摘要
中国经济已由高速增长阶段转向高质量发展阶段,中国货币政策调控方式应该从以货币数量调控为主转向货币价格调控为主。对货币调控方式理论、国际经验和中国间接货币调控转型的全面梳理表明,随着利率市场化的加速推进和基本完成,由于金融创新和脱媒迅猛发展,我国传统数量为主货币调控有效性日益下降,亟须转向价格型调控方式。西方国家和西方经济学有关货币数量与货币价格调控方式的争论,都是针对相对成熟和稳定的经济体系而言的,而我国仍属于转型过程中的不发达经济体,经济结构也不稳定,货币调控方式选择和转型须服从和服务于高质量发展转变,属于全新实践而且更为复杂。中国二十多年间接货币政策实践始终面临着政府过度关注经济增长和预算软约束部门、金融监管体制不健全、金融市场深度不够等因素制约,仍需深化发展金融市场微观基础、制度保障和产品功能等金融市场体系。为及时有效应对流动性冲击和利率扰动,货币价格调控下中央银行的利率决策空间和政策操作自主性也亟待提高,并在制度上予以保证。今后应在协调改革、发展和稳定关系基础上,加快各项深化改革措施,有效缓解各项约束条件,大力培育金融市场基准利率体系,推进货币价格调控方式转型,更好地促进新常态下经济金融的高质量发展。
Chinese economy has become the high -quality development stage from the high growth period, which means the financial policy should de - emphasize the quality targets and measures to fully play the role of the price leverage in financial resources allocation. With the interest rate liberalization reform was preliminary accomplished, clue to financial innovation and disintermediation as well as the more sophisticated financial market and products, it is urgent to transform China＇ s monetary policy from the quantity based mode to the price based mode, which is also the necessary step to achieve the high quality economic development.
We first elaborately review the theory of monetary policy and practices in the advanced economies. We find out that the quantity and price are the two sides of one coin and it is equivalent of the quantity based monetary policy and the price based monetary policy in theory. The quantity policy takes effects directly but is prone to contort the price mechanism and individual behaviors. The price policy takes effects with the adjustment of＂ the individuals which needs a good financial market and interest policy transmission. The development of financial market and monetary policy channel play an important role for the monetary policy mode.
The retrospect of monetary policy in China shows that the necessary conditions for monetary policy transformation have been satisfied, but we also point out that the practice of monetary policy in modem sense lasts for only around twenty years, after abandoning the direct controls on credit behavior and turning to the quantity indirect policy with the money supply as the intermediate target in 1998. Central bank in China is always confronting the impetus of investment and credit expansion due the traditional growth - led economic mode. Because of the governmental preference to a higher growth rate, there are soft budget constraint sectors such as the local government vehicles, stated owned firms and housing industry enterprises. The supervisory
作者
徐忠
XU Zhong(Research Bureau, The People＇s Bank of Chin)
出处
《金融研究》
CSSCI
北大核心
2018年第4期1-19,共19页
Journal of Financial Research
基金
国家自科基金重点课题项目"中国金融体系的演化规律和变革管理"(71733004)
国家社科基金专项"健全金融监管体系研究"(18VSJ074)阶段性成果
关键词
利率市场化
货币数量调控
货币价格调控
高质量发展
Interest Liberalization
Quantity Monetary Policy
Price Monetary Policy
High Quality Development
