信贷配给理论与货币政策中介目标的选择

The Theory of Credit Rationing and the Choice of Intermediate Target of Monetary Policy

信贷配给理论研究不对称信息条件下自由竞争信贷市场运行机制,为货币政策变动影响实际经济的可能途径提供了比传统理论更为丰富的论证。信贷配给的客观存在限制了利率作为中介目标发挥的传导作用。中国经历着从非均衡信贷配给到均衡信贷配给的过程,信贷对货币政策的有效性会产生重要影响。因此,中国应采取组合的方式选择货币政策中介目标,以更有效地传导货币政策意图,更好地实现货币政策最终目标。

The credit rationing theory originated from the discussion of the credit market running mechanism under incomplete information situation. The existence of credit rationing can also influence the transmission channel of monetary policy. Based on the Stiglitz-Weiss credit rationing model, the paper analyzes the implications of credit rationing to the intermediate target and transmission mechanism of monetary policy. After theoretical analysis, the paper focuses on the monetary policy in our country. Then it puts forwards some suggestion on the selection of intermediate targets.