基于互联网金融的中国货币政策研究

Research on China's Monetary Policy Based on Internet Finance

互联网金融是金融创新中的重要一环,它对我国货币政策的影响已经不容忽视。通过对互联网金融影响货币政策相关文献的梳理,运用理论和实证方法综合分析互联网金融如何影响现有的货币政策。研究结果表明,随着我国互联网金融不断发展,它对货币政策的冲击在加剧,货币政策的可控性和有效性在减弱;特别是对货币政策的中间目标、货币供应量以及利率水平的短期冲击较大;互联网金融对货币供应量有较大的正向冲击,对利率水平存在较大的反向作用。

Internet finance is an important part of financial innovation.Its impact on China's monetary policy cannot be ignored.Through combing related literature regarding internet finance's effect on monetary policy,this article analyzes how internet finance affects existing monetary policy by both theoretical and empirical methods.The result shows that with the continuous development of internet finance,its impact on monetary policy is increasing and the controllability and effectiveness of monetary policy is weakening.Internet finance especially shows a greater impact on the intermediate targets of monetary policy???money supply and interest rates.It has a greater positive impact on the money supply,while a larger reverse effect on the interest rates.