摘要
实证分析表明,在当前我国数量型与价格型调控手段并存的情况下,利率作为货币政策的传导目标之一,具有一定的有效性。利率与名义经济总量、投资、消费的变动相关性不显著,但与实际的经济总量、投资、消费的变动呈现一定的相关性,这表明我国利率传导机制的有效性十分有限。今后必须加快利率市场化步伐、完善我国货币政策目标工具、创造有利于货币政策传导的外部环境。
As one of the conduction target of monetary policy, the empirical analysis showed that theinterest rate had a certain validity on the current condition of coexisting quantitative and price-basedcontrol means in China. Interest rate had no significant correlation with nominal economic volume,investment and consumption changes, however, showed a certain correlation with the real economicvolume, investment and consumption changes. This stated that China’s interest rate transmissionmechanism had a very limited validity. So we must speed up the steps for interest rate marketization,improve the China’s monetary policy target tools, and create the out environment in favor of monetarypolicy transmission.
出处
《金融理论与实践》
北大核心
2016年第12期29-31,共3页
Financial Theory and Practice
关键词
货币政策
利率传导
有效性
monetary policy
interest rate transmission
validity
