资本流动性冲击、宏观经济波动与我国货币政策协调

The Impact of Capital liquidity on Macroeconomic Fluctuation and China's Monetary Policy Coordination

20世纪70年代以来国际资本频繁流动已成为世界经济的一个显著特征,资本的跨国流动对国际经济产生了重要影响,特别是通过提高生产要素的配置效率提高了各国福利,同时也带来了相应的负面影响。因为经济一体化和金融全球化等变化趋势共同改变了货币政策实施所依赖的整个金融环境,在宏观层面上却给政府当局制定宏观经济政策带来了困惑,各国货币政策的有效性、独立性受到冲击。当今资本流动性已成为对宏观经济影响较大的因素,在开放经济条件下我国货币政策的制定也把资本流动性作为主要变量来考虑,以保证经济稳定持续发展。

Since 1970s, frequent international capital flows have become a prominent feature of the world＇s economy, cross -border flows of capital had a major impact on the international economy, particularly, it improved the national welfare through enhancing the allocation efficiency of production factors, but it also brought negative impact. Because the trend of economic integration and financial globalization changed the overall financial environment on which monetary policy implementation depends, not only the government got bewildered to formulate macro -economic policy at the macro level, but the effectiveness and independence of national monetary policy also got adversely affected. Today capital mobility has become a greater impact factor on the macro - economic, so the formulation of China＇s monetary policy under the conditions of an open economy also put capital liquidity as the main variables to consider in order ensuring economic stability and sustainable development.