我国货币政策的数量型调控与价格型调控转型

Quantitative Regulation of China's Monetary Policy and Transformation of Price Regulation

以货币供应量为主要对象的数量型调控方式难以适应经济发展的新态势。数量型调控具有多方面的不足,其有效性受到质疑,且面临结构性问题的掣肘,开放环境下其独立性容易受到干扰。与之相反,以利率走廊为代表的价格型调控模式具有明显优势和理论基础,宜将其作为货币政策未来调控的主要方式。从近年来的现实来看,现阶段我国已具备逐渐向价格型调控方式转变的基本条件。为了创造货币政策向价格型调控转变的良好环境,下一步需要扎实推进利率市场化定价等相关基础工作。

Quantitative regulation mode mainly based on money supply is difficult to adapt to the new trend of economic development. There are many shortcomings of quantitative regulation, its effectiveness has been questioned, and it is facing the constraints of structural problems, its independence is easier to be disturbed in an open environment. On the contrary, price regulation model represented by the interest rate corridor has obvious advantages and theoretical basis,which should be used as the main way of monetary policy regulation in the future.From the reality of recent years, China has already possessed the basic conditions to change into the mode of price regulation gradually at present. In order to create a favorable environment for the transformation of monetary policy to price regulation, the next step is to push forward relevant basic work such as interest rate liberalization.