1997年后中国货币政策传导梗阻的症结探析——基于公开市场业务的理论视角

An Analysis of the Problems in the Conduction of China's monetary policy after 1997 --From the Theoretical Viewpoint of the Business of Open Market

货币政策效应是个复杂而且受到广泛关注的问题。公开市场业务是中央银行最重要的一个间接货币政策工具 ,作为公开市场业务主体的国债市场是央行公开市场操作的基本依托。我国国债市场在规模、流动性等方面发展滞后 ,仍是一个不成熟、不发达的市场 ,这使我国货币政策传导产生梗阻 。

The monetary policy effect is a complicated question and has received much attention. The business of open market is a most important indirect monetary policy tool of Central Bank. As the main section of the open market business, the national debt market is the basis of open market operation of Central Bank. Our national debt market lags behind in aspects of development such as scale and mobility, and is still an immature, undeveloped market. This obstructs the conduction of our monetary policy and seriously suppresses the full play of the monetary policy effect.