and the inter-bank business of financial institutions,which is reflected in the coefficient of SLF and MLF,which is 0.0268 and 0.0015,indicating that SLF is stronger than MLF in promoting inter-bank business scale.In terms of heterogeneity,structural monetary policy has a more obvious promotion effect on inter-bank business of financial institutions with higher return on assets and better profitability.(2)The effect of structural monetary policy on interbank market interest rate with inter-bank business as the intermediary variable.It is found that MLF has a significant effect coefficient of-0.036 on the overnight repo rate,and its effect coefficient on the repo rate of all maturities is negative,indicating that MLF does reduce the volatility of the interbank market interest rate.The effect coefficient of the interest rate corridor on the overnight repo rate is significant,with a value of 0.016,indicating that the use of the interest rate corridor mechanism does reduce the interest rate volatility in the interbank market,but due to the wide width of the interest rate corridor in China,the effect is affected.And structural at the central bank monetary policy tools of interest rates.MLF rates,four different pledged repo rates all have some increase,including R007 overall rise in interest rates,the largest MLF in interest rates.on the day of the term of interbank market interest rate,which is a significant cut,and as time goes on.fell down gradually.Part in international experience for reference,this paper analyzes the financial crisis in 2008 before and after the European central bank and the federal reserve’s structural changes in the monetary policy and the trade business,the impact of interest rate of the inter-bank market,they are summarized in the structural monetary policy on trade business experience,the influence of the inter-bank market interest rates.The financial crisis broke out in the United States in 2008 had a major impact on the economy of the United States and the Eurozone.In order to cope with the crisis,the European Central Bank and the Federal Reserve chose to implement structural monetary policy,which had a significant impact on the inter-bank business transactions and the interest rate in the inter-bank market.To be specific,the structural monetary policy causes excessive liquidity of financial institutions,resulting in the decline of funds transactions in the inter-bank market,which mainly focuses on inter-bank business lending,and the reduction of interest rate volatility.The function of the market has changed from fund dismantling to meet liquidity demand to inter-bank arbitrage,and the inter-bank market has lost its traditional function.In the part of countermeasures and prospects,based on the hypotheses and empirical results proposed before,countermeasures and suggestions are put forward from three aspects:how to improve the structural monetary policy tools of China’s central bank,how to improve inter-bank business development,and how to cultivate the benchmark interest rate in the inter-bank market.Among them,the improvement of structural monetary policy tools includes the improvement of interest rate corridor,supplemented by the improvement of open market reverse repurchase tools.In the aspect of inter-bank business,it mainly includes broadening the financing channels of financial institutions and strengthening the supervision of inter-bank business.In the aspect of cultivating the benchmark interest rate in the interbank market,it mainly includes increasing the application of the benchmark interest rate in financial products and financial institutions.There are three innovations in this paper.First,from the perspective of inter-bank business,this paper studies the impact of the use of structural monetary policy on inter-bank business,and studies the impact of structural monetary policy on inter-bank market interest rate by constructing theoretical and empirical models.Second,in terms of theoretical analysis,based on Diamond and Dybvig’s theoretical model,this paper constructs a three-stage model to explore the impact of structural monetary policy on inter-bank business and put forward theoretical assumptions.Based on the actual situation of China’s inter-bank market,structural monetary policy and inter-bank business are included in the analysis model for the first time.A local equilibrium model is constructed to solve the determinants of interbank market interest rate under equilibrium conditions,and theoretical assumptions are proposed.Thirdly,in the empirical analysis,the dynamic panel model is firstly used to analyze the heterogeneous influence of China’s structural monetary policy on the total amount of inter-bank business and inter-bank business of different types of financial institutions.Moreover,EGARCH model and event analysis method are constructed to analyze the influence of the amount of structural monetary policy and the scale of inter-bank business,and the interest rate of structural monetary policy on the inter-bank market interest rate. |
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