关于中国货币政策传导机制的探讨

A study of transmission mechanism of monetary policy of China

近两年来 ,货币政策传导不畅是影响中国货币政策实施效果的一个重要原因。分析了市场经济条件下 ,货币政策传导的五种途径 ,以及影响货币政策传导机制的几个因素。针对中国现行货币政策传导机制存在的问题 ,提出了在货币政策由直接调控向间接调控的转变过程中 ,应建立以利率渠道为主的货币政策传导机制的思路 ,以及相应的配套改革和政策建议。

In the recent two years, transmission jam of monetary policy is an important causing factor that affects the implementation results of China's monetary policy. This article analyzes the five transmission channels of monetary policy in the market economy, and several causes that affect monetary policy transmission mechanism. Also it analyzes the existing problems in China's present monetary policy transmission mechanism, and puts forward some proposals for establishing a monetary policy transmission mechanism, which will place the interest rate as the main channel during the transmission process of monetary policy from direct control to indirect control. Finally some measures and suggestions are given for the reforms and policy making.