摘要
金融系统的亲周期性在金融市场上的表现是信贷和资产价格的繁荣—萧条周期,并对现行货币政策框架提出了新的挑战。文章结合存款准备金政策的国际性软化发展趋势,提出贷款准备金政策操作框架以改革和完善现行的准备金制度,目的是通过差异贷款准备金率来实现货币政策的结构效应与总量效应和对资产价格的调控机制,以及逆周期性调节。
The procyclicality of financial systems is featured by the boom-bust cycles of credit and asset prices in the financial market. This problem poses a challenge to the current monetary policy framework Combining the softening trend of reserve policies, the paper raises a practical framework of loan reserve requirements to perfect current reserve system. It suggests that we could apply different loan reserve rates to realize the structure effect and total effect of monetary policies, the control of asset prices, and the counter-cyclical adjustment.
出处
《财经研究》
CSSCI
北大核心
2010年第3期124-132,共9页
Journal of Finance and Economics
基金
国家社会科学基金重大项目(08&ZD034)
教育部人文社会科学基地重大项目(08JJD790136)
教育部人文社会科学基金项目(07JD790007
09YJC790187)
关键词
金融亲周期性
资产价格
货币政策
贷款准备金政策
financial procyclicality
asset price
monetary policy
loan reserve requirements
