Transformation of Monetary Policy Regulation in the Process of Interest Rate Liberalization

Abstract

Abstract: Based on the systematic combing of the monetary policy regulation transformation in the process of interest rate liberalization, this paper takes the process of China's interest rate deregulation as a natural experiment and makes use of the micro-data of 1044 listed companies in the period of 2005-2018 to conduct a phased empirical test. The findings show that the monetary policy regulation presented obvious characteristics of benchmark interest rate regulation before the deregulation of the loan interest rate, while after the deregulation of the loan interest rate, it presents the transformation characteristics of paralleled benchmark interest rate regulation and market interest rate regulation, and after the deregulation of deposit interest rate it presents the transformation characteristics of paralleled monetary quantitative regulation and market interest rate regulation. Taking China's special economic and financial environment into consideration, the transformation of monetary policy regulation in the process of interest rate liberalization should be carried out along the two-way reform ideas of quantitative adjustment regulation and price adjustment perfection. The quantity-based monetary policy should pay full attention to the adjustment from the traditional demand management tool to the structural adjustment tool; the price-based monetary policy should focus on improving the quotation of LPR and cultivating the formation and transmission mechanism of market interest rate, so as to maintain financial stability and stable economic growth.

Key words: interest rate liberalization, quantity-based monetary policy, price-based monetary policy

CLC Number:

F822.0

LI Cheng, WANG Dong-yang. Transformation of Monetary Policy Regulation in the Process of Interest Rate Liberalization[J]. Contemporary Finance & Economics, 2020, 0(8): 54-65.

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