流动性过剩与我国货币政策效果的原因分析

Analysis on Excessive Liquidity and the Effect of China's Monetary Policy

近两年来,我国银行的流动性过剩问题日益凸显,并极大地影响了中央银行货币政策的有效性。本文首先描述了我国流动性问题的现状,并分析了中央银行针对流动性过剩采取的各种调控政策及其实施的效果。然后分析了央行货币政策无效的原因,即三元悖论。最后根据三元悖论的原理提出缓解流动性过剩,提高货币政策有效性的建议。

Over the past two years, excessive liquidity of China＇s banks has become increasingly prominent and influences greatly the effectiveness of the central bank＇s monetary policy. This paper describes the status issue of the liquidity and analyzes the central bank＇s various control policies against excessive liquidity and their implementation results. Then it analyzes the invalid reasons of the central bank＇s monetary policy. That is trilemma. Finally, according to the principle of trilemma the paper proposes to ease the excess liquidity and improve the effectiveness of monetary policy.