消费金融公司、贷款准备金政策与总需求结构调整

Consumer Finance Company,Loan Reserve Policy and Aggregate Demand Restructuring

消费金融公司的设立将有利于刺激居民消费,拉动内需。但是,在利率非市场化条件下,这也带来新的货币政策调控问题:中央银行如何对消费金融公司调控来实现政策目标。存款准备金政策对不吸收公众存款而发放无抵押担保的信用贷款的消费金融公司将无用武之地,而以贷款准备金政策(对贷款征收法定准备金)为工具的货币政策调控框架将会大展身手。文章构建了贷款准备金政策调控框架并用以分析其对需求结构的调节效应。

Consumer finance company helps stimulate consumption and increase domestic demand,but given that the interest rate is not market-oriented,it also bring a problem concerning monetary policy： how could central banks achieve policy target by regulating consumer finance company.The deposit reserve policy will be useless in face of consumer finance company,which doesn＇t absorb public deposit and issue unsecured loans,while monetary policy framework that is equipped with loan reserve policy（which might levy reserve requirements on various loans） will show its advantages.The article constructs a loan reserve policy framework and analyzes its effect on demand structure.