我国货币政策传导机制的实证研究

An Empirical Study on Monetary Transmission Mechanism in China

信贷市场是我国货币政策传导的主渠道,但贷款使用效率偏低,信贷市场在货币政策传导中面临来自商业银行和微观经济主体的障碍;利率下调减轻了企业负担,降低了债券发行成本,促进了储蓄分流,但储蓄、投资的利率弹性不大;我国证券市场主要是一个筹资场所,功能不全,货币政策传导作用有限;我国外汇市场是一个有管制的市场,人民币汇率“管理有余、浮动不足”,汇率机制在货币政策传导中的作用不大。

As a main channel of monetary transmission,the credit market is confronted with barriers from commercial banks and microeconomic subjects. The lowering of interest rate remits the burden of companies,reduces the issue cost of bonds and promotes the saving decentralization but leads to low flexibility of interest rate in saving and investment.The security market in China is mainly a place for raising fund and plays a limited role in monetary transmission.Because of the restriction in the foreign currency market,the exchange rate of Renminbi is limited much more than flexible,which results in the limited role of exchange rate mechanism in monetary transmission.