金融创新对货币政策有效性的分析.docVIP

金融创新对货币政策有效性的分析 摘 要 货币政策的有效性问题指货币政策能否影响产出等真实经济变量。货币政策 是否有效取决于三个条件:第一，货币能否影响产出;第二，货币与产出之间存在的关系;第三，货币当局能否控制货币。 本文从分析金融创新对货币需求和货币供给的影响入手，深入阐述了金融创 新从货币需求和货币供给两个方面对货币政策中介指标的影响，以及金融创新对 货币政策传导机制的影响。并在此基础上得出两个重要结论:一是金融创新使得 金融当局控制货币的能力大大降低，削弱了货币政策的有效性。二是金融创新削 弱了货币政策有效性，但对法定准备金率和贴现率的影响大于对公开市场业务的 影响，即法定准备金率和贴现率相对于公开市场业务来说更加无效。 面对层出不穷的创新现实，中央银行的明智选择是顺应潮流，变被动为主动， 采取引导监管与调整适应相结合的策略。一方面加强对金融创新活动的引导，使 之向正确的方向发展，同时加强监管，将创新活动纳入法制与规范的轨道，确保 金融业的安全稳定与健康发展;另一方面，要对货币政策主动进行调整与转换， 增强货币政策的应变能力，使之不断适应新的情况。 关键词:金融创新 货币政策 中央银行 中介指标 有效性 ANALYSIS ON MONETARY POLICYS EFFECTS OF FINANCIAL INNOVATIONS Abstract Whether does monetary policys valid question refer to the monetary policy to affect delivers and so on real economic variable. Whether monetary policy is decided effectively by three conditions: First, whether does the currency affect delivers; Second, currency relations which exists with output between; Third, whether does the currency authority control the currency. This article obtains from the analysis finance innovation to the currency demand and the currency supplies influence, elaborated thoroughly the finance creates newly supplies two aspects from the currency demand and the currency to the monetary policy intermediary target influence, as well as financial innovation to monetary policy conduction mechanism influence. Based on this and draws two important conclusions: First, the financial innovation caused the monetary authority control currency ability to reduce greatly, weakened the monetary policy validity. Second, the financial innovation truncated the weak monetary policy validity, but the discount rate influence was bigger than to the legal reserve fund rate to open market service the influence, namely the legal reserve fund rate and the discount rate were opposite in the open market service are more invalid. Facing innovation reality which emerges one after another incessantly, Central Banks sensible choice complies with the tidal current, changes pa