商业银行信贷配给与货币政策有效性

Credit Ration of Commercial Banks and Effectiveness of the Monetary Policy

顺畅的货币政策传导机制是货币政策发挥作用的前提 ,近年来 ,商业银行信贷配给导致传统的传导渠道不畅被认为是货币政策有效性不高的重要原因。本文从货币政策传导的信贷渠道、我国信贷市场的特点及其对宏观经济波动的影响等三个方面 ,对商业银行信贷配给与货币政策的有效性进行了系统的分析。

The smooth monetary policy transmission mechanism is the precondition to the effectiveness of the monetary policy. In the last few years, the credit ration of commercial banks caused the unsmooth channel of traditional transmission is considered the main reason of ineffectiveness of monetary policy. The article analyzes the relationship between the credit ration of commercial banks and the effectiveness of monetary policy systematically from the angles of the credit channel of monetary policy transmission, the feature of credit market and the influence to macro-economic fluctuation by the transmission mechanism.