货币分析和全球金融周期:基于亚洲中央银行视角

Monetary Analysis and the Global Financial Cycle: An Asian Central Bank Perspective

亚洲地区金融体系日渐成熟,与全球金融周期的相关性也越来越强,货币主义者关于货币和信用总量的传统观点被削弱。金融体系的成熟加重了各界对金融稳定性的担忧,而发达经济体的货币政策溢出效应更使这一情况愈加复杂。本文展示了与传统通胀目标框架不同的政策框架,该框架基于多重支柱的货币政策方法而制定,三大支柱分别建立在经济、金融和汇率稳定性的基础之上。

The Asian financial system has becoming more and more mature, and it has become increasingly linked to global financial cycles. This has weakened traditional views of currency and credit volume as held by monetarist theory. The maturity of the region's financial system and its closer integration with the rest of the world has actually created new concerns over financial stability. That is particularly true in the case of potential spillover effects from the monetary policies of developed countries. This article examines the policy framework and how it differs from the traditional inflationtargeting framework. It demonstrates the need for a monetary policy that has a multi-pillar framework consisting of the economy, the financial system and exchange rate stability.