虚拟资本的发展与货币政策选择

Development of Virtual Capital and Selection of Monetary Policy

虚拟资本是与实体资本相对应的资本形式,是现代经济发展的必然产物。随着虚拟资本的扩张,资产证券化、金融衍生产品等金融工具的不断创新,促使货币政策目标迁移,不同政策工具作用差异明显,传导机制复杂化。虚拟资本的扩展,需要采取具有实效的货币政策措施:健全金融体系和监管体系;加快利率市场化改革步伐;充分运用公开市场操作业务;积极采取关注和影响金融资产价格的货币政策措施。

Virtual capital, correspondent of real capital, is a product of the modern economy development. With the expansion of virtual capital, the asset securitization and the steady innovation of financial instruments such as financial derivatives, the goals of monetary policy have been changed, the roles of different monetary policies have been significant and the transmission mechanism of monetary policy has been complicated. Therefore, many effective measures of monetary policy, such as improving the financial system and the regulative system, quickening the reform of exchange rates, adopting open market operations and paying close attention to the price of financial assets, must be taken to expand the fictitious capital.