我国货币政策传导的环境问题

The Environmental Problems Existing in the Transmission of Monetary Policy

货币政策传导机制是否通畅关系到中央银行能否实现货币政策的最终目标,我国货币政策传导机制不畅是中国人民银行最终实现其政策意图和增强货币政策有效性必须面对的问题。本文从货币政策的微观主体传导模式和经济变量传导模式两方面,分析了在经济转型的特殊环境中,各微观经济主体包括中央银行、商业银行、地方政府、企业和居民以及各种货币政策工具包括数量型经济变量和价格型经济变量,在经济金融改革实践中存在的不利于货币政策传导的种种问题。为了加快货币政策传导机制的环境建设,文章提出了增强央行独立性、转变政府职能、加快国有企业和国有独资商业银行改革以及进一步完善货币政策工具的政策建议。

To a great extent, whether the central bank can successfully accomplish its monetary policy's goal depends on whether the transmission mechanism of the monetary policy is smooth enough. The People's Bank of China is now confronted with a series of critical problems due to the transmission mechanism that bars the PBC to realize its monetary policy's goal. The paper analyses the special role of micro- units including central bank, commercial banks, local governments, enterprises and citizens, and also outlines the great restriction faced by the using of economic variables including both the quantitative variables and the price variables in the execution of monetary policy in China's transforming economy. After pointing out that all kinds of aberrances have brought on critical problems as for the transmission of the monetary policy, the paper suggests that China should give central bank more independence, transfer the functions of governments, accelerate the reform of both state - owned enterprises and commercial bank system.