我国紧缩性货币政策的局限性

On Limitations of Contractive Monetary Policy in China

本文分析了紧缩性货币政策在人民币升值预期下对抑制流动性过剩、通货膨胀、资产价格上涨的作用及其对实体经济产生的影响,提出在货币政策调控存在着两难选择的情况下,应以市场手段促进资本市场的发展,以优先保护实体经济的正常发展。

This paper analyzes the effectiveness of tight monetary policy on restraining liquidity surplus inflation and the rising of asset price, as well as the influence on real economy under anticipation about appreciation of RMB. On the dilemma of monetary policy, in order to maintain a sustainable and stable economic growth, the capital market should be fast developed according to the general adoption of the market principle.