中国货币政策传导机制分析

市场经济条件下,在发达的货币市场和有效的金融机制基础上,货币政策主要通过利率通道、汇率通道、非货币性资产通道和信贷传播通道四条途径影响宏观经济总量。本文通过实证分析,说明中国由于信贷管理体制、利率管制、金融市场不完善、微观经济主体非市场化运作等方面对货币政策传导的阻滞作用,中央银行的货币政策意图不能有效地指导实体经济,进而对疏导货币政策的传导机制提出对策建议。

An Analysis of the Conduction Mechanism of China'' s Currency Policy

In a market economy with a developed money market and effective financial mechanism,the currency policy exerts its influence on the aggregate macro-economy through the four approaches of interests,exchange rates,non-currency assets and credit expansion. Through a positive analysis,this paper makes an analysis of why the currency policy of the central bank fails in its intention of providing effective guidance for substantive economy in China. The reasons include the imperfection of credit administration system,interest rate control,and the financial market,in addition to the fact that the currency policy formulated by the central bank cannot provide effective guidance for the economic entity. This paper concludes by putting forward some counter-measures regarding propagation mechanism improvement.