试析我国货币政策信贷传导渠道阻滞的原因

State-owned Commercial Banks and Blocks to Transmitting Policies of Currency through Credits

我国在转轨经济条件下,由于受市场机制的发育程度、金融市场的创建程度等方面因素的制约,只能选择货币政策信贷传导作为主渠道,但是在具体运行中信贷传导渠道时时阻滞的问题,又直接影响了货币政策的有效性。究其原因,本文认为:国有商业银行作为信贷传导主体在社会经济融资中所形成的信贷集中,以及国有商业银行经济与政治的双重激励是造成货币政策信贷传导渠道阻滞的直接原因。

The aothor points out that under circumstances of the present transitional economic system restricted by the immature marketing mechanism and limited scale of the financal market, we have to resort to the credits as the main channel of transmitting policies of currency. But in the actual operation, the channel for credit transmission is often blocked, which prevents the policies of currency from functioning effectively. The author argues that the direct cause for this problem lies in two aspects： centralized credits on the part of the state-owned commercial banks as the prinsipal organization of credit transmision, and the dual incentive mechanism in economy and politics within the state-owned commercial banks.