现代中央银行政策:理论、挑战与重构

Modern Central Banking Policy:Theory,Challenges and Restructuring

现代中央银行制度是一国宏观经济治理的重要内容,现代中央银行政策是现代中央银行制度及功能的主要体现。中央银行在演变过程中逐渐具备了为政府提供贷款、货币发行、最后贷款人、制定货币政策、制定宏观审慎政策等现代中央银行的功能。现代中央银行政策作为现代中央银行制度的核心构成,其理论框架主要包括最终目标、操作目标、政策工具、传导机制等。由于现代中央银行政策具有目标多元、工具复杂、从工具到目标间接传导等特征,因此提高政策精准度至关重要。中国构建了较为完整的现代中央银行政策框架,但在金融适度分权改革环境下,地方政府、企业、银行、居民等市场主体的行为选择使现有的中央银行政策需要进一步改进和完善,尤其是需要提高政策的精准性,包括提高政策基准变量计算的精准性,提高货币政策工具和宏观审慎政策工具的精准性,提高“双支柱”政策与财政政策、产业政策、国际金融政策等政策工具组合的精准性。

Modern central bank system is an important part of a country’s macroeconomic governance,and modern central bank policy is the main embodiment of modern central bank system and functions.In the process of evolution,the central bank has gradually assumed the functions of modern central banks,such as providing loans to the government,monopolizing currency issuance,lender of last resort,formulating monetary policies,formulating macro-prudential policies,and providing financial infrastructure services.Modern central bank policy is the core composition and direct embodiment of modern central bank system,its theoretical framework mainly includes the ultimate goal,operational goal,policy tools,transmission mechanism and so on.Due to the multiple objectives of modern central bank policies,complex tools,indirect transmission from tools to targets and other influencing factors,it is very important to improve the policy precision.China has built a relatively complete modern central bank policy framework,but in the context of moderate financial decentralization reform,the behavioral choices of local governments,enterprises,banks,residents,and other market players require further improvement and improvement of the existing central bank policies.In particular,it is necessary to improve the accuracy of policies,including improving the accuracy of the calculation of policy benchmark variables,improving the precision of monetary policy tools and macro-prudential policy tools,and improving the precision of the combination of“dual-pillar”policy and fiscal policy,industrial policy,international financial policy and other policy tools.