社会融资规模的引入与货币政策协作型管理的实现框架

The Introduction of Social Financing Scale and the Framework for the Implementation of Monetary Policy Collaborative Management

由于经济社会的融资结构和方式发生了根本性变化,中国央行引入社会融资总量指标作为货币供应量指标的有益补充。但是,金融监管资源在部门间、中央与地方间条块分割的体制性障碍,制约货币政策的有效传导,影响整个货币政策管理的转型。运用协作型公共管理理论进行分析,认为应建立和完善两个层次的协调机制和央行与地方政府间的协作制度,完善社会融资规模指标体系和货币政策决策组织系统。

Given that China＇s economy and social financing structure has undergone fundamental changes,the central bank of China should introduce the ＂Aggregate Financing to the Real Economy（ AFRE） ＂ indicator as a useful complement to the money supply target. However,faced with the regime obstacles for financial supervision resources in departments,between the central and local governments,the effectiveness of monetary policy transfer is restricted,hence affecting the transformation of the entire monetary policy management. So,it＇s necessary to establish and perfect the ＂ two-level coordination mechanism＂ and the cooperation system between central and local governments,and make a perfect AFRE indicator system and monetary policy decision-making organization system by using collaborative public management theory.