实现货币市场与资本市场“有效”的资金互动

The Effective Interaction of Money Flow between Money Market and Capital Market

货币市场和资本市场是两个金融子市场,它们之间存在着天然的内在联系。除了这两个市场的合理均衡发展及建立起有效的风险管理机制之外,我们还应促进两市场间的有效资金互动其一,选定货币市场与资本市场间的最优互动点,我们认为银行间同业拆借市场与国债回购市场是两个较好的选择;其二,在选定的互动点上,设计更有利于货币市场与资本市场有效互动的市场微观机制,如建立信用中介网络和引进更多的金融产品,以提高市场的流动性。

Money market and capital market are two financial submarkets between which there is a natural and intrinsic relationship. In China, they have been artificially separated for a long time to insulate the financial risk. Besides the respective balanced development of money and capital market and the establishment of effective risk regulation, we have two pieces of advice for the effective money flow between these two markets: the first is to select the optimal interactional points between these two markets, among which we recommend the interbank lending market and the counter-purchase market.The second is to design better market microstructure to advance the interplay of money and capital market such as credit agency network and issue more financial products to improve market liquidity.