The Research On The Impact Of Traditional Monetary Policy Tools And Structural Monetary Policy Tools On The Interest Rate Of Private Lending

At present,China's economy has entered into the ?new normal?,structural contradictions and deep-level problems have become very severe.Under such circumstances,higher requirements have been placed on the flexibility,effectiveness and accuracy of macroeconomic regulation and control measures.However,China's formal finance and informal finance coexist.Many complicated and uncontrollable micro factors influence the transmission of monetary policy and have a strong impact on the effects of monetary policy.In addition,in view of the fact that China's liquidity presents a surplus but a structural shortage,the People's Bank of China began to use structural monetary policy tools to make macro-control policies more precise and effective.The main objects of the structural monetary policy tools are exactly people's livelihood infrastructure,?agriculture,rural areas and farmers?,private enterprises,small and medium-sized enterprises,which are the major participants of the private lending market.With the increasingly use of structural monetary policy tools,will these areas reduce the dependence on private lending,what impact will have on private lending rates,and through what kind of mechanism it works,and whether its impact is different from the impact of traditional monetary policy tools? This paper is based on the above issues.This paper uses the Wenzhou private lending comprehensive interest rate to test the impact of traditional and structural monetary policy tools on private lending rate s,and compare them accordingly.In the part of empirical research,firstly,we construct a monetary policy index that can represent the comprehensive trend of monetary policy through the principal component analysis.Then,we use the time series analysis method to test the indirect and direct impact of monetary policy instruments on private lending rates based on the monetary policy regulatory framework of ?Monetary Policy Instruments – Monetary Policy Intermediary Indicators – Private Lending Rates?.According to the empirical results,the following conclusions are drawn:(1)In the indirect impact,the two types of monetary policy tools exist for the credit transfer channels and interest rate transmission channels of private lending rates,and the credit channels react more quickly than the interest rate channels;(2)In the direct impact,the structural monetary policy tools can influence the private lending rate more diversified;(3)In the short run,the formal financial market and the private lending market are symbiotic relationships;in the long run,the formal financial market and the private lending market are substitutes.According to the empirical results,we proposed some policy suggestions : enhance the effectiveness of directional regulation policies;deepen interest rate marketization reform;reduce the risk premium of small and medium-sized enterprises loans;strengthen the policy implications of structural monetary policy and other macro-control policies.