借贷便利类货币政策工具的传导机制与文献述评

A Literature Review to the Research of Lending Facility

本文从发达国家、新兴市场国家以及中国的实践3个方面梳理了借贷便利类货币政策工具的传导渠道与传导效果,并对借贷便利类货币政策工具传导机制的相关研究进行了文献述评。研究显示,在发达国家,借贷便利类货币政策工具主要用于在紧急情况下提供流动性,援助陷入暂时性资金短缺的金融机构并稳定市场利率,是其他常规货币政策的有益补充;在新兴市场国家,采用有价证券与优质贷款资产为抵押方式的借贷便利类工具使用频率更高,是一种被广泛采用的货币政策微调工具;我国的常备借贷便利的货币政策工具在熨平经济的不正常波动过程中发挥了一定的作用,但仍需与其他货币政策工具结合起来共同使用才能充分发挥其效果。

This paper makes a literature review to the transmission mechanism and effects of Lending Facilities of monetary policy in the view of developed countries,emerging market countries and China. Research has shown that in the developed countries,Lending Facilities as a beneficial supplement of other conventional monetary policies is mainly used to provide liquidity in case of an emergency,help the financial institutions which are in a temporary shortage of funds and also stabilize the market interest rates. In emerging markets,as a widely used trimming tool of monetary policy,Lending Facilities with securities and high quality loans as apledge are used more often. Data also show that the Lending Facilities do play a role in the process of pressing abnormal fluctuations in the economy.