论我国频繁使用存款准备金政策的动因——对传统金融理论的新解释

A Theory about the Efficient Causes of China's Frequent Use of the Deposit Reserve Policy——A New Explanation of Traditional Financial Theory

我国中央银行频繁运用存款准备金政策进行货币政策操作,这一迥异于传统金融理论做法的背后,是对我国特殊的经济金融环境的适应性实践。对这一货币政策工具运用实践,既要考虑政策效果和央行可控性,也要对货币政策实施成本作出理性选择,还需结合我国经济金融环境进行适应性考量。因此,我们应基于货币政策工具实施效果与当时当地货币政策实施条件来决定货币政策工具的使用方式。

China ’s central bank frequently use the deposit reserve policy for monetary policy operation. It seems to be quite different to traditional financial theory,but in fact,it is a flexibility practice for the special eco-nomic and financial environment in China. On the operation of the monetary policy tools into practice,central bank should consider the policy effect and central control,make a rational choice of monetary policy implementation cost, and consider the adaptability according to our country’s economic and financial environment. Consequently,how to use monetary policy tool should based on the effect of monetary policy tools and the monetary policy implementation of local conditions.