投资与货币政策研究

A Study on Investnient Policy and Monetary Policy

改革以来,投资与信贷、投资与贷币政策的联系日益密切。但在目前体制下,我国宏观货币政策对调控固定资产投资总量的作用很有限。必须要有国家产业政策、计划手段、财政政策和货币政策的综合调控,才能有效控制投资总量和结构。否则,不仅不能有效抑制投资膨胀,反而会对宏观金融调控施加很大反作用。

Since the inception of reform the relations between investment and credits,and the rela-tions between investment and monetary policy are closely related. But under present situa-tion, the effects of macro-monetary policy to control the aggregate investment in fixed assetsare limited. Comprehensive regulation and control by state industrial policy,means of plan-ning,financial and monetary polcies are needed to effectively control the total of investment and its structure. Otherwise it would be impossible to effectively control the inflation of in-vestment and bring about great reactions to the macro-financial regulation measures.