中国货币政策工具有效性分析

一种有效的货币政策工具必须是能被中央银行直接控制的.当前,中国人民银行对经济的调控正由直接方式向间接方式转变,运用的货币政策工具主要有公开市场操作、准备金率、中央银行基准利率、信贷政策、再贷款、再贴现,以及外汇市场的调控.与发达的市场经济国家相比,我国货币政策工具的运用仍存在以下问题:信贷政策仍具有行政性色彩;准备金率影响了货币政策工具的有效性;公开市场业务存在一定的局限性;汇率制度影响了外汇操作工具的运用;非市场化利率影响利率调整工具的效果.文章指出,中国货币政策工具的有效运用是一项系统工程,需要综合考虑.

Analysis on the Effectiveness of Monetary Policy Instruments in China

An effective monetary policy instrument must be under the direct or close control of the central bank. The People's Bank of China is now gradually transforming the mode of manipulating the macro economic situation from direct control to indirect control. The monetary policy instruments applied by the PBC mainly include open market operation, reserve requirement ratio, central bank base interest rate, credit policy, central bank lending, rediscounting, and foreign exchange market regulation. Compared with developed market economies, the operation of monetary policy instruments in China has the following problems: the credit policy has an administrative role; the reserve interest rate has negative effects on the validity of monetary policy instruments; the open market operation has its limitation; the foreign exchange system restricts the operation of exchange rate instrument; the non-marketized interest rate affects the effectiveness of interest rate adjusting instruments.