货币政策对区域性民间金融危机的制度诱因与法治化调控探析

2011年，以温州为代表的民间金融危机再次发生，引起学界对引发此类民间金融危机在相关制度上诱因的关注。我国货币政策的多变是其中主要的因素之一，多变的货币政策与滞后的传导机制，致使部分实业型中小企业对间接融资预判不足，最终陷入资金链断裂困境。因此，我国应当寻求货币政策的法治化调控路径，推进货币政策透明度与利率市场化，建立起立法机关对货币政策工具运用的评价机制，依法完善货币政策传导机制，进而创造稳定的经济发展环境，防范区域性民间金融危机的再次发生。

The Institutional Trigger and Legalized Regulation of Monetary Policy on Regional Private Financial Crisis

The year 2011 witnessed another private financial crisis in Wenzhou and other cities in China, which drew academics’ attention to the relevant institutional triggers. One of the main factors is China’s varied monetary policy. The changing monetary policy and the lagging transmission mechanism resulted in the inadequate judgement of indirect financing, and ultimately fell into difficult situation of capital chain breaks on the part of some small and medium sized enterprises. Therefore, China should seek the legalized regulation of monetary policy, promote the transparency of monetary policy and marketization of interest rate, establish legislative body’s evaluation mechanism on the use of monetary policy tools, and improve the transmission mechanism of monetary policy so as to create a stable environment for economic development and prevent regional private financial crisis from happening again