次贷危机后,构建货币政策与金融监管的统一框架被提上日程,而存款准备金付息制度日益被一些学者视为解决货币政策与金融监管之间非一致性的新途径。以修正的庇古税模型为出发点,结合近30年我国利率市场化改革过程中的经济数据,运用现代计量方法展开研究,结果发现,我国存款准备金付息制度可以提供一种稳定基础利率的内在机制,它有利于构建稳定利率体系,进而促进宏观审慎金融监管。
After the subprime crisis,it is put on the agenda to build a unified framework for monetary policy and financial supervision, while interest system for reserves is regarded by some scholars as a new way to solve the inconsistency between mo- netary policy and financial supervision. Based on the modified Pigouvian Tax Model and the economic datas of China in the past 30 years and modern econometric methods, it is found that Chinese interest system for reserves can provide a stable internal mechanism for the basic rate, which will contribute to set up a stable interest rate system and boost the macro-prudential finan- cial supervision.