我国货币政策传导环境问题研究.pdfVIP

中文摘要 1998 至今，中央银行的紧缩性货币政策还是扩张性货币政策效果都不理想，我国货币 政策传导机制不畅是央行面临的重要问题。由于西方货币政策传导机制理论以成熟市场经 济环境为条件，而我国正处于经济转轨时期，市场经济体制尚未健全，因此我国现阶段传 导环境是制约我国货币政策传导有效性的重要原因。 本文首先对货币政策传导机制的货币渠道与信贷渠道，经济变量与主体传导模式和传 导环境理论进行归纳，然后根据理论结合我国转轨时期的经济特征总结出我国现阶段货币 政策传导主要以银行信贷渠道传导和主体传导模式为主。然后重点分析影响货币政策传导 主体的环境因素上，沿着中央银行－商业银行(尤其是四大国有银行) －企业和居民的货币 政策主体传导路径，分析制约着各个主体对货币政策敏感性的环境因素。 最后，本文从货币政策传导主体环境建设的角度提出了增加中央银行行独立性，改革 国有银行及国有企业制度，健全社会信用体系，改善居民金融结构等一系列的政策建议， 以提高我国货币政策的有效性，更好地实现我国中央银行的调控经济的意图。 关键词：货币政策，传导机制，传导环境，主体 I Abstract From 1998 until now, neither the expansion monetary policy nor the restriction one can works as effectively as the central bank wished, which is the urgent problem facing the central bank. The west monetary policy transmission mechanism theories are based on the perfect market environment, however, China is at the period of historical transition, which is the main reason that limits the validity of monetary policy transmission in china. Firstly, this text summarizes the monetary policy transmission theories as the two major monetary policy transmission channels, which is the monetary channel and credit channel; the two transmission mode, which is the economic variable transmission mode and economic subject transmission mode, as well as the transmission environmental condition theory. Secondly, under the current situation that china is on the historical transition, it is concluded that the main monetary policy transmission in china is the banking lending channel and economic subject transmission mode. Thirdly, the text focuses on the analysis of the monetary policy transmission environmental condition that affects the behavior of economic subject which are the central bank, commercial banks, enterprises and the inhabitants. Bas