信贷配给对货币政策有效性的影响

The Credit Rationing Influence on the Monetary Policy's Effective

商业银行在货币政策传导机制中处于枢纽地位,其信贷配给行为的发生,一方面形成了巨额的超额准备金,另一方面造成了信贷市场的分割,其结果降低了货币政策的有效性。这在我国表现为:一方面,商业银行的信贷配给所形成的“惜贷现象”阻断了货币政策向融资企业的传导;另一方面,民营企业难以成为提高货币政策有效性的主体。从而造成了我国货币政策效果较差的后果。解决此问题的根本方法在于降低商业银行贷款风险,缓解信贷配给。具体措施:一是建立商业银行进行信息搜寻的激励机制,二是建立融资企业的融资担保体系,使商业银行的贷款风险得以转嫁。

Commercial bank is the pivot position in the money policy transmit mechanism. It's credit rationing behavior product the huge excess reserve and the credit market separation. It' s behavior outcome have reduced the money effective. In our country, it display: First, the'cherish credit' that the Commercial bank 's credit rationing product block the money policy transmit to the finance enterprise. Second, the enterprise difficult to become the main body of proving the money policy effective. They make the bad effective of the money policy in our country. The basic method of solving this question is that reduce the credit's rise and that relax the credit rationing. The concrete measure: First, construction the incentive mechanism of commercial bank searching in formation; Second, Commercial bank shift the credit rise on to the finance guarantees by construction the finance guarantees.