货币供给机制、经济结构问题与金融总量调控

Money Supply, Economic Structure and Financial Aggregate Adjustment

1998年信贷规模控制取消以后,中国逐步形成了以人民银行总行为主体、以公开市场业务为主要政策工具的调控体系,有效解决了长期存在的信贷倒逼问题,总量调控效果显著。但同时由于我国各地区对外开放程度的不平衡性、信贷供给市场的寡头垄断性,单一总量调控模式客观上加剧了货币信贷供给的区域差异,不利于经济协调发展。本文在分析我国经济发展的一个基本事实和货币政策实施所面临的三个不均衡条件的基础上,提出了适合我国国情的市场化货币供给机制和金融调控模式。

Since the credit aggregate control was abolished in 1998, a new macro adjustment system that has PBC as the principal part and the open market as the main policy instrument has been established. The system solved the long - existing problem of the credit back - force efficiently and controlled the gross money and credit supply markedly. However, due to the imbalance of opening in different areas and oligarch monopoly in credit supply market, the system enlarged the disparities of money and credit supply among different areas, and went against the harmonious development of the whole economy. Basing on the analysis of a main fact of economy development and three restricts to the enforcement of monetary policy in China, this paper offers a model of money supply mechanism and macro financial adjustment that may fit the situation of China.