宏观流动性管理与金融资源均衡配置——金融服务实体经济的困境与出路

The Macro-liquidity Management and The Equilibrium of Allocation Financial Resource

当前经济下行使货币政策面临实现"稳增长"和避免"脱实向虚"的两难困境,流动性总量扩张和结构失衡是根本所在。金融更好地服务实体经济,要求央行必须在适度控制流动性规模的前提下,以实现金融资源的均衡配置为重心,切实强化央行流动性管理的有效性。在政策选择上,应借鉴国际流动性监管的改革和实践,在加大差别化金融调控的同时,选择更多的定向操作工具;而创设宏观流动性管理指标,增强流动性管理的权威性和清晰度,亦将是一个可能的方向。

For the economic descending in China, monetary police is facing the dilemma of ＂steady growth＂ and ＂from real economy to fictitious economy＂, and the fundamental causes are liquidity gross expansion and structural imbalance. Finance should supply better service to real economy, so central bank should control liquidity scale moderately, focus on balancing financial resource allocation, and strengthen the effectiveness of central bank＇ s liquidity management. As for the policy choice, interna- tional reform and experience of liquidity supervision should be referred to choose more directional oper- ation instruments and increase differentiation financial control at the same time. An alternative choice is to construct macro-liquidity management index so to strengthen the authority and clarity of liquidity management.