公开市场业务与货币政策有效性——1997后中国货币政策传导梗阻的症结探析

Business of Open Market and Monetary Policy Effect-Analysis on the Reasons of Chinese Monetary Policy Conducting Obstruct after 1997

1997年后我国一直实施“积极的”货币政策,但货币政策在传导过程中出现了梗阻,所起的作用远不尽如人意。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,也是货币政策效应发挥的基本通道。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,这使得1997年后我国“积极的”货币政策传导产生梗阻,严重抑制了货币政策效应的发挥。

China has implemented the ' positive monetary policy ' since 1997, but the monetary policy has produced obstruction in the course of conducting. The business of open market is most important indirect monetary policy tool of central bank. The national debt market as the business main body in the open market is the basical relying of open market operation of central bank. The developmentof our national debt market in such aspects as scale, mobility lags behind, and it is still an unripe, undeveloped market, this seriously suppress the full play of monetary policy effect after the 1997.