中国货币政策有效性问题研究

On Validity of China's Monetary Policy

货币政策有效性的标志在于货币政策目标的实现程度。经验实证表明 ,中国 18年货币政策操作经历了反通货膨胀和反通货紧缩两方面的考验 ,总体来说是有效的。当前妨碍中国货币政策有效性的主要因素是中国的银行主导型金融体系内部存在信贷收缩机制。要提高货币政策有效性 ,关键在于进一步深化国有商业银行改革和放宽中小金融机构的市场准入。

The validity of the monetary policy is reflected in the level of the attainment of its ultimate goal. Empirical evidence shows that China has experienced both anti-inflation and anti-deflation tests in the implementation of its monetary policy in the past eighteen years. Such financial efforts are generally effective. But currently, the major obstacle to ensuring the validity of China's monetary policy lies in the credit contraction mechanism that still operates within its bank-dominated financial system. The key to enhancing the validity of its monetary policy consists in the in-depth reform of the state commercial banks and in the uplift of the control over the entry of the small and medium-sized financial institutions into the market.