从信用传导途径看中国货币政策的有效性

On the Effectiveness of China's Monetary Policies from Credit Transmission Channel

货币政策的有效性很大程度取决于其传导途径的通畅。在中国利率市场化、金融市场存在缺陷和银行贷款对绝大多数企业是不可替代的资金来源时,银行贷款仍为中国货币政策传导的主渠道。要提高货币政策有效性,必须从金融机构、信贷市场和投资消费三个环节来对中国货币政策绩效进行分析,并从中得出对策性结论。

The effectiveness of China's monetary policies depends on credit transmission channel mainly. Bank's credit is still major channel of China's monetary policies because of interest's market and the defects of financial market and most of enterprises depending on banks lending. Some brief countermeasures to improve the effectiveness are raised on the analysis of financial structure and credit market and investment.