信用分层与市场重构——再谈从宽货币向宽信用传导

Credit Stratification and Market Reshaping---Rethinking on the Transmission from Loose Money to Loose Credits

今年以来,全球经济共振下行,市场进入避险模式。信用市场和货币市场信用分层明显,微观投资者的理性行为加总表现为宏观金融体系的顺周期不理性。当市场失灵的时候,逆周期政策应及时介入。该文从金融供给侧、需求侧和金融市场领域三方面解读了当前形势和政策应对,最后提出了两点建议。

Since the beginning of this year,the world economy has been going downward and the risk aversion has been rising inthe markets.There has been a signi ficant credit strati fication in the credit and money markets,and the rational behaviorof individual investors becomes the pro-cyclical irrationality of the macro-financial system at the aggregate level.Whenthe market fails,timely intervention of the counter-cyclical policy is necessary.This paper interprets the current situationand policy responses from the aspects of financial supply side,demand side and financial market side,and putsforward two suggestions.