摘要
作为利率市场化的关键一步,贷款市场报价利率(LPR)形成机制的改革有助于提高利率传导效率,并以市场化手段推动降低实体经济融资成本。这同样会对居民部门消费需求产生影响。特别是在居民杠杆率增长快、资产流动性不足、信贷渠道发挥的作用相对有限的背景下,以LPR为基础的贷款定价方式改革不仅有助于优化跨期消费决策,缓解偿债压力,强化直接利率效应,还可以通过提升企业经营效率以及居民收入,加强间接收入效应。
As a key step in the marketization of interest rates, the reform of the loan market quoted interest rate(LPR) formation mechanism is helpful for improving the efficiency of interest rate transmission. And it can push forward to the reduction of the financing cost of the real economy through market-oriented means. Meanwhile,it will also have an impact on consumer demands in the residential sector,especially under the background of rapid growth of residents’ leverage ratio,insufficient liquidity of assets,and relatively limited role of credit channels,the reform of LPRbased loan pricing methods can not only help to optimize inter-period consumption decisions, ease debt repayment pressure, and strengthen the direct interest rate effect but can also strengthen the indirect income effect by enhancing the operating efficiency of enterprises and the income of residents.
作者
张欣
赵大伟
Zhang Xin;Zhao Dawei(Postdoctoral Research Station,China Central Depository&Clearing Co.,Ltd.,Beijing 100032,China;Mobile Postdoctoral Station,Institute of Finance,PBOC,Beijing 100032,China;Institute of Finance,PBOC,Beijing 100032,China)
出处
《金融发展研究》
北大核心
2020年第5期10-15,共6页
Journal Of Financial Development Research
基金
国家社科基金重大项目“供给侧结构性改革、异质性消费者行为与经济增长内生动力研究”(17ZDA038)
国家自然科学基金面上项目“异质性消费者的界定、行为度量及供需结构有效匹配研究”(71773063)
国家社会科学基金青年项目“我国家庭异质性消费行为研究”(18CJL045)。
关键词
LPR
利率市场化
消费信贷
货币政策
LPR
interest rate liberalization
consumer credit
monetary policy
作者简介
张欣,女,辽宁锦州人,经济学博士,中央国债登记结算有限责任公司博士后工作站,中国人民银行金融研究所博士后流动站;赵大伟,男,浙江诸暨人,副研究员,经济学博士,供职于中国人民银行金融研究所。
