金融摩擦、产权异质与不同类型货币政策工具的效应

The Effects of Financial Friction,Property Rights Heterogeneity and Different Types of Monetary Policy Instruments

以金融摩擦与国有投资比重为约束条件,在新古典的逻辑框架内,本文构建了一个既体现中国经济结构的特殊性,又符合主流经济逻辑且能打开货币政策传导机制"黑箱"的理论模型。据此对中国不同货币政策工具类型的传导机制与传导效应进行剖析,同时提出假说并对其进行实证检验。研究发现:一是只要充分考虑市场的不完全性特征,新古典逻辑框架仍能对中国货币政策的传导提供强有力的解释;二是市场的严重不完全,可以衍生出多重重要政策含义;三是就货币政策的传导效果而言,利率市场化改革的含义远非是仅仅放开金融资源的价格,而是一个系统工程。

This paper constructs a theoretical model which embodies China＇s economic structure, also in line with the mainstream of economic logic, opens the monetary policy transmission mechanism ＂black box＂. Then, the transmission mechanism and the effects of different types of monetary policy tools in China are analyzed based on the model. We put forward the hypothesis and test them. Conclusions obetained are as follows：First, derived from incomplete markets, the effect of monetary policy should be sensitive to the type of monetary policy instruments. Monetary policy function should include both total and efficiency factors, and monetary policy has the endogenous effect of stage characteristics and other policy implications. Second, in the sense of monetary ＂media＂ whi interest rate icy effect, the performance of interest rate liberalization is closely related to the character of the ch is formed by economic ownership structure, financial friction and so on. The implication of reform is far from just price liberalization of financial resources, but a systematic engineering.