对我国货币政策中介目标选择的思考

Reflection on the Choice of Intermediate Monetary Policy Target in China

随着经济体制改革的深化 ,宏观经济调控的地位越发突出 ,货币政策作为宏观调控的手段之一 ,其有效性备受关注。因而能够灵敏感应货币政策工具并影响经济实体、消费者行为的中介目标 ,它的选择至关重要。我国现行的货币政策是以货币供应量作为中介目标的 ,但这一中介目标作用发挥受限 ,基于我国金融市场不成熟等因素 ,我国应建立以社会信贷总额为主的中介目标体系 ;当市场环境趋近成熟时 。

With the development of the economic restructure, monetary policy is playing a more and more important role. So the choice of intermediate target is crucial, because it fluctuates following the monetary policy tools' operating and affects the behavior of enterprises and consumers. The paper tries to establish an intermediate target system consisting of social credit amount and interest rate.