自由度:我国货币政策的中层考察

Sphere of Liberty : An Inner Study on China's Monetary Policy

货币政策的自由度可以从中央银行对基础货币的直接控制能力和对货币供给的间接调节能力两方面加以考察。在我国目前的体制下,货币政策自由度不高,中央银行难以自如操纵货币供给笼头。再造货币供给机制,根本在于深化改革,理顺中央银行同财政、专业银行和企业之间的债权债务关系。

The sphere of liberty for monetary policy can be surveyed both according to the direct controlling power of central bank on the basic money and its indirect regulatory power on money supply. Under China's present system, the sphere of liberty for monetary policy is not wide, and the central bank can not control the valve of money supply at will. The funda- mental approach to remould the mechanism of money supply is to deepen reform, overhaul the debtor and creditor relationship between central bank and public finance, specialized banks and enterprises.