我国货币政策利率传导机制研究

Study on Interest Transmission Mechanism of China's Monetary Policy

利率作为货币政策行使中最为关键的工具之一,是否像人们想像的那样能够有效地传导信息,实现宏观调控是一个值得怀疑的问题。利率在货币政策中的作用主要体现在利率与投资和储蓄之间是否正相关。就我国目前的情况来看。利率和投资之间存在着反向变动的关系,加息在一定程度上有利于抑制投资,但是加息与储蓄之间则几乎没有相关性。要想利用利息在宏观调控中的作用,必须进行利率的市场化改革。

As one of the key tools in monetary policy, interest arises doubts of whether it has the effective information transition mechanism. The key function of interest in monetary policy lies in the presentation of positive relation between investment and savings. However, from the empirical study we can find the negative relation between investment and savings in China. While curbing the investment, the increase of interest rate has no relation with savings. The market-oriented reform in interest is key to solve this problem.