结构性货币政策工具的国际比较和启示被引量：68

International Comparison of Structural Monetary Policy Tools and Inspiration

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摘要当前实体经济融资需求与银行存款增长受限之间的矛盾较为突出,实体经济融资出现结构性问题,中小企业"融资难、融资贵"问题进一步凸显,在此背景下,我国央行创新推出了多项结构性货币政策工具。面对同样的问题,欧美等国采用的FLS、TLTRO以及TAF等主要结构性货币政策工具的运行机制和模式值得我们借鉴。我国应综合运用多种价格型货币政策工具,丰富和优化政策组合,降低特定实体经济部门的融资成本;同时应加快合格抵押品内部评级体系建设,构建完善的抵押品分类和违约风险度量框架;另外还需要建立完善的激励相容机制,进一步推进利率市场化改革。 Currently the contradiction of real economy financing demand and limited bank deposit growth becomes more serious. The difficulty in getting financing faced by the small and medium-sized enterprises still exists and worsens. Under this situation,China's central bank introduced a number of structural monetary policy tools. Facing the same problem,Europe and the United States and other countries also have adopted a lot of monetary policy tools innovation,such as FLS,TLTRO and TAF,which worth of studying and referring. China should adopt a combination of variety of monetary policy tools,at the same time,should build flexible a collateral classification and risk management framework. Besides,China shall go further on the reform of interest rate regulation.

作者卢岚邓雄

机构地区西南财经大学中国人民银行宁波市中心支行

出处《世界经济研究》 CSSCI 北大核心 2015年第6期3-11,127,共9页 World Economy Studies

关键词结构性货币政策工具融资成本国际比较启示

分类号 F822.0 [经济管理—财政学]

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