摘要
中国人民银行取消贷款规模控制后,对信贷量的调控主要采用间接手段为主的货币政策工具。本文首先比较了数量型工具和价格型工具调节信贷规模的平均效用,整体而言,法定存款准备金率、公开市场业务比利率工具更加有效;其次通过引入可变参数状态空间模型,分析1998-2010年各类工具对信贷量的动态作用过程,探讨了不同阶段影响力不同的原因,并认为未来公开市场业务或许成为央行控制信贷供给最重要的工具,准备金工具的效果将会增强,而利率工具依然不适用于调控信贷量。
After cancelling the control of loan scale, PBC has used indirect measures to regulate and control the credit volume. This paper, firstly compares the average utility of adjusting the credit volume between quantity tools and price tools. Secondly, this paper analyzes the dynamic functions performed by means of various tools from 1998 to 2010. It also probes the cause of different effects in different periods. Moreover, this paper believes that open market operations may become the most significant tool for the Central Bank to control the credit supply in future, and the effect of reserve funds will strengthen. However, the tools of interest rate are still not appropriate to regulate and control credit volume.
出处
《国际金融研究》
CSSCI
北大核心
2012年第5期26-33,共8页
Studies of International Finance
基金
国家社会科学基金重点项目"居民收入来源结构优化研究"(批准号:11AJL003)
国家自然科学基金"我国的通货膨胀预期与通货膨胀动态机制"(71103082)的资助
关键词
信贷
法定存款准备金率
公开市场业务
利率
Credit
Ratio of Reserve Requirement
Open Market Operations
Interest Rate
