我国货币传导机制实证评析

试图建立一个经济模型,综合比较通行研究的三个渠道,分析我国目前货币传导机制中各个渠道的不同作用。结论是:在中国利率非市场化、金融市场存在缺陷、银行贷款对于绝大多数企业还是不可替代的资金来源等条件下,货币政策的利率传导途径与资本市场传导在短期内尚难发挥作用,而银行贷款传导等信用渠道成了我国货币政策传导的主渠道。面对这种状况,需要深化金融改革,加快利率市场化,促成企业融资渠道多元化,以使货币政策的传导机制更加有效。

A Case Study of China's Monetary Transmission Mechanism

This paper is to analyze the functions of different channels of monetary transmission mechanism nowadays in China by constructing an economic model and comparing three popular channels comprehensively.The result is: under the current situation of non-marketization of interests,defects of commercial market and bank loan being the irreplaceable source of capital for most enterprises,it would be difficult for the interests transmission channel of monetary policy and capital market transmission to give their full play and transmission of bank loan or other credit channels become the main channel of China's monetary policy transmission.Facing this situation,monetary policy transmission mechanism could be more efficient by deepening financial reform,quickening marketization of interest rate and promoting financing channel multiplication of enterprises.