摘要
货币政策中介指标分为数量型中介指标和价格型中介指标两类,中介指标是连接货币政策操作目标和最终目标的桥梁,通过中介指标监管部门可以提前判断政策的实施情况,进而及时进行政策调整,因此,中介指标的选择决定了货币政策传导的效率,影响着货币政策调控的效果。随着金融创新的发展,以货币供应量和社会融资规模作为金融变量的数量型货币政策中介指标的有效性越来越低,而以利率作为金融变量的价格型货币政策中介指标的有效性不断增强,我国开始考虑向价格型中介指标过渡。本文通过对已有文献进行梳理,分析金融创新背景下我国货币政策中介指标运行现状,并进一步探讨金融创新对我国数量型中介指标的有效性影响,得出当前我国货币政策中介指标面临的困境,并给出完善我国货币政策中介指标选择的对策建议,以供参考。
The intermediate target of monetary policy is composed of quantitative intermediate target and pricebased intermediate target.Intermediate target serves as a bridge connecting the operational target and ultimate target of monetary policy.Through the intermediate target,regulatory departments can judge the implementation of policies in advance and then make timely policy adjustments.Therefore,the selection of the intermediate target determines the effi ciency of monetary policy transmission and aff ects the eff ect of monetary policy regulation.With the development of fi nancial innovation,the eff ectiveness of quantitative intermediate target of monetary policy with money supply and total social fi nancing as fi nancial variables is getting lower and lower,while that of price-based intermediate target with interest rate as fi nancial variables is increasing,so China begins to consider the transition to price-based intermediate target.Based on the existing literature,by analyzing the operation status of the intermediate target of China’s monetary policy under the background of fi nancial innovation and the impact of fi nancial innovation on the eff ectiveness of China’s quantitative intermediate target,this paper comes to the conclusion about the current dilemmas faced by the intermediate target of China’s monetary policy,and gives countermeasures and suggestions to improve the selection of intermediate target for reference.
作者
王文荣
姜雪
Wang Wenrong;Jiang Xue(Shenyang University of Chemical Technology,Shenyang 110000,Liaoning)
出处
《中国商论》
2024年第8期107-110,共4页
China Journal of Commerce
关键词
货币政策中介指标
货币供应量
金融创新
数量型中介指标
社会融资规模
intermediate target of monetary policy
money supply
financial innovation
quantitative intermediate target
total social fi nancing
作者简介
王文荣(1967-),女,汉族,辽宁沈阳人,教授,经济学硕士,研究方向:金融学、产业金融学;姜雪(1998-),女,蒙古族,内蒙古通辽人,硕士研究生,研究方向:金融学、数字金融学。
