摘要票据市场是货币市场的子市场，参与主体包括金融机构、企业和中央银行三方,它既是直接联系金融机构和企业的重要纽带，又是中央银行公开市场业务的场所，因此票据市场是可以直接作用经济实体的市场，其在货币政策传导中占据了重要地位。研究货币政策在票据市场中的传导效应，无论对疏通货币政策传导渠道还是对我国票据市场的发展都有一定的指导意义。63988
本文立足于我国票据市场发展的现状，先确定了我国货币政策在票据市场中传导的路径，紧接着对票据市场能否传导货币政策进行实证研究，实证结果表明我国票据市场具备传导货币政策的功能，但传导力度不大。最后根据实证结果提出了完善货币政策在票据市场中传导的三条政策建议。
毕业论文关键词： 货币政策 票据市场 传导路径 VAR模型
毕 业 论 文 外 文 摘 要
Title The analysis of the effect of monetary policy conduct in bill market
Abstract Bill market is an part of the money market, its participants include financial institutions, enterprises and central bank three sides. It is not only the vital link between enterprises and financial institutions, but also is the place that central bank open market operation, so the bill market can directly impact economic entity, occupying the important position in the monetary policy transmission. Discuss the monetary policy conduction effect in the bill market has certain guiding significance to dredge the monetary policy transmission channels and the development of bill market.
This article based on the current situation of Chinese bill market, has analyzed conduction route of monetary policy in Chinese bill market at first, and then author use empirical research to study whether the bill market can conduct monetary policy, the results show that Chinese bill market has the function of conducting monetary policy, but conduct strength is not strong. At last, based on the results, author put forward three policy suggestions to improve monetary policy transmitting efficiency in the bill market.
Keywords monetary policy paper market transmission route vector autoregression model
1 引言1
1.1 选题的研究背景及意义1
1.3 本文研究内容及方法4
1.4 本文的创新之处4
2 货币政策在票据市场中传导机制的确定5
2.1 我国票据市场近年来的发展特点5
2.2 货币政策在票据市场中传导机制的确定7
3 实证研究7
3.1 向量自回归模型的选用7
3.2 变量的选择与数据处理8
3.3 时间序列平稳性检验9
3.4 Johansen协整检验11
3.5 格兰杰因果关系检验13
3.6 脉冲响应函数分析14
4 完善货币政策传导的政策建议16
4.1 丰富票据市场交易工具16
4.2 为建立全国统一的票据市场积极准备16
4.3 改革票据市场利率形成机制17
结论 18
致谢 20
参考文献 21
1 引言
1.1 选题的研究背景及意义
我国货币政策在宏观经济调控中的地位随着我国市场经济体制改革的深入而提高。中央银行在1988年取消了信贷调控，此后货币调控模式由直接调控逐渐向间接调控转变，如此一来货币政策传导机制成为实现货币政策目标的关键环节。传导机制的畅通，是经济稳健运行的基础，反之，传导机制的不畅，会阻碍社会经济的发展。论文网 我国货币政策在票据市场传导的效应分析:http://www.youerw.com/jingji/lunwen_70876.html