央行沟通的透明度研究

Research on Transparency of Central Bank Communication

20世纪90年代以前,央行的货币政策基本是不对外公开的,公众可以获取到的信息较少。随着布雷顿森林体系的崩溃、亚洲金融危机的爆发,央行意识到货币政策的隐秘性操作失效了,开始试图提高沟通透明度来提高政策的有效性,实现预期目标。基于E&G指标体系法,对我国的央行沟通透明度进行了制度上的量化,发现我国的透明度较低;借鉴A&H动态指数法来测量我国的央行沟通透明度,结果也一样,透明度水平不高,且波动较大。我国央行要制订并完善信息披露的相关制度,采取立法的措施保障其有序进行,对公布的内容、时间、渠道等要做好备案,有明确的流程。完善信息披露渠道和传导机制,增加公众接受信息的渠道,减少公众搜集信息的成本,保证经济数据的真实、可靠性,提高沟通透明度,提升政策效率。

Before 1990 s,monetary policy of central bank was not open to the public basically. Therefore,the public was only available to little information. With the collapse of the Bretton Woods system and the outbreak of the Asian financial crisis,central bank realized that covert operation on monetary policy has become invalid. Thus,in order to achieve expected goals,central bank began to raise the effectiveness of policy by improving its transparency of communication. Based on E&G index system method,this paper makes a systematic quantification of China's central bank communication transparency,and finds that our country's communication transparency is low. Moreover,this paper uses the A&H dynamic index method to measure the communication transparency of our country. It turns out the same result that our communication transparency is low and fluctuates greatly. China's central bank should formulate and improve the relevant systems of information disclosure,and then,adopt legislative measures to ensure its order conduction. Announced contents,time,as well as channels should be kept on record and have explicit process. Besides,central bank is supposed to improve information disclosure channels and transmission mechanisms,increase channels for the public to get information,reduce the cost of the public gathering of information,and ensure the authenticity and reliability of economic data. Eventually,it will improve communication transparency and policy effectiveness.