货币政策与金融稳定

Why Financial Stability is a Prerequisite for Effective Monetary Policy

金融危机带给我们的最惨痛的教训便是:没有金融稳定,货币政策效果难能达到预期。货币政策、银行业和实体经济是一个层层递进的关系,要让这个关系链条运转顺畅,从而让货币政策的预期目标能够达成,就首先得保证金融体系的稳定性。

The biggest lesson of the financial crisis has been that monetary policy cannot work properly when there is financial instability. There is a critical chain of linkages from monetary policy to banking and onwards to the real economy. Financial stability is a necessary condition for those linkages to operate effectively. Thus, it is a necessary condition for monetary policy to be able to achieve its economic objectives.