Optimal Choice of Interest Rate Anchor Under New LPR Mechanism

doi:10.15936/j.cnki.1008-3758.2023.02.006

Abstract

Abstract: The reform of LPR formation mechanism is regarded as a key means to unclog the transmission of monetary policies， and the most prominent feature is the introduction of medium-term lending facility (MLF) as an “interest rate anchor”. A new mechanism reform of LPR is taken as the starting point， the OLS and TVP-VAR model is used to verify the effectiveness of MLF as the interest rate anchor， and the VAR model is constructed to explore the optimal choice of the market-oriented interest rate anchor. The results show that under the new LPR mechanism， the “anchor change” reform from the loan benchmark rate to the MLF policy rate has only achieved a preliminary marketization， and the marketization degree of the interest rate anchor is particularly important to the transmission of monetary policies. By comparing and analyzing the three alternative interest rates of Shibor， Repo and DR 007 from the aspects of benchmark and stability， DR 007 is taken as the optimal choice of the market-oriented interest rate anchor， so as to deepen the marketization degree of the interest rate anchor， improve the effectiveness of the interest rate transmission mechanism of monetary policies， and promote the development of real economies.

Key words: loan prime rate(LPR); interest rate anchor; interest rate transmission mechanism; medium-term lending facility(MLF)

CLC Number:

F832

LIANG Yan， KANG Tingting， ZHENG Xinyu. Optimal Choice of Interest Rate Anchor Under New LPR Mechanism[J]. Journal of Northeastern University(Social Science), 2023, 25(2): 43-52.

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