提高利率传导机制效率的途径

The Way of Improving Efficiency in Interest Rate Transmission Mechanism

2008年下半年,为了减小美国金融危机给中国经济带来的震荡,我国中央银行再次出台了一系列的降息政策,自2008年9月百天内连续五次降低利率。世界各国也纷纷出台降息政策,今年2月,各国纷纷迈入利率超低时代。所以,利率政策的有效性及如何进一步提高利率政策的有效性成为货币当局及理论界亟待解决的问题。在这样的状况下,为保证利率政策有效,必须克服利率政策阻滞因素、完善利率的传导机制,提高利率传导机制效率,最终实现利率政策的经济目标。

Central Bank unveiled a series of reducing rate policies in the latter half of the year 2008 in order to decrease the concussion of financial crisis of America to China economy again. It had decreased interest rate for the fifth time in hundreds of days continually since September, 2008. All the countries unveil reducing rate policies in succession. The world has stepped into the times of ultra-low interest rate since February of this year. It is urgent for monetary authorities and theory circle to improve efficiency of interest rate policy. It has to overcome obstructive factors of interest rate policy, perfect transmission mechanism of interest rate and improve efficiency of interest rate transmission mechanism to make interest rate policy effective in such condition, and then realize economic goal of interest policy.