金融约束下的货币政策传导

Transmission of Monetary Policy under Financial Constraint

严格的金融约束造成我国货币政策的汇率、利率、资产价格及市场性信贷等传导渠道不畅 ,不得不主要依靠行政性信贷传导 ,从而使现行金融调控模式与市场化的实质经济运行不相匹配。调控中主要运用数量型手段、对预期和时滞重视不够、对政策变量的属性把握和功能定位不准更进一步弱化了政策效果。因此 ,必须放松金融约束 ,加快金融的市场化改革 ,更多地采用金融价格手段 ,充分发挥市场自发调节机制的作用 。

As a result of rigid financial constraint, the channels of exchange rate, interest rate, assets price and marketable credit of our country have been blocked and have to depend on administrative credit transmission, which cause the current financial regulation model not to match market-oriented real economy. Such factors further weaken the result of monetary policy as: in the course of regulation mainly exerting quantity-oriented instruments, neglecting anticipation and time lag, incorrect orientation of the property and function of policy variable. In order to avoid economic fluctuation and loss aroused by financial policy, it is necessary to relax financial constraint, speed up market-oriented financial reform, use more financial-price instruments and bring market regulation mechanism into full play.