再贴现功能的深层次思考

在传统的货币政策理论中，再贴现都被作为金融宏观调控的重要手段。实际上，因为再贴现本身的技术性缺陷，如它具有顺经济走势的倾向、严格的再贴现约束和告示效应等，决定了它不是逆经济风向行事的有效手段，而且发达国家实际上已经将其作为防范金融危机的重要手段，所以我国也应该正确地认识再贴现的功能，把我国的再贴现建设定位在金融安全的阀门上。

The Main Function of Discount is Stabilization, not Regulation

In traditional theory of monetary policy, discount is regarded as an important instrument of financial macro-regulation. In fact discount is not an efficient instrummmmment because of its technologic bug, For example, it tends to follow the economic wind, in addition to strict application and annunciated effect, In the developed countries, discount is used to prevent financia.l crisis. We should understand the discount funtion comeily and take it as a finance secure valve.