摘要
我国商业银行的不良资产余额和比例一直都居高不下,不仅使得我国银行业的系统风险上升,而且可能导致金融和社会经济的不稳定。为了维持金融稳定,中央银行将会采取相应的货币政策以减少不良资产余额(或者降低不良资产比重)。本文考察了两种不同的中央银行政策目标函数,并得出了截然不同的货币政策后果。通过比较,本文认为旨在减少不良资产比重的货币政策虽然伴有通货膨胀的潜在趋势,但是在长期看来对于降低银行不良资产比重和稳定金融却是合适的。
The large quantity as well as high ratio of NPL has not only brought high system risk to the banking industry in China, but also caused financial and social e-conomic instability. To maintain the financial stability, the central bank will use monetary policy to reduce the large quantity of NPL, or to reduce the ratio of NPL. By establishing two types of target functions of the monetary policy, this paper compares the distinct consequences of different policies. Through the above comparison, it argues that the monetary policy targeting at reducing the ratio of NPL is an effective approach in the long run to serve its purpose, in spite of its potential inflation pressure in the short term.
出处
《数量经济技术经济研究》
CSSCI
北大核心
2005年第1期65-82,共18页
Journal of Quantitative & Technological Economics
