信贷配给：基本原理与对我国的现实影响

Credit Rationing： Basic Principle and Its Practical Effect on Our Country

信贷配给是信贷市场上的一种常见经济现象，表现为借款者的借款要求被拒绝或者不能全部得到满足。新凯恩斯主义信贷配给论认为，在信贷市场中，利率机制和配给机制同时起作用。信贷配给的微观经济意义在于，它是商业银行在信息不对称情况下对信贷供给的一种保护性措施；信贷配给对宏观经济的影响在于，它提供了利率之外又一条连接金融市场与总需求的货币政策传导渠道，可能会加剧经济衰退或扩张的程度并延长其持续时间，部分地抵消宏观经济政策的有效性。信贷配给降低了信贷资金的使用效率，但它的存在具有一定的现实必然性。我国目前的信贷配给属于市场机制与政府主导同时起作用的“双重信贷配给”。解决我国目前信贷配给问题的出路在于更快地推进利率市场化进程。

Credit rationing is a common phenomenon in credit market, which refers to the scenario that the request of borrowers is refused or is fulfilled only partially. In the credit rationing theory of the new Keynes doctrine, the mechanism of both interest rate and rationing are considered to have impact in the credit market. At the microscopic level, commercial banks use credit rationing as a protective measure for their credit supply in case of information asymmetry. At the macroscopic level, credit rationing provides an alternative transmission channel of monetary policy to interest rate that connects financial markets with total demand, This may accelerate the degree of economy recession or extend and prolong their duration, and partially offset the effectiveness of macroscopical economic policies. Credit rationing reduces the efficiency in the use of credit funds, but there is certain realistic rationality in its existence. China＇s credit rationing in current belongs to ＂double credit rationing＂, which means the market mechanism with government control can occur in combination. The way to solve the problem of the dual credit rationing in China is to speed up the marketization of interest rate.