中国央行新推出的多边货币基金是如何影响收益率曲线的

IF 2.8 2区经济学 Q2 BUSINESS, FINANCE

Journal of International Money and Finance Pub Date : 2025-03-20 DOI:10.1016/j.jimonfin.2025.103327

Makram El-Shagi , Lunan Jiang

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引用次数: 0

摘要

在本文中，我们评估了中期借贷便利（MLF）对国债和公司债券收益率的影响，这是中国人民银行（PBoC）最近推出的一项工具。这一工具，更具体地说，通过国债收益率向公司债券收益率传递其使用，在中国央行设想的未来更加市场化的政策框架中发挥着重要作用。使用半参数局部预测框架，我们表明该机制已经相当有效，允许中国人民银行操纵整个收益率曲线。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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How the PBoC’s new MLF affects the yield curve

In this paper, we assess the impact of the Medium-term Lending Facility (MLF), an instrument recently introduced by the People’s Bank of China (PBoC), on treasury and corporate bond yields. This instrument and, more specifically, the transmission of its use through treasury bond yields to corporate bond yields play a major role in the more market-based policy framework the PBoC envisions for the future. Using a semi-parametric local projection framework, we show that the mechanism is already fairly effective, allowing the PBoC to manipulate the entire yield curve.

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来源期刊

Journal of International Money and Finance BUSINESS, FINANCE-

CiteScore

4.20

自引率

4.00%

发文量

141

期刊介绍： Since its launch in 1982, Journal of International Money and Finance has built up a solid reputation as a high quality scholarly journal devoted to theoretical and empirical research in the fields of international monetary economics, international finance, and the rapidly developing overlap area between the two. Researchers in these areas, and financial market professionals too, pay attention to the articles that the journal publishes. Authors published in the journal are in the forefront of scholarly research on exchange rate behaviour, foreign exchange options, international capital markets, international monetary and fiscal policy, international transmission and related questions.