关于我国货币政策传导机制的探讨

近几年来我国货币政策调控有效性有了很大的提高,但仍不如人意,表现出许多非有效性方面的问题。造成这一结果的原因是多方面的,但都与货币政策传导机制有关。通过我国货币政策与经济活动的关系阐述了两者的相关性,指出了我国在货币政策传导机制方面与健全市场经济国家的差异,并分析了原因,如利率和银行信贷渠道传导不畅,货币供应量比较高等。提出了逐步实现利率市场化,改革利率存贷款计息方式,协调商业银行与各类利率之间的关系,深化商业银行体制改革,发行系统内票据,代理客户投资商业银行间市场等建议,以利于我国货币政策在宏观调控中发挥更大的效用。

On China''''s Propagation Mechanism of Monetary Policy

In recent years,the macro-control efficiency of monetary policy has been improved greatly in China.However,there are still many problems showing ineffectiveness.The reasons are diverse,but all involve the propagation mechanism of monetary policy.In view of the relationship between monetary policy and economic activities,the correlation between them is found and the difference between the propagation mechanism of China's monetary policy and that of the countries where the market economy has well developed is discussed with the causes analyzed,such as the information on interest rate and bank credit that are hard to access and too much monetary supply.It is suggested that the interest rate should be marketized gradually,by way of reforming the mode of interest charges of deposit/loan,coordinating the relationships among various interest rates of commercial banks and others,deepening the reform of commercial bank systems,issuing intra-system bills and providing agents for clients to invest in inter-bank market. All these will be beneficial to that China's monetary policy plays a more important role in macro-control process.