论利率市场化与货币政策有效性

Interest Rate Liberalization and Effectiveness of Monetary Policy

目前我国利率市场化改革已经取得了一定进展,但总体而言,利率非市场化因素仍然存在,是制约利率政策有效性的关键性因素,研究和推进利率市场化对于增强货币政策有效性具有重大意义。现阶段,通畅利率传导机制,推进利率市场化,对于提高利率政策有效性乃至货币政策有效性,都具有重要现实意义。

At present,the reform of interest rate liberalization in China has gained some achievements,but factors of interest rate non-liberalization still exist and they remain the pivotal restriction of the effectiveness of monetary policy.Therefore,the study on interest rate liberalization has great importance.As to the present phase,to clear the transmission mechanism of interest rate and to accelerate interest rate liberalization has practical significance for the enhancement of the effectiveness of interest rate policy as well as monetary policy.