金融脱媒对我国货币政策传导机制的影响分析

An Analysis of How Financial Disintermediation Impacts Transmission Mechanism of China's Monetary Policy

近年来,伴随着我国金融改革的深入和金融市场特别是资本市场的快速发展,我国金融脱媒现象日益凸显。由于金融体系是连接货币政策和实体经济的桥梁,金融脱媒必然会对货币政策传导机制产生影响。在使用我国1978-2011年的季度数据构造金融脱媒指标,分别基于利率传导渠道和银行贷款传导渠道,对我国金融脱媒对货币政策传导效果的影响进行了实证分析后,得出结论是:金融脱媒弱化了我国货币政策银行贷款传导渠道的效果,强化了利率传导渠道的效果,金融脱媒的增强对经济发展和货币政策传导渠道总体呈现一定的正向促进效应。

In recent years, with the deepening of China＇ s financial reform and the rapid development of the capital market, especially the capital market, the phenomenon of financial disintermediation in China is becoming more and more prominent. Because financial system is the bridge between monetary policy and the real economy, financial disintermediation will inevitably affect the transmission mechanism of monetary policy. The author constructed the financial disintermediation index based on the quarterly data from 1978 to 2011 in China and made an empirical analysis on the impact of China＇ s financial disintermediation on the transmission effect of monetary policy based on the interest rate channel and the bank lending channel respectively. The results show that financial disintermediation has weakened China＇ s monetary policy bank loan channel effect, promoted the interest rate transmission channel effect, and the enhancement of financial disintermediation has a positive effect on economic development and monetary policy transmission channels to a certain extent. Finally, the relevant policy suggestions were made based on the regulation angle of the central bank.