非正式金融市场与货币政策有效性

A Discussion on Monetary Policy Validity In The Informal Financial Market Condition

非正式金融市场的存在是金融管制的必然结果 ,它对货币政策实施的效用及宏观经济的运行都产生了重大的影响。在一定程度上 ,非正式金融市场的存在制约了货币政策的有效性。主要表现为 :( 1 )导致货币供给内生性增强和货币供给量可控性的降低 ;( 2 )导致货币流通速度不稳定 ;( 3 )导致二元金融结构与区域金融的回流效应对货币政策有效性的冲销。因此在制定和执行货币政策过程中 。

The financial regulation leads to the existence of informal financial market that exerts great effect on the implementary purpose of money policy and macro economy function. In a way, the presence of informal financial market restricts the validity of money policy. The main manifestations are as follows: First, it results in endogenous money supply and the declining ability of control over money supply; Second, it brings about the instable circulation speed of money; Third it causes in the circumfluence effect of duality finance structure and region finance to counteract the validity of money policy. Accordingly, in the course of setting down and implementing money policy, we must fully consider the impact of informal financial market.