论货币市场的功能

Discussing the Functions of Money Market

由于对货币市场功能认识上的不足 ,我国自改革开放以来一直轻视货币市场 ,客观上采取了一条“先资本市场 ,后货币市场”的发展思路。笔者认为 ,货币市场具有短期资金融通功能、管理功能、政策传导功能、促进资本市场尤其是证券市场发展的功能等四大功能 ,在金融市场以及市场经济中发挥着基础性作用。

Owning to the lack of understanding to the functios of Money Market, We have looked down on Money Market all along since we carried out the policy of reform and opening to the world, and have adopted objectively a development thinking of ‘Capital Market first, and then Money Market’. We think that Money Market has four functions: the functions of circulating the short-term funds, of managing, of conducting the policies and of promoting the development of Capital Market especially of Stock Market, and these functions play the fundamental role in Finance Market and Market Economy.