对我国货币政策传递机制的分析

实现经济增长的渠道有:消费支出、投资支出、国际贸易等三个主要渠道。本文旨在分析货币是如何通过以上三条渠道影响经济活动的。近年来,我国央行采取了扩张性的货币政策工具,旨在通过增加货币供应量和降低利率水平,以刺激消费需求,增加投资需求和扩大外贸出口,进而拉动总需求的增长,实现经济复苏。但由于货币政策传递渠道不畅,其预期的效果不甚理想。本文着力分析了造成这一现象的原因并提出了相应的对策。

On the Communicating Mechanism of China's Monetary System

The paper analyses how currency functions in the three channels, namely, consumer expenditure, investment expenditure, and international trade through which economic growth is realized. Recent monetary polices of the Central Bank of China are aimed at stimulating consumer expenditure, increasing investment expenditure and expanding international trade by means of increasing monetary supply and decreasing interest rates. The effort, however, is not as fruitful as expected. The paper points out the reasons for this failure and proposes counter-measures.