互联网金融发展与货币政策传导机制:冲击与应对

Internet Financial Development and Monetary Policy Transmission Mechanism: Impact and Response

互联网金融发展增大了货币乘数和货币供应量,在金融市场途径和金融机构途径都对货币政策传导机制形成了较大冲击。在金融市场层面,互联网金融发展加剧了利率上涨、资产价格以及汇率下跌预期,使货币政策陷入"流动性陷阱";在金融机构层面,互联网金融发展提升了商业银行揽储成本、挤压了其创利空间,压抑了商业银行信贷供给意愿,逆向选择风险和道德风险徒增、降低了抵押资产价值,增加了实体经济融资成本和冲击货币政策效力。为应对冲击,新时期应拓展货币统计口径,增强货币政策操作指标精度;健全法定准备金制度,引导市场利率下行;深入推进利率市场化,扫清货币政策传导障碍;服务实体经济,增强货币政策可控力。

The development of internet finance has increased the money multiplier and money supply.In the way of financial market and financial institutions,it has made a great impact on the transmission mechanism of monetary policy.In the financial market level,the development of internet finance aggravates the rise of interest rate,the price of assets and the fallingexpectation of exchange rate,which makes the monetary policy fall into a"liquidity trap".In the financial institution level,Internetfinancial development promoted the storage cost of listed commercial banks,squeezed the create profit space,suppressed the commercial bank credit supply will,adverse selection and moral risk increased,reduced the value of mortgage assets,increased the real economy financing cost and the impact of monetary policy effectiveness.To cope with the impact of new period,we should expand monetary statistics caliber,enhance the precision of monetary policy operation index,perfect system of reserve requirements,guides the market interest rates downward,further promote the marketization of interest rate,clear away monetary policy transmission barrier,service the real economy,and strengthen the monetary policy control force.