货币市场与资本市场的协调对接与互联

The Linkage of Monetary Market and Capital Market

货币市场与资本市场是不可分割的整体 ,然而中国的货币市场与资本市场长期处于一种分而不离的状态 ,不仅给两个市场之间带来了流通、运行、效率等问题 ,也造成了货币政策宏观调控乏力、约束软化等后果。本文通过对资金、价格 (利率与金融资产价格 )和货币政策等对接条件要素的理论分析和在中国的实证分析 ,探讨中国货币市场与资本市场实现协调对接与互联的思路与途径 ,以达提高金融市场体系的运作效率 ,促进核心金融市场之间的协调发展的目的。

Economic affiliation and regulation calls for an integrative financial market, that is, monetary market and capital market shoul d be integrated into a whole to optimize the allocation of resources. Monetary m arket and capital market in China have been separated superficially but linked w ith each other materially for years. This has brought about many problems of cir culation, operation and efficiency, and resulted in inefficient macro-monetary p olicies. On the basis of a theoretical analysis of the linking factors, such as capital, price (interest rate and financial assets price) and monetary policies, and China’s practices, the paper explores the approaches of linking properly t he monetary market and capital market in China so as to improve the efficiency o f financial market system and develop the core financial markets coordinately.