从信用传导途径看中国货币政策的有效性

<title>On the Effectiveness of China's Monetary Policies from Credit Transmission Channel

货币政策的有效性很大程度上取决于其传导途径的通畅。在中国利率非市场化、金融市场存在缺陷和银行贷款对绝大多数企业是不可替代的资金来源的条件下,银行贷款传导信用渠道成了我国货币政策传导的主渠道。信用传导途径不畅导致中国近年货币政策作用效果不明显,因此,需要改善信用传导渠道阻滞的经济环境,进而发挥货币政策的有效性。

<Abstrcat> The effectiveness of monetary policy depends to a large extent on whether or not its transmission channel keeps going.The interest rate channel and capital market channel of the monetary policy transmission will not play the role in the near future, but the bank credit channel plays the main channel of monetary policy transmission, under the condition that interest rate isn't marketoriented,and that there exist defects in the financial market, and that bank loan is an insubstitutable source of fund for most enterprises. It is the blocked credit channel that leads to the inconspicuous effect of the recent Chinese monetary policy, so it is necessary to improve the economic environment that blocks the credit channel in order to bring the validity of monetary policy into play.