货币政策传导渠道与我国货币政策效果

Transition Channel of Monetary Policy and the Effect of Our Nation's Monetary Policy

本文在回顾货币政策传导理论的基础上,分析了我国货币政策传导的利率渠道、资产价格渠道和信贷渠道存在的问题。由于利率渠道和资产价格渠道难以发挥作用,因而,信贷渠道是我国货币政策传导的主要渠道,而在通货紧缩时期,信贷渠道存在渠道收缩和阻滞问题,在经济繁荣或过热时期,信贷渠道又过度扩张,使得我国货币政策效果大打折扣。针对传导渠道存在的问题,我们提出了改善我国货币政策传导效果的对策。

Based on the review of transition mechanism of monetary policy, the paper analyzes the existing problems of the interest rate channel, the asset price channel and the credit channel of our nation＇s transition mechanism of monetary policy. Because of the disablement of interest rate channel and the asset price channel, credit channel is China＇s main channel of transition mechanism of monetary policy. While in deflation period, credit channel has the problems of contraction and block; while in the period of economy prosperity or over - heated economy, credit channel may overspread and cause to lessen the effect of our nation＇s monetary policy. So we present the countermeasures to improve the effect of transition mechanism of monetary policy of our nation.