股票市场发展与我国货币政策的有效传导

The Development of Stock Market and the Effective Transmission of Monetary Policy in China

随着资本市场的发展和金融创新的深化,股票市场对货币政策的影响越来越大,并逐渐成为货币政策传导的重要渠道。由于市场规模有限、金融一体化程度较低等因素的制约,我国股票市场的货币政策传导效率低下。因此,应通过扩大股票市场规模、调整和优化市场结构、疏通货币市场和资本市场的联系渠道等途径,构筑股票市场传导货币政策的基础条件。同时,应完善货币政策运作体系,货币政策的最终目标应关注资产价格的变化。

With the development of capital market and the deepening of financial innovation, the impacts of stock market on monetary policy go deeper, and stock market has gradually become an important channel for monetary policies to be conducted. However, the transmission efficiency of the monetary policy of stock market in China is low, which is attributed by the restriction of such factors as limited stock market scale and low degree of financial integration. We should build up some fundamental conditions of monetary policy transmission in stock market by means of enlarging the market scale, regulating and optimizing the market structure, dredging the affiliations between the money market and capital market, etc. At the same time, with consummating the operational system of monetary policy, the final target of monetary policy of central bank should show concern for the change of asset prices.