金融啄序、金融供给与货币传导机制中的信贷渠道效应

Financial Pecking Order,Financial Supply and Credit Channel Effect of Currency Transmition Mechanisms

“信贷渠道”模型明确地考虑了融资条件的变化对货币政策的影响。这个模型为分析和模拟中央银行的货币稳定性与金融稳定性两大目标之间潜在的相互作用与反馈作用 ,提供了一个有用的理论框架。该模型特别提出 ,一段时期内借贷双方的融资位置的大幅波动 (金融稳定性 ) ,能影响官方利率的变动从而影响支出与通货膨胀 (货币稳定性 )。基于 BGG模型的研究工作 ,本文就近年来我国货币政策的效果不佳的事实从信贷渠道效应的角度进行了分析并提出了对策建议。

Credit channel' model considers impacts of financial condition changes on monetary policy. The model provides a useful theoretical framework for analyzing and simulating the potential interaction and feedback between currency and financial stability in central bank. It especially points out that in a period the change of official rate influenced by the big position fluctuation between debit and credit will influence expenditure and inflation. Based on the research of BGG model, this paper analyses currency policy in our country from the aspect of credit channel and put forward some countermeasures.