资产价格波动、金融稳定与货币政策选择

Asset Price Fluctuation, Financial Stability and Monetary Policy Option

从内生角度来看,资产价格波动可能通过金融创新、银行信贷与流动性、微观主体行为等途径,引起金融不稳定和宏观经济波动。货币政策应适当关注资产价格及其波动,并选择合适的刺破资产价格泡沫的工具。目前,我国正处于经济持续发展、人民币不断升值和城市化不断推进的特殊时期,这意味着我国资产价格波动愈发频繁,应建立资产价格泡沫预警指标体系,为货币政策的制定和实施提供参考。尤其是为了防止房地产价格泡沫产生带来的危害,应考虑将房地产价格纳入CPI体系,为货币政策的制定和实施提供参考。

From the internal angle, asset price fluctuation caused possibly by financial innovation, credit and liquidity and investors could lead to financial instability and macro economic fluctuation. We should give attention to asset price and its fluctuation and adopt proper instrument that could burst the price bubble when formulating monetary policy. Currently, asset price in China goes up and down frequently with the sustained economic development, unceasing appreciation of RMB and on-going urbanization. In this connection, China should establish a system of asset price bubble warning index to offer references for monetary policy makers and executors. In particular, property price should be included in CPI to prevent the economy from harms done by a property price bubble.