摘要
现阶段,我国经济面临资金流向与转型升级错配、流动性总量盈余与结构性资金短缺的双重矛盾,其深层原因在于货币政策的传导机制存在梗阻。为达到总量中性下经济结构调整与优化的目标,实现资金导流与精准滴灌,央行创设了多种结构性货币政策工具,但相关理论研究还欠系统。结构性货币政策的理论框架包括政策目标、操作工具、操作规则、政策协调四个方面,通过信号与预期、信贷与定向支持、利率与成本收益、风险缓释与承担机制进行传导。在分析传导梗阻原因的基础上,给出了从中央银行到商业银行、从金融监管到金融机构和金融市场、从国务院金融稳定发展委员会到各政府部门、从地方政府到营商环境四条传导渠道疏通路径,并提出了当前结构性货币政策的操作策略,以不断提高结构性货币政策的传导效果,促进我国经济高质量发展。
At present,China’s economy is faced with the dual dilemma between mismatch of capital allocation and structural transformation and upgrading,and liquidity aggregate surplus and structural shortage. The main reason lies in the obstruction of the transmission mechanism of monetary policy. In order to achieve the goal of economic structural adjustment and optimization under the condition of the stable aggregate neutrality,and to realize capital diversion and accurate drip irrigation,the People’s Bank of China has created a variety of structural monetary policy tools, but the theoretical research is still not systematic. The theoretical framework of structural monetary policy includes policy goal,operation tool,operation rule and policy coordination. The transmission channels of structural monetary policy include signal and expectation,bank credit and directional support,interest rates and the cost benefit,risk release and risk-taking. Based on the analysis of the causes of conduction obstruction,four channels of conduction are proposed,namely,from the central bank to commercial banks,from financial regulation to commercial banks and financial markets,from Financial Stability and Development Council to multi-department,from local governments to market fair business environment. In addition,we put forward some suggestions on the operation strategies of the current structural monetary policy,so as to continuously improve the transmission effect of the structural monetary policy and promote the high-quality development of China’s economy.
作者
楚尔鸣
曹策
李逸飞
CHU Er-ming;CAO Ce;LI Yi-fei
出处
《改革》
CSSCI
北大核心
2019年第10期66-74,共9页
Reform
基金
国家自然科学基金面上项目“‘去杠杆’与‘稳增长’目标下结构性货币政策的传导机制与疏通路径研究”(71973117)。
关键词
结构性货币政策
定向调节
结构调整
structural monetary policy
directional regulation
structural adjustment
