论弱利率效应

Towards the Weak Interest Rate Effect

利率历来都是市场经济国家货币政策的重要中介目标。由于我国现在处于体制转轨时期,现行的投资和融资体制都远不完善,金融资本总量偏小,金融机构传导效率低,从而造成利率与经济运行相关度偏低,利率弹性机制的发挥受到诸多因素的限制,导致投资、消费和储蓄的利率弹性都偏小,以利率为中介目标的货币政策效果差,即存在弱利率效应。因此,当前应努力增强利率弹性,发挥利率工具的应有效应。

The interest rate is always an important intermediate goal of the national monetary policy of market economy. As our country is in a period of economic restructuring, the current investment and finance system is far from perfect, the total amount of financial capital is relatively small, the financial institutions' conduction efficiency remains relatively low, the relevance of the interest rate to economic operation is caused to be rather insignificant, and the elastic mechanism of the interest rate limited by quite a number of factors can not play its proper function, resulting in the rather low interest rate elasticity of investment, consumption and savings deposits, as well as poor effects of the monetary policy whose intermediate goal lies in the interest rate, hence the existence of the weak interest rate effect. Therefore, great efforts should be made to strengthen interest rate elasticity and bring about due effects of the interest rate as a tool.