利率市场化对我国货币政策操作目标的影响

The Impact of Interest Rate Liberalization on the Operational Target of Monetary Policy

货币政策操作目标在货币政策传导机制中发挥着承上启下的关键作用。在利率市场化完成后,基础货币因不再适合充当货币政策操作目标角色,而应逐渐被货币市场短期利率所取代。本文在对相关文献进行梳理的基础上,基于市场性、基础性、传导性、稳定性和可控性角度验证了Shibor作为货币政策操作目标的可行性,并论证了"利率走廊"对货币政策操作目标的调控作用。最后,提出了完善Shibor作为货币政策操作目标的建议。

The operational target of monetary policy play a key role in connecting the whole chain of the transmission mecha- nism of monetary policy. Under the background of interest rate liberalization, the base money is no longer suitable to act as the role of operational target of monetary policy, which will be replaced by short - term interest rates in money market. Based on analyzing the related literatures, this paper verify the feasibility of Shibor as the operational target of monetary policy from the angle of the market, basic, conductivity, stability and controllability, and analyzes the mechanism of ＂interest rate corridor＂. Lastly, this paper put forward objectives to improve the Shibor as operational target of monetary policy.