试论我国货币政策的传导机制与效果

On Transmission Mechanism of China Currency Policy and Its Effect

以货币政策的一般传导机制来分析我国货币政策的效果是有缺陷的,因为它忽略了我国特殊的金融管制政策以及通货紧缩现实的影响。该文通过构建一个货币政策传导机制模型,指出中央银行实施货币政策与加强金融监管的冲突导致商业银行的市场行为异化,而通货膨胀则导致企业市场行为异化,从而削弱了货币政策的效果,其解决途径在于提高货币金融制度安排的市场化程度。

There exist some shortcomings to analyse the effect of China carrency policy by ordinary transmission mechanism.For it neglects the influence of China special financial administrative policy and carrency reduction.The paper,on the basis of building up a transmission modle of currency policy,puts forward that the clash betwean centnal bank cunnency policy and the financial monitoring leads to the alienation of commercial bank market behavior;and inflation leads to the alienation of enterprise market behavior;thus weakens the effect of currency policy.The solution is to raise the market degree of financial sytem arrangement.