社会融资规模的可控性研究

Research on Controllability of Social-Financing-Scale as an Intermediary Goal of Monetary Policy

可控性是指中央银行有能力对某一经济变量进行调节,达到预定的目标水平,也是对货币政策中介目标的一个基本要求。通过对社会融资规模的可控性进行检验,表明社会融资规模与基础货币之间存在协整关系,中央银行可以通过调控基础货币的投放实现对社会融资规模的控制;社会融资规模符合可控性要求。

Controllability means the central bank is capable to adjust some economic variables and reaches to the expected target. Controllability is a basic requirement to the monetary policy intermedi-ary goal. The author tested the controllability of social financing scale and the result showed that there was a co-integration relationship between social financing scale and monetary base. The central bank could control the social financing scale by the regulation of the monetary base. Social financing scale met the requirements of controllability.