简论新凯恩斯主义的信贷配给理论及其对中国信贷市场的启示

Credit Rationing Theory of New Keynesianism and Its Inspiration for China's Credit market

新凯恩斯主义者创造性地提出"多重平衡"概念来描述被先前经济学家过于简单化的信贷市场。新凯恩斯主义信贷配给论的信奉者提出,单纯考察利率机制过于简单化:在信贷市场的运行中,利率机制与配给机制同时发挥作用,市场存在多重均衡运行机制。由于信贷市场中的信息非对称性,利率的双重效应和贷款抵押给信贷配给造成重要的影响。新凯恩斯主义信贷配给论提出利率和贷款低押的选择效应的存在必会导致信贷市场出现信贷配给,进而导致信贷市场失灵。因此,政府干预信贷市场具有积极作用。中国货币政策的调控具有灵活性和时效性强的特点,为政府调控经济平稳快速发展发挥了积极的作用。结合中国国情,简要评述新凯恩斯主义的信贷配给理论的同时,对中国现在的银行信贷市场的发展进行分析,并提出了一些建议。

New Keynesians creatively put forward the“multiple equilibrium”to describe the credit mar-ket,a concept oversimplified by previous economists.The New Keynesian advocates of credit rationing the-ory hold that simply examining the interest rate mechanism is over simplified:the interest rate mechanism and rationing mechanism play a role in the credit market simultaneously,and there exists operation mecha-nism of multiple equilibrium in the market.Because of asymmetric information in credit markets,both double effect of mortgage and loan,and interest rates have a significant impact on credit rationing.The ad-vocators of New Keynesian theory propose that these selection effects will lead to credit rationing in credit markets,and then the failure of these markets.Therefore,government intervention in the credit markets has a positive effect.China’s monetary policy has the characteristics of flexibility and timeliness so that the macro economy develops steadily and rapidly and government regulation has played a positive role.This pa-per briefly reviews new Keynesian theory of credit rationing and attempts to apply it to China’s national conditions and give suggestions to her current credit market.