人民币国际化对货币政策传导的影响

RMB Internationalization Weakening the Effects on Interest Rate/Credit Channels of Monetary Policy

货币国际化使实际投资对利率的敏感程度下降,使金融资产之间替代转换程度提高,使金融资产价格对利率的敏感度提高,从而降低了交易成本、提高了交易效率。其结果是,IS、CC曲线变得更加陡峭,LM曲线变得更加平缓,致使货币政策利率渠道和信用渠道的传导效果减弱,广义利率传导机制也变得模糊;但信用渠道仍具有比较优势,这也是我国频繁使用准备金政策的原因之一。因此,在人民币国际化背景下我国货币政策的执行更应关注银行制度改革与发展问题,同时为稳定经济,应循序渐进而非盲目快速地推进人民币国际化。

Currency internationalization not only lowers the sensitivity of investment to interest rate,but also increases the sensitivity of financial assets price to interest rate,which lowers transaction cost and pro- motes transaction efficiency for economic system. As a result,the IS and CC curves slope more steeply down- ward and the LM curve slopes more gently upward than they do without currency internationalization. So trans- mission mechanism of monetary policies and their effects are weakened in interest rate channel as well as in credit channel,but the latter have comparative advantage. Therefore,we must devote major efforts to develo- ping and reforming financial structures( banks) and their credit under the currency internationalization cir- cumstances. At the same time,currency internationalization may not be promoted hastily but gradually.