“天量”信贷政策的效应及其调整

Effect and adjustment of "Large Quantity" Credit Policy

2009年上半年中国为应对金融危机冲击、保增长,货币信贷投放激增,适度宽松的货币政策演变为过度宽松的货币政策。过度宽松的货币政策导致了短期通缩和长期通胀预期并存的尴尬局面。为了确保货币政策目标的实现和发挥货币政策促进经济增长的作用,适度宽松是货币当局的理性选择。但是,在执行货币政策中应掌控货币政策的宽松度,理顺货币政策的传导机制,加强对银行信贷的监管。

In the first half of 2009, in response to financial crisis and maintain growth, supplies of money and credit increase sharplyin China, then moderately easy monetary policy developped into too lax monetary policy. Too lax monetary policy has led to an embarrassing situation that short-term deflation and long-term inflation expectations are co-existent. In order to ensure achievement of objectives of monetary policy and make monetary policy play a positive role in promoting economic growth, moderately easy monetary policy is a rational choice for national monetary authorities, although in the implementation of monetary policy, monetary authorities should control the loose degree of monetary policy, rationalize the transmission mechanism of monetary policy, and strengthen the supervision of bank credit.