中国货币政策环境指数的构建

The Establishment of China’s Monetary Policy Environmental Index

货币政策作为国家宏观调控政策的重要组成部分,在稳定宏观经济运行方面起到了重要作用,而其成功的实施依赖于良好的外部环境。本文通过构建以货币政策操作主体、金融中介、金融市场、企业和个人行为、经济对外开放度以及利率和汇率的市场化为指标体系的货币政策环境指数,量化分析了改革开放以来我国货币政策环境的变化。分析结果表明:改革开放以来我国货币政策环境不断优化,这也提高了我国货币政策实施的有效性。但是我国经济运行中仍然存在着一些不利因素,阻碍了货币政策的有效传导。针对存在的问题,本文提出了进一步优化我国货币政策环境的政策建议。

As part of macro-control policies, monetary policy plays an important role in maintaining the stability of economy. The effectiveness of monetary policy relies on environment. The paper establishes the environmental index of monetary policy, which includes the implemental body of monetary policy, financial intermediaries, financial markets, the behavior of enterprises and individuals, the openness of economy and the liberalization of interest rate and exchange rate. The paper concludes that the environment of monetary policy has been improved since the Reform and Opening-up. Given there are harmful factors, so the paper makes some suggestions on further improving the environment of monetary policy.