从我国的货币市场看利率政策的阻滞因素

An Analysis in the Obstructive Factors in Interest Rate Policy According to China's Monetary Market

利率政策作为货币政策的重要组成部分,不断为货币当局强化和运用,但其运用效率的大小,离不开发达成熟的货币市场。货币市场既是利率政策传导的平台和继续向资本市场传导的纽带,也是货币当局合理制定利率政策的重要信息来源和市场依据,因此货币市场利率传导功能的发挥将对利率政策有效性产生重要的影响。目前,我国货币市场运行的制度环境、交易品种、参与主体、子市场之间的均衡性等都存在着利率政策有效发挥的阻滞因素,导致我国利率政策难于达到设定的政策目标。

The Interest Rate Policy is, as an important part of the monetary policy, enhanced and used constantly by monetary authorities. But its efficiency depends on the developed and mature monetary market. The monetary market is the platform for the Interest Rate Policy to conduct the capital market, as well as an important information source and basis for the monetary authorities to make monetary policies, which means the conduction of interest rate in monetary has an important impact on the efficiency of the Interest Rate Policy. Currently, there are obstructive factors, which hinder the efficiency of Interest Rate Policy, in the institutional environment, trade variety, main participant and the balance of submarket in China＇s monetary market.