金融市场环境下货币政策工具调控效力的影响探究

The Empirical Study of the Impact of Monetary Policy Tools under the New Financial Market Environment

新金融市场环境下,非银行金融机构业务激增,民间借贷规模扩张,在促进我国金融不断发展、金融创新产品推陈出新的同时,也对金融监管带来挑战。在新金融市场环境下,常规货币工具的实效性值得关注,央行提出的创新性货币工具的可操作性也被广泛讨论。信贷规模膨胀、金融衍生品使用乱象等是否及如何影响中央银行的货币工具的调控力,创新性货币工具对实现宏观政策指引又是否有可实施性值得研究。

Under the new financial market environment, the business of non-bank financial institutions has surged, and the scale of private lending has expanded. While promoting the continuous development of China’s finance and bringing forth innovative financial products, it has also implicitly hidden dangers for financial regulation and policy implementation.In the new financial market environment, the effectiveness of conventional monetary instruments is worth paying attention to. Whether the expansion of credit scale, the use of financial derivatives and other phenomena have an impact on the central bank’s monetary tools regulation, innovative monetary tools to achieve macro policy guidance and whether the implementation of the issue is our top priority.